Business
Sonoro Energy Provides an Update, Strategic Outlook and Financing
(TheNewswire) Calgary, Alberta – TheNewswire – May 1, 2023 - ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Provides an Update, Strategic Outlook and Financing\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 Calgary, Alberta\n \n \n –\n \n \n TheNewswire – May 1, 2023 -\n \n \n Sonoro Energy Ltd. (“Sonoro” or the\n“Company”) (TSXV:SNV.H) is in the process of developing a new\nstrategy and action plan to re-engage the Company’s operations that\nwould allow it to advance back to the TSXV regular board. The Company\nbelieves it to be beneficial to advise current and future shareholders\nwith an update on this strategy and recent activities.\n \n \n \n \n Our strategy will be to focus on building a diversified\nportfolio of oil and gas resources through the evaluation, acquisition\nand development of proven oil and gas resources. Assessment of both\ndomestic Canada and International opportunities is being pursued. Our\ncurrent focus includes the assessment of opportunities in the Western\nCanadian Sedimentary Basin (“WCSB”) where we believe we can build\na solid base of production and cashflow which can then be leveraged to\nqualify for International transformational opportunities. Furthermore,\nwe will only venture where we have the experience and team to manage\nthe technical and commercial risks.\n \n \n \n \n The Company has executed a non-binding Letter of Intent\n(“LOI”), with an arm’s length counterparty, subject to further\ndue diligence, environmental and title review, definitive and closing\nagreements amongst other conditions for an exciting opportunity in the\nWCSB, where a proven heavy oil resource fairway and well productivity\nis well defined. In addition to this, the direct offsetting operator\nis currently producing ~1,850 bbl/d and has recovered to date 11\nmillion barrels. The LOI involves farming into a 1,840 acre block,\nwhere 3D seismic is also available, with the potential of over 30\nidentified vertical drillable locations given the pervasiveness of the\nsands. Wells in the same established trend show area type productivity\ncurves estimated IP (Initial Production) rates of 60-90 bbl/d. With\nour team’s heavy oil experience on cold heavy oil production systems\nand mechanism (CHOPs) which are proven in the area, we can drill low\nrisk, low cost wells and bring on production qu...