Sonoro Provides Q1 2014 Iraq Update
TSX Venture Exchange Symbol: SNV
CALGARY, April 3, 2014 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company") (TSX-V: SNV) is pleased to provide the following update on its progress in Iraq towards establishing an exploration, production and development project for bitumen/asphalt resources.
During the first quarter of 2014, management of the Company met several times with both Provincial and Federal officials in Iraq to determine a way forward to pursue bitumen/asphalt projects in Iraq. The Company has received a positive response to its efforts, and management is of the opinion that it is feasible to achieve a form of federal approval to pursue the development of bitumen/asphalt resources. The Company emphasizes that there can be no guarantee that such an approval will be granted. Assuming the necessary approvals are received and the relevant documents are executed, the Company then plans to commence on the ground shallow geological investigations together with data gathering operations for bitumen/asphalt resources that it has identified.
The Company participated in Canada's first mission to Iraq in over 25 years from February 7-17, 2014 with a Canadian delegation that included Canada's Minister of State, the Canadian Ambassador to Iraq, the Iraqi Ambassador to Canada, Canadian Government personnel and representatives of other businesses. The trip provided an opportunity to meet with senior Iraqi Federal Government officials, along with several Provincial investment commissions and numerous Iraqi companies. This successful mission provided further support to the Company's ongoing efforts to obtain a federally approved license.
Given the upcoming general elections in Iraq occurring at the end of April and the subsequent period it may take to form a new Iraqi government, the Company recognizes that additional delays may occur. As a result of these factors, the Company will be open to investigating other opportunities while also continuing in its efforts to streamline its cost and expense structure.
Sonoro is an international unconventional resource exploration and development company. Our current focus is a pure play on bitumen/asphalt resource exploration and development in Iraq. Sonoro continues the evaluation of resource opportunities in Iraq and under our asphalt license agreement in the Salah ad Din Province while we pursue final Federal approvals.
Certain statements in this news release may constitute "forward-looking information" ("forward-looking statements") within the meaning of applicable Canadian securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "estimate", "potential", "could", "ongoing", "prospective", "expected" and similar words suggesting future outcomes. Specific forward-looking statements in this press release include but are not limited to comments related to the likelihood of obtaining requisite approvals and licenses to pursue the development of bitumen/asphalt resources in Iraq, plans to commence certain investigations and operations, and the expected impact of the Company's participation in the mission to Iraq on its efforts to obtain a federally approved license. By their nature, forward-looking statements are based on current expectations regarding future events that involve a number of assumptions, known and unknown risks, and uncertainties. Actual results, performance or achievements of Sonoro, or the industry, may vary materially from what is expressed or implied by such forward-looking statements.
These forward-looking statements are not guarantees of our future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance to be materially different from what we project. These risks and uncertainties include, but are not limited to: (1) risks associated with obtaining, maintaining and the timing of receipt of regulatory approvals, permits, and licenses; (2) uncertainties related to financing of Sonoro's exploration activities and continued operations through access to capital markets; (3) the risk of volatile global economic conditions; (4) continued political stability; (5) continued support from the local communities, (6) operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures; (7) the uncertainty of resource estimates, geological interpretations, estimates and projections in relation to production, costs and expenses, and health, safety and environmental risks; (8) the continued ability to obtain qualified staff and equipment in a timely and cost efficient manner; (9) the risk of commodity price and foreign exchange rate fluctuations; and (10) risks associated with the implementation of new technology.
Given these uncertainties, you should not rely on forward-looking statements. These forward-looking statements also represent our estimates and assumptions only as of the date that they initially were made. We expressly disclaim a duty to provide updates to any forward-looking statements, and the estimates and assumptions associated with them, to reflect events or circumstances or changes in expectations or the occurrence of anticipated events after the date they initially were made, except and to the extent required by applicable 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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Chairman and CEO