Drilling Update on LG-1 Up-dip

Tickers: PINX:SNVFF, XTSX:SNV
Tags: Oil & Gas

CALGARY, Canada / TheNewswire / Oct. 11, 2017 --Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V: SNV), using a proven coring drilling method that's new to Indonesia's oil and gas industry, has begun the next stage of operations for drilling the 8 1/2 -inch-diameter hole of its LG-1 appraisal well in the province of West Sulawesi, with a planned intermediate casing depth of 300 meters, to then be followed by coring to main target depths between 300-500m..

The upper-hole sections, with 133/8" and 95/8" casing, have been cemented and completed by Sonoro's drilling contractor, Balikpapan-based PTI Advanced Services Indonesia ("ASI"), with the permanent wellhead and BOP (blow out preventor) installed for main-hole drilling operations.

Upon setting the casing to a 300m depth, expected later this week, coring operations with ASI's Rig 3 would then begin for the main oil and gas targets between 300 and 500m within the Budong Budong Production Sharing Contract (PSC) lease, says Sonoro CEO and Director Richard Wadsworth.

"What we are achieving here with this coring drilling rig is something that is new to Indonesia's upstream oil and gas regulator, SKKMIGAS, as well as the overall oil and gas industry here in Indonesia--and potentially provides a paradigm shift for oil and gas exploration in shallower to medium depth targets in Indonesia. Additionally with our coring and testing process we are able to obtain reliable reservoir data to confirm deliverability of the Budong Budong Pliocene reservoirs to unlock the full potential in this basin," says Mr. Wadsworth.

"By utilizing this drilling coring and testing system successfully," he adds, "we believe we would have a competitive and economic advantage on Budong Budong and several other prospects in Indonesia that we're currently reviewing, and hope to pursue."

Since spudding of the LG-1 appraisal well began on Oct. 2, operations have progressed more slowly than expected, due to repairs required to a third-party drilling mud system that was supplied to ASI after operations had commenced. Additional preventative measures were also added for well control, given the anticipated overpressure in the region and previous experience on the original LG-1 well. With a majority of our service contracts being fixed, and relatively low daily variable rates our costs have not materially changed beyond that of our original budget. The mud system is now fully functioning, and Sonoro is now well prepared to handle overpressure should it be encountered.

"Our teams are working safely and methodically through our drilling program and we are progressing," says Mr. Wadsworth. "While it is taking longer than we planned, for this first-time operational set up with such a drilling coring rig, we're pleased with how the rig and the crews are performing."

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

www.sonoroenergy.com

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, 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.

Copyright (c) 2017 TheNewswire - All rights reserved.

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!