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4-Traders Homepage  >  Equities  >  TSX VENTURE EXCHANGE  >  Sonoro Energy Ltd    SNV   CA83569D1006

SONORO ENERGY LTD (SNV)
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Sonoro Energy : Provides Update on Operations

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07/12/2018 | 04:58pm CEST

Sonoro Energy Ltd. (SNV) announces that the Ministry of Energy in Indonesia has declined its second request for an extension of the Budong Budong Production Sharing Contract ("PSC") in Sulawesi, Indonesia. Both requests for extension had been supported by SKKMIGAS, the energy regulator whom advises the Ministry of Energy in Indonesia, and positive indication for granting such extension had been conveyed to Sonoro by SKKMIGAS on the requests to the Ministry.

In March 2018, and as previously reported, Sonoro received notice through its subsidiary companies, Stockbridge Oil and Gas Ltd.BVI and Stockbridge Budong Budong BV (Stockbridge) that its PSC had not been extended. Since that time, Sonoro has been working with SKKMIGAS to develop a new proposal for submission to the Ministry of Energy.

The second request for an extension was made on the suggestion by the Ministry of Energy to the Company after meetings in Jakarta in March. Approximately one month ago Sonoro through SKKMIGAS submitted the second request for extension to the Ministry of Energy based on the proposal it developed. This proposal and request for extension has been rejected/declined by the Ministry of Energy.

The Concession is located onshore West Sulawesi. The Company commenced drilling the LG-1 Updip appraisal well in October 2017 with operations continuing for approximately 50 days. In November 2017, the Company as approved by SKKMIGAS, cased the well without completing a flow test which was a result of dangerous gas kicks on site and unstable sand formations. The intention was to return to the well site in the future to complete the tests.

Continuation of the PSC was subject to renewal on January 15, 2018 by the Ministry of Energy of Indonesia.

The Company will continue to pursue all avenues to obtain extension of the Budong Budong PSC and will provide updates as warranted.

The Company continues with the development of its Blockchain technology concept as well as its ongoing assessment of international oil and gas production opportunities.

(c) 2018 Universal Solutions S.A.E. All rights reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Managers
NameTitle
Richard Wadsworth Chief Executive Officer & Director
Christopher David Atkinson Non-Executive Chairman
Dean Callaway Chief Financial Officer
David R. Robinson Independent Director
Ryszard Kurr Independent Director
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