(TheNewswire)
Calgary, Alberta – TheNewswire - October 1, 2021 – Sonoro Energy Ltd (the “Corporation “ or “Sonoro”) (TSXV:SNV) provides the following corporate update to shareholders.
Over the past two quarters of 2021, activity on and at the Selat Panjang Production Sharing Contract (“PSC”) has been hampered by Covid lockdowns in Indonesia and lack of activity by Sonoro’s joint venture partner and Operator, PT Sumatra Global Energi, (“SGE”). SGE has failed to respond to repeated requests for engagement on a range of commercial and operational issues. During this time, Sonoro has had discussions with the government regulator, SKKMIGAS, concerning SGE inactivity on the PSC and lack of engagement. SKKMIGAS is aware of the situation and has formally advised SGE of their obligations to fulfill the PSC terms and to provide an immediate report of their activities on the project. SKKMIGAS is aware of and acknowledges Sonoro’s frustration with the lack of engagement from SGE and Sonoro’s commitment to fulfilling the terms of the PSC.
As previously reported, in late 2020, Sonoro commenced the evaluation of the reserves and resources of the BSR area of the Selat Panjang PSC. Until Sonoro has resolved the commercial and operational issues with SGE and SKKMIGAS, further completion of this work and its results are on hold.
Sonoro also reports that it is exploring potential participation in various other oil and gas projects in Indonesia and SE Asia. Under the direction of Sonoro’s new President David Kirk, the Company continues with the process of assessing opportunities that fit Sonoro’s strategy and plans.
Sonoro will update valued shareholders and the marketplace as soon as noteworthy news becomes available.
Forward-looking Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates," "seeks" and similar expressions. In particular, without limiting the generality of the foregoing, this news release contains forward-looking information regarding the PSC.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Sonoro's operations or financial results are included in Sonoro’s reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or by contacting Sonoro. The forward looking statements contained in this news release are made as of the date of this news release and Sonoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact:
Sonoro Energy Ltd.
+1.403.262.3252
www.sonoroenergy.com
This press release is not to be disseminated in the United States
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