Business
Sonoro Energy update on activities in Indonesia
(via TheNewswire) Calgary, Alberta / TheNewswire / March 12, 2018 - Sonoro Energy Ltd ....
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sonoro Energy update on activities in Indonesia(via TheNewswire)\n\n \nCalgary, Alberta / TheNewswire / March 12, 2018 - Sonoro Energy Ltd. (\"Sonoro\" or the \"Company\") (TSXV: SNV) has been advised by SKKMIGAS, the energy regulatory in Indonesia, that it has not renewed the Company's Production Sharing Contract (\"PSC\") for the Budong Budong PSC in West Suliwesi, Indonesia. The Company has contacted SKKMIGAS to seek immediate clarification of the situation as the Company had been given verbal assurance that the extension was forthcoming and there is no explanation or rationale provided in the notice received. The Company is working urgently with the relevant authorities in Indonesia to restore the PSC and will continue these efforts.\n\n \n \nOn March 9, 2018 the Company announced the closing of the first tranche of a private placement. Closing of that placement will be delayed pending resolution of this situation.\n\n \n \nThe Company will provide an update as soon as additional information regarding the status of the PSC becomes available.\n\n \n \nAbout Sonoro\n\n \n \nSonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia and its onshore Budong Budong production sharing contract in Sulawesi Indonesia. \n\n \n \nForward-looking Statements\n\n\n \nCertain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as \"may,\" \"should,\" \"anticipate,\" \"expects,\" \"estimates,\" \"seeks\" and similar expressions. In particular, without limiting the generality of the foregoing, this news release contains forward-looking information regarding the PSC.\n\n\n \nForward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inabi...