Business
SNV offers LG-1 Up-dip well update, now holds an effective 99.5% working interest in Budong Budong
(via TheNewswire) CALGARY, Canada / TheNewswire / Oct. 27, 2017 -- Sonoro...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"SNV offers LG-1 Up-dip well update, now holds an effective 99.5% working interest in Budong Budong(via TheNewswire)\n\n \nCALGARY, Canada / TheNewswire / Oct. 27, 2017 -- Sonoro Energy Ltd. and its wholly owned subsidiary Stockbridge Budong Budong B.V. (\"Sonoro\" or \"the Company\" or \"Stockbridge\" ) (TSX-V: SNV) are pleased to announce that, following oil and gas shows and gas kick to surface from 297 meters, as previously reported, the LG-1 Up-dip well has been successfully controlled, cased, cemented and logged to 297m--with coring drilling operations now commencing from 297 to 500m to the target sands.\n\n\n \nThe Company is also pleased to announce that it has resolved with Tately Budong-Budong N.V. (\"Tately\") its 28% interest being assigned to the benefit of the Company. This will result in the Company now holding a 99.5% working interest in the Budong Budong block.\n\n\n \nAs originally announced, the Company had a Farmout Agreement effective Jan. 1, 2015 (the \"Agreement\") with Tately to farmin to its 28% working interest in the Budong Budong PSC (\"PSC\"). As approval from the government was not obtained prior to expiry of the Agreement, a revised agreement of Tately's withdrawal has been completed with the Company and PT Gema Terra Budong-Budong whereby the Company's working interest share in the Budong-Budong PSC increases from 71.5% to 99.5% and the Company indemnifies Tately against any and all claims with respect to the 28% interest. Should government approval not be received in a timely manner, Tately will hold this interest in trust for the Company.\n\n\n \n\"We are pleased to complete the original intent of the Agreement with Tately, with the Company now holding an effective 99.5% working interest in the Budong Budong PSC. With drilling of the LG-1 Up-dip well having commenced and nearing its target, and the Company carrying 100% of the costs to date, we wanted to ensure that the intent of the Agreement was resolved prior to concluding this well-- ensuring that all future benefits would be to our interest,\" says Sonoro's Chief Executive Officer and Director Richard Wadsworth.\n\n\n \nAbout Sonoro\n\n\n \nSonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia and its onshore Budong Budong production sharing contract in W.Sulawesi Indonesia. The Co...