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Sonoro Energy Assumes Full Operations of the Selat Panjang Oil & Gas Concession

Source: www.gulfoilandgas.com 11/4/2019, Location: Asia

Sonoro Energy, through a wholly owned subsidiary company Zamatra Bakau Straits, along with its Indonesian co-venturer, has announced that it is in the process of assuming full operations of the Selat Panjang oil and gas concession from SKKMIGAS.

SKKMIGAS has been in charge of the field operations since the concession was terminated by the Government of Indonesia from the previous operator. Sonoro and its partner are staffing the project with technical and operational expertise to optimize the development plan in progress.

The co-venturers are in the process of collecting and analyzing all technical data on the project and are completing the proposed work program and budget for approval by the partners and submission to SKKMIGAS as per the project agreements.

After completing an internal review of the subsurface data, a reserve report that is 51-101 compliant in accordance with TSXV requirements will be produced. The partners have the benefit of extensive reserve analysis from past operations and are encouraged by the upside potential offered at Selat Panjang.

The Selat Panjang Production Sharing Contract (PSC) has a 20-year term and an initial five year commitment of US$74 million. The partners aim to implement a drilling program as soon as practically possible to reactivate previous wells where feasible and to commence drilling on new prospective targets.

Sonoro holds a 25% interest in the PSC with an option to acquire an additional 24% after completion of certain project milestones. Sonoro will provide services as operator of the project.

The Company also announces that it has granted 3,555,000 stock options to Directors, Management, employees and consultants exercisable at $0.07 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.

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