Tickers: PINX:SNVFF, XTSX:SNV
Tags: Oil & Gas
CALGARY, Canada / TheNewswire / (Oct. 23, 2017) -- Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V: SNV), is pleased to announce that drilling operations at its LG-1 Up-dip wellsite in West Sulawesi, Indonesia have advanced to a depth of 297 meters, where a gas kick to surface occurred as the drill string was pulled out of the hole.
While drilling through the upper hole section on Sunday, Oct. 22, personnel from Sonoro's drilling contractor PT Advanced Services Indonesia ("ASI") encountered hydrocarbons in the C1-C5 range in the return mud across several thin sands to a depth of 297m, while operations continued to weight up to about 9.9 ppg.
The gas kick was encountered as crews pulled the string out of the hole to prepare for logging and intermediate casing operations. Gas flowed to the surface and was diverted to the flare. Oil shows were also present in the mud.
Sonoro is encouraged by these early signs of oil and gas, and now plans to stabilize the well before logging and casing the well to 297m, so that ASI can then proceed to coring from 300 to 500m where the three main target sands are expected.
"While it's still too early to assume what we may encounter between 300 and 500m, we're excited to see the presence of hydrocarbons prior to reaching our zones of interest below 300m. So far our geological drilling prognosis has been correct but further coring, logging and testing are needed to determine the commercial viability of the Budong Budong project," says Richard Wadsworth, Sonoro's Chief Executive Officer.
About Sonoro
Sonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia and its onshore Budong Budong production sharing contract in Sulawesi Indonesia. The Company has commenced operations for a one well appraisal drilling program on the Budong Budong license offsetting the LG-1 well. For further information please contact:
RICHARD WADSWORTH
CEO and Director
+1.403.262.3252
Forward-looking Statements. Certain information in this press release constitute forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates,", "seeks" and similar expressions. In particular, without limiting the generality of the foregoing, this press release contains forward-looking information regarding the pursuit of new opportunities in the region of the Budong Budong black.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, interpretation of drilling, coring and well testing results, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, and ability to access sufficient capital from internal and external sources.
Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Sonoro's operations or financial results are included in Sonoro's reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or by contacting Sonoro. The forward looking statements contained in this news release are made as of the date of this news release, and Sonoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities law.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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