Sonoro Energy Ltd. (Sonoro) has been in discussions with the Indonesian Ministry of Energy and SKKMIGAS, the government energy regulator, to obtain the extension to the Budong Budong License which was unexpectedly terminated in February 2018 after the Company had fully fulfilled its commitments.
Through these discussions, the Company has now formally submitted a new request to SKKMIGAS to seek a further extension from the Ministry of Energy. SKKMIGAS has stated that they will present and support this request to the Ministry of Energy which is currently in progress.
The Minister of Energy will provide their response thereafter. It is emphasized there can be no guarantee that the Minister of Energy will provide their consent. The Company has granted 3,500,000 stock options to Directors, Management, employees and consultants exercisable at $0.055 per share over a 5 year term in accordance with the company stock option plan. The terms and conditions of the grant are subject to the approval of the TSX Venture Exchange.