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Sonoro Energy Ltd provides an update on Selat Panjang Production Sharing Contract and final reminder for Warrant Holders of near-term warrant expiry
(via TheNewswire) September 27, 2019 - TheNewswire - Calgary, Alberta - Sonoro Energ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Ltd provides an update on Selat Panjang Production Sharing Contract and final reminder for Warrant Holders of near-term warrant expiry(via TheNewswire)\n \n \nSeptember 27, 2019 - TheNewswire - Calgary, Alberta - Sonoro Energy Ltd (the \"Corporation \"or \"Sonoro\") (TSXV:SNV) provides the following update with regards to completing final execution of the Selat Panjang Production Sharing Contract (\"PSC\") with the Indonesian Ministry of Energy and MIGAS, the government energy regulatory agency.\n\n \n \nAs previously announced and discussed in prior press releases, Sonoro Energy along with its Indonesian partner, was awarded the Selat Panjang PSC in an Indonesian public bid process earlier in 2019. Since this time, the consortium has diligently worked on completing various aspects of the PSC agreements with MIGAS in order to execute the contract with the Ministry of Energy in Indonesia. The consortium has had unexpected delays to complete the final execution but is now at a stage where all terms have been agreed and a request for formal execution of the contract has been conveyed to the government. \n\n \n \nThe consortium has been advised in Jakarta today by Directorate General of Oil & Gas (Dirjen MIGAS) that final execution of the PSC is imminent and will be scheduled for signing in the next two weeks subject to Ministerial availability. \n\n \n \nSonoro also reminds Warrant Holders issued in parallel to the 2017 Sonoro equity financing, that these warrants are expiring on October 7, 2019 and that they should contact the Corporation immediately should they wish to exercise their 5 cent warrants as they will expire in approximately one week. \n\n \n \nSonoro is excited about the potential of the Selat Penjang PSC for producing hydrocarbons for the benefit of Indonesia. The 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 is surrounded by producing PSC's, has produced oil and gas in prior years and holds substantial upside for regenerating past production and new discoveries based on previous data assessed. Once all project agreements are completed, the consortium intends to verify reserve potential and set a plan of development for achieving hydrocarbon production. \n\n ...