Business
Sonoro Energy Announces Heads of Agreement with IPR Energy Group
(TheNewswire) November 25, 2024 – TheNewswire - Calgary, Alberta – So...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Announces Heads of Agreement with IPR Energy Group\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n November 25, 2024 –\n \n\n TheNewswire\n-\n \n\n Calgary, Alberta – Sonoro Energy Ltd.\n(“Sonoro” or the “Company”) (TSXV: SNV) is pleased to announce\nthe signing of a Heads of Agreement (HOA) with IPR Energy Group, a\nleading global energy company based in Irving, Texas, USA.\n \n\n\n\n Under the terms of the HOA, Sonoro Energy and IPR\nEnergy Group will collaborate to evaluate known oil accumulations\nexpected to be made available through Iraqi government licensing bid\nrounds and/or direct negotiations. The two companies will enter a\njoint study and bid agreement, with the goal of securing oil assets\nwhere significant production increases can be achieved through further\nfield development and the application of advanced technologies.\n \n\n\n\n Initially, the focus of the HOA will be on acquiring\nproducing assets in Iraq. The agreement also lays the groundwork for\nexpanding future collaboration across the Middle East and North Africa\n(MENA) region.\n \n\n\n\n IPR Energy Group brings over four decades of experience\nin the oil & gas industry, offering a range of services from\nconsulting and field services to exploration and production (E&P).\nIPR’s consulting division specializes in optimizing petroleum\nassets, while its field services group provides the essential\ntechnologies for enhancing production, and drilling/workover rig\nservices. IPR’s E&P team is responsible for discovering and\ndeveloping new producing assets, and the company holds a significant\noperated and non-operated position in Egypt.\n \n\n\n\n Greg Renwick, CEO of Sonoro Energy, commented, “This\nagreement is a significant milestone for Sonoro Energy, aligning us\nwith a highly qualified operator while leveraging our expertise,\nindustry and government relationships in order to create value for our\nshareholders.”\n \n\n\n\n This is the second strategic relationship announced by\nSonoro this month in the region. The Company is encouraged by the\nmultiple opportunities being assessed in addition to its independent\nactivities in Western Canada.\n \n\n\n\n\n Forward-looking Statements\n \n\n\n\n\n\n Certain information in this news release\nconstitutes ...