Business
Road and lease construction begins on Sonoro's Budong Budong LG-1 Up-dip well location in Indonesia
(via TheNewswire) CALGARY, Canada / TheNewswire / June 21, 2017 -- Sonoro Ene...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Road and lease construction begins on Sonoro's Budong Budong LG-1 Up-dip well location in Indonesia(via TheNewswire)\n\n \nCALGARY, Canada / TheNewswire / June 21, 2017 -- Sonoro Energy Ltd. (\"Sonoro\" or \"the Company\") (TSX-V: SNV) is pleased to provide a further update to its progress on the Budong Budong appraisal well project. \n\n\n \nThe Company has engaged local contractors to commence construction of the LG-1 updip well location in the Indonesian province of West Sulawesi. Clearing of the road and site began on Saturday, June 17, and as of Tuesday, June 20, approximately 50% of the road and lease construction had been completed.\n\n\n \n\"The costs for road and lease construction are below our initial expectations,\" says Sonoro's Chief Executive Officer and Director Richard Wadsworth. We're very pleased with the progress and quality of work that's been done to date.\"\n\n\n \nThe Company has also made progress in finalizing remaining drilling services, and expects that by the end of this week all letters of intent will be completed, with contracts then to be finalized.\n\n\n \nWith this progress, the Company remains on schedule to commence drilling in early August.\n\n\n \nAn updated corporate presentation has been placed on its website at www.sonoroenergy.com\n\n\n \nThe Company also announces it has engaged FronTier Merchant Capital Group (\"FronTier\") to provide investor relations (IR) and marketing services. FronTier is an Investor Relations group with a home office in Toronto, Canada. FronTier will assist the Company by increasing market awareness for the company utilizing a number of financial market communications initiatives, including facilitating in-person introductions for the company with institutional and retail brokers in Toronto and other financial capitals, and through media distribution on national television, radio and multiple on-line channels.\n\n \n \nUnder the terms of the engagement, FronTier has been retained for a 12 month period at $87,000 (plus GST) per annum plus direct expenses. The Company will also grant 300,000 stock options to FronTier at an exercise price of $0.08 as per the Company stock option plan.\n\n \n \nThis agreement is subject to TSX Venture regulatory approval.\n\n\n \nAbout Sonoro\n\n\n \nSonoro is an international oil and gas resource exploration and development company ...