Sonoro Energy Ltd Provides update on Warrant Incentive Program and Selat Panjang PSC in Indonesia.
Calgary, Alberta - TheNewswire - October 7, 2020 - Sonoro Energy Ltd (the "Corporation "or "Sonoro") (TSX Venture: SNV) (TSXV:SNV) announces that 5,147,921 7.5 cent warrants were exercised for gross proceeds of $386,094 under the incentive warrant exercise program announced on September 7, 2020. The program was open for one month to holders of the 10 cent warrants previously issued by the Corporation. All warrants not exercised will revert back to the original terms and conditions of the 10 cent warrants. In addition to the exercise of the incentive warrants, 5,147,921 new 7.5 cent warrants will be issued to holders who exercised.
As previously announced, Sonoro has engaged RISC Advisory, an independent oil and gas consultancy firm with global operations and specific expertise in South-East Asia, to complete a NI-51-101 compliant reserve assessment and report for the Selat Panjang PSC. RISC is a globally recognized reserve consultancy firm with extensive experience and expertise with certification of reserves and resources for both conventional and unconventional resources. RISC has previously worked on reserve certification at Selat Panjang with a previous operator of the PSC and as a result is well familiar with the prospects and potential in the area. RISC has previously produced NI 51-101 compliant reports for other TSX listed companies. RISC is presently working on the report with an expectation for completion of a draft report in October and finalization shortly thereafter.
The Selat Penjang PSC is a 923 sq km area located in Riau province, Central Sumatra and is approximately 925 km from Jakarta and 110 km from Pekanbaru (capital city of Riau Province). The block is surrounded by producing PSC's, has produced oil and gas in prior years and holds substantial upside for regenerating past production and new discoveries based on previous data assessed.
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news 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 news release contains forward-looking information regarding the PSC.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with 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.
This press release is not to be disseminated in the United States
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Sonoro Energy Ltd.