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Sonoro Energy Signs Heads of Agreement with Transatlantic Petroleum LLC to Explore Production Opportunities in Iraq
(TheNewswire) November 20, 2024 – TheNewswire – Calgary, Alberta ...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy Signs Heads of Agreement with Transatlantic Petroleum LLC to Explore Production Opportunities in Iraq\n\n\n (TheNewswire)\n \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n November 20, 2024 –\n \n\n TheNewswire\n–\n \n\n Calgary, Alberta – Sonoro Energy Ltd.\n(“Sonoro” or the “Company”) (TSXV: SNV) is pleased to announce\nthe signing of a Heads of Agreement (“HOA”) with TransAtlantic\nPetroleum LLC, a privately-owned energy company headquartered in\nDallas, Texas, USA. This strategic partnership marks a significant\nstep forward in Sonoro's expansion within the Middle East and North\nAfrica (“MENA”) region.\n \n\n\n\n Under the terms of the HOA, Sonoro Energy and\nTransAtlantic Petroleum (\n \n\n\n https://www.transatlanticpetroleum.com/\n \n\n\n\n )  will collaborate closely to identify and\nevaluate production investment opportunities in Iraq. These\nopportunities are expected to arise through licensing bid rounds\nand/or direct negotiations facilitated by Iraq's Ministry of Oil. The\nfocus will be on securing production licenses for undeveloped or\nunderdeveloped oil fields with the potential to significantly increase\nproduction.\n \n\n\n\n\n\n Once a production license is awarded,\nthe two companies plan to establish a joint operating company\n(“JOC”). The JOC will be dedicated to advancing oil production\nfrom these accumulations, leveraging both companies’ expertise to\noptimize field development and increase production in a cost-effective\nand sustainable manner. This collaboration combines Sonoro Energy’s\nlocal knowledge and relationships with TransAtlantic Petroleum’s\nrobust technical capabilities and operational\nexperience.\n \n\n\n\n\n\n TransAtlantic Petroleum has extensive\ninternational upstream experience in Eastern Europe and in Turkey,\nwhere it is actively deploying unconventional North American\ntechnology using 3D seismic data, horizontal and directional drilling,\nand hydraulic fracture stimulation to develop oil and natural gas\nreserves.\n \n\n\n\n\n\n This partnership represents a\nsignificant milestone for Sonoro Energy as it strengthens its presence\nin the MENA region, one of the world’s most important oil-producing\nareas. By aligning with TransAtlantic Petroleum, a company wi...