Mar. 28, 2011 (Canada NewsWire Group) --
TSX Venture Exchange Symbol: SNV
CALGARY, March 28 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V:SNV) is pleased to announce that it has held its first Management Committee Meeting ("MCM") with its partner Berkeley Mesopotamia Asphalts Limited ("Berkeley") and the Salah ad Din Province. At the MCM, Sonoro received approval for its proposed Work Program and Budget for the first year of the license period in Iraq.
Highlights of the work program include:
- The drilling and testing of 3 wells to a depth of approximately 800 metres
- Construction of a 5,000 bbl/d topping plant, subject to entering into a supply agreement
- Preparation and commencement of a seismic acquisition program
Following the issuance of its independent prospective resource evaluation report in February, Sonoro has identified a significant prospect in the northwest area of the province, which it believes includes the Jeribe and Euphrates formations at a depth of 400 to 800 metres. The prospect had a well drilled into the structure in 1935 with a pay zone of more than 100 metres with heavy oil (asphalt) shows from the highly fractured and porous limestone. Well tests indicated estimated heavy oil gravities of 11-15°API with indications of an overpressure condition from the limited test data. The well was abandoned in 1939 and no further work was carried out to our knowledge. Sonoro is planning to drill its first well offsetting this abandoned well with the next two wells to test the up and down dip portions of the structure.
Sonoro has received interest from several full service integrated drilling companies to provide rig and drilling services to drill the prospect. Currently, discussions are ongoing with these drilling companies to contract a rig and to start the three well drilling program in the third quarter of 2011.
President and CEO, Richard Wadsworth commented, "Our team is excited with the significant size of the prospect that we have identified and are pleased to have received MCM approval for the work program and budget. Sonoro is also continuing to review and acquire data to progress several other prospects across the 24,000 km2 exclusive license area. We also would like to thank both the members of the Provincial Government of Salah ad Din and Berkeley for their trust and clear support during the recent MCM and as we move forward with this development."
About Sonoro
Sonoro is an international oil exploration and development company. Our current focus is heavy oil resource exploration and development in Iraq. We have initiated the evaluation of resource opportunities within our recently signed asphalt license agreement in the province of Salah ad Din.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Statements in this release that are forward-looking statements, including the exploration success and development plans in Iraq, are subject to risks and uncertainties, including those specific factors disclosed under the heading "Risk Factors" and elsewhere in the Company's periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume the obligation to update any forward-looking statement except in compliance with applicable securities laws.
RICHARD WADSWORTH
PRESIDENT & CEO
+1 403.262.3252
info@sonoroenergy.com
www.sonoroenergy.com