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Sonoro Energy Ltd Provides update on Warrant Incentive Program and Selat Panjang PSC in Indonesia.
(TheNewswire) Calgary, Alberta - TheNewswire - October 7, 2020 - ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Ltd Provides update on Warrant Incentive Program and Selat Panjang PSC in Indonesia. \n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Calgary, Alberta -\n \n \n TheNewswire -\n \n \n October 7, 2020\n \n \n -\nSonoro Energy Ltd (the \"Corporation \"or \"Sonoro\")\n(TSX Venture: SNV)\n \n \n (TSXV:SNV)\n \n \n announces that 5,147,921 7.5 cent warrants were exercised\nfor gross proceeds of $386,094 under the incentive warrant exercise\nprogram announced on September 7, 2020. The program was open for one\nmonth to holders of the 10 cent warrants previously issued by the\nCorporation. All warrants not exercised will revert back to the\noriginal terms and conditions of the 10 cent warrants. In addition to\nthe exercise of the incentive warrants, 5,147,921\n \n \n \n \n new 7.5 cent warrants will be\nissued to holders who exercised.\n \n \n \n \n As previously announced, Sonoro has engaged RISC\nAdvisory, an independent oil and gas consultancy firm with global\noperations and specific expertise in South-East Asia, to complete a\nNI-51-101 compliant reserve assessment and report for the Selat\nPanjang PSC.\n \n \n RISC is a globally recognized\nreserve consultancy firm with extensive experience and expertise with\ncertification of reserves and resources for both conventional and\nunconventional resources. RISC has previously worked on reserve\ncertification at Selat Panjang with a previous operator of the PSC and\nas a result is well familiar with the prospects and potential in the\narea. RISC has previously produced NI 51-101 compliant reports for\nother TSX listed companies. RISC is presently working on the report\nwith an expectation for completion of a draft report in October and\nfinalization shortly thereafter.\n \n \n \n \n The Selat Penjang PSC is a 923 sq km area located in\nRiau province, Central Sumatra and is approximately 925 km from\nJakarta and 110 km from Pekanbaru (capital city of Riau Province). The\nblock is surrounded by producing PSC's, has produced oil and gas in\nprior years and holds substantial upside for regenerating past\nproduction and new discoveries based on previous data assessed.\n \n \n \n \n Forward-looking Statements\n \n \n \n \n Certain information in this news release constitutes\nforward-looking statements under applicable securities laws. Any\nstatements that are contained in this ...