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Sumatra, Indonesia Update - Selat Panjang PSC
(TheNewswire) Calgary, Alberta – TheNewswire – June 20,...
About this update from Sonoro Energy Ltd.
[{"type":"text","content":"Sumatra, Indonesia Update - Selat Panjang PSC\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n Calgary, Alberta\n \n \n –\n \n \n TheNewswire – June 20, 2022\n-\n \n \n Sonoro Energy Ltd (the “Corporation “ or\n“Sonoro”) (TSXV:SNV) is\n \n \n pleased to provide\nshareholders an update on the Selat Panjang project in Sumatra,\nIndonesia where it holds a 25% ownership position in the Selat Panjang\nProduction Sharing Contract (“PSC”).\n \n \n \n \n After over two years of dis-engagement with its project\npartner,\n \n \n PT Sumatra Global Energi\n(“SGE”)\n \n \n , Sonoro was invited and attended a\npartner working session in Jakarta, Indonesia on June 17th. At the\nmeetings, Sonoro and SGE signed a binding Memorandum of Understanding\nwhereby Sonoro will commission and produce a detailed reserves report,\ncompliant with 51-101 requirements and SGE will transfer a to be\ndetermined additional ownership position in the Selat Panjang PSC for\na commiserate equity position in Sonoro.\n \n \n \n \n In addition, SGE, as project operator, have advised\nthat they have initiated the work towards a series of workover and\nwell interventions on three wells on the previously suspended Bakau\nfield at Selat Panjang. The operations are scheduled to take place in\nthe fourth quarter of 2022. These independent operations are not part\nof the committed Work Program established in 2019 under the PSC.\n \n \n \n \n Mr David Kirk, President and CEO states that “this is\na significant development for Sonoro for developing the project\ntowards hydrocarbon production at the Selat Panjang PSC. We are\nre-engaging with our partner after a period of little contact during\nthe covid restriction period and collaborating to resolve any previous\nissues that have stalled the progress of the PSC. Sonoro will commence\nimmediate work to complete a detailed reserve report as per our\nMemorandum of Understanding and we are looking forward to our partners\nparticipation in Sonoro, which if executed, will increase the\nCompany’s ownership of Selat Panjang from our current 25% ownership\nposition”.\n \n \n \n \n The Company will provide further details of\ndevelopments at Selat Panjang as they emerge.\n \n \n \n \n Forward-looking Statements\n \n \n \n \n Certain information in ...