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Sonoro Energy Ltd. Enters into MOU to Acquire 20% Interest in a MENA Company
(TheNewswire) June 3, 2024 – TheNewswire - Calgary, Alberta ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Ltd. Enters into MOU to Acquire 20% Interest in a MENA Company\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n June 3, 2024 –\n \n \n TheNewswire -\n \n \n Calgary, Alberta\n \n \n –\n \n \n Sonoro Energy Ltd. (\"\n \n \n Sonoro\n \n \n \" or the\n“\n \n \n Company\n \n \n ”) (TSXV:SNV) is pleased to announce that it has entered\ninto a non-binding memorandum of understanding (the “\n \n \n MOU\n \n \n ”) to acquire,\ndirectly or indirectly through a subsidiary, shares representing 20%\nof the issued capital of a company existing under the laws of the\nUnited Arab Emirates (“\n \n \n MENACo\n \n \n ”), which is engaged in providing well\nmanagement and engineering, procurement and construction\n(“\n \n \n EPC\n \n \n ”) services (the “\n \n \n Services\n \n \n ”) in the MENA region (the\n“\n \n \n Proposed\nTransaction\n \n \n ”).\n \n \n \n \n Pursuant to the terms of the MOU, Sonoro intends to\nacquire 20% of the issued capital of MENACo from its shareholders, in\nexchange for an aggregate 40,000,000 common shares in the capital of\nSonoro (“\n \n \n Sonoro\nShares\n \n \n ”) at a deemed value of $0.12 per share.\nA definitive agreement (the “\n \n \n Definitive Agreement\n \n \n ”) for the Proposed\nTransaction will provide for the transaction to be subject to all\napplicable TSX Venture Exchange, regulatory and shareholder approvals.\n \n \n \n \n MENACo is a party to a master service agreement (the\n“\n \n \n MSA\n \n \n ”) with a national oil company providing for Oil and Gas\nWell Management and EPC Services. The MSA has an initial term of 5\nyears in respect of existing oil and gas fields currently producing\nover several hundred thousand barrels of oil per day (”\n \n \n bopd\n \n \n ”) and, among\nother things, its purposes is to support the state entity in achieving\nits objective of increasing area production by over 100,000 bopd. The\nparties are pursuing this objective through: (i) well\nre-activation/workover/re-entry of shut-in/suspended wells; (ii) EPC\nprojects for the replacement/improvement of associated facilities and\ninfrastructure; and (iii) sub-surface and reservoir optimization\nstudies, operational enh...