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Sonoro Energy Confirms Revised Schedule for Budong Budong Appraisal Well

Source: www.gulfoilandgas.com 8/28/2017, Location: Asia

Sonoro Energy has announced that its representatives have met with SKKMIGAS, Indonesia’s national oil and gas regulator, and confirmed a revised schedule for Sonoro’s Budong Budong Production Sharing Contract (PSC) appraisal well program in the province of West Sulawesi, Indonesia.

The schedule calls for drilling of the LG-1 Up-dip well during the second half of September, testing in October, and time for further evaluation of results, if necessary, thereafter. It’s expected that SKKMIGAS will submit this information to MIGAS, the oil and gas directorate general within Indonesia’s Ministry of Energy and Mineral Resources, which overlooks the Budong Budong PSC and its license extension.

Sonoro representatives have also toured the field with PT Advanced Services Indonesia (“ASI”) to review the logistics involved in transporting ASI’s drilling rig to the LG-1 Up-dip site. Despite the significant rains during this trip and over the past few weeks, the road conditions and lease are in excellent shape. Timing for mobilization of the drilling rig is on track for the first week of September.

'Our team is currently in Balikpapan coordinating with ASI to ensure that all the components and equipment for the rig will integrate with our services and equipment already mobilized to Sulawesi,' says Sonoro’s Chief Executive Officer and Director Richard Wadsworth.

'After visiting our team in Sulawesi and our site last week, I have renewed confidence in our team’s ability to deliver this well safely, in the time frames now planned—and, even given these delays, at a cost now below our budget.'

Sonoro has also agreed to a mutual release with PT Pontil, the previous drilling rig contractor, on a contract termination, as well as the return of both the performance bond held by Sonoro and the deposit held by PT Pontil.

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