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Sonoro Energy Ltd announced as winner of Selat Panjang PSC block in Sumatra, Indonesia
(via TheNewswire) May 7, 2019 / TheNewswire / Calgary, Alberta - Sonoro Energy Ltd (th...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Ltd announced as winner of Selat Panjang PSC block in Sumatra, Indonesia(via TheNewswire)\n \n \nMay 7, 2019 / TheNewswire / Calgary, Alberta - Sonoro Energy Ltd (the \"Corporation \" or \"Sonoro\") (TSX Venture: SNV) is pleased to announce that along with its Indonesian partner PT Menara Global Energi, an affiliate of a substantial Indonesian company, has been awarded the Selat Panjang PSC in the 2019 Conventional Bid Round in Indonesia as formally announced by SKKMIGAS and the Ministry of Energy in Indonesia. Sonoro has a 25% interest in the project with an option for up to an additional 24%.\n\n \n \nThe 923 sq km Selat Panjang PSC area is situated in Riau province, Central Sumatra and is approximately 925 km from Jakarta and 110 km from Pekanbaru (capital city of Riau Province). The block has produced oil and gas in prior years, in 2014, the Indonesian Ministry of Energy approved a plan of development for further production however, in 2018, the block PSC was terminated by the Indonesian Ministry of Energy and as a result the Plan of Development was not implemented. \n\n \n \nThe consortium was advised in Jakarta, Indonesia today at a formal meeting called by the Ministry of Energy and Mineral Resources to announce the winners of the 2019 Conventional Bid Round. Sonoro and its partner will complete the final proceedings for execution of the PSC in the next couple of days with MIGAS. Bill Marpe, resident Director of Sonoro in Jakarta comments \"Sonoro is extremely pleased with the award of the Selat Panjang block in Sumatra Indonesia. Our team has worked hard towards the successful award of this production block and we look forward to developing the block with our project partner. The block and area has demonstrated solid production in the past and we are encouraged by the upside potential we can add to hydrocarbon production in Indonesia in the future\". \n\n \n \nAdditional details about Selat Panjang and the consortiums plans will be provided as soon as available. \n\n \n \nForward-looking Statements\n\n\n \nCertain 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 identifie...