TSX Venture Exchange Symbol: SNV
CALGARY, May 17 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or "the Company")
(TSXV: SNV) is pleased to announce the following update for the Salah
ad Din project.
The Company has recently gained access to approximately 600 km of
seismic and a significant amount of well data across the Salah ad Din
Province from various third parties. These data sets are allowing the
Company to mature additional leads and prospects throughout the
province as well as to further de-risk the current drillable prospect
at North Salah ad Din.
Preliminary analysis of well and seismic data around the North Salah ad
Din prospect suggests that the structure is larger in size than the
surface anticline, well over 10km in length with four-way closure
confirmed in the Jeribe interval. The Jeribe is a prolific fractured
limestone with regional extent, with typical accumulations containing
over 1 billion barrels of asphalt resources in place. Furthermore, an
additional structure is seen to be offsetting to the north and west
that may have similar potential. With this data the Company can now
finalize its first three appraisal well locations, proceeding to well
construction and final well design, with a view to commencing drilling
operations in Q3 2011.
The Company continues to build its operational team in Iraq with the
recent addition of Mr. George Jankauskas as its Drilling Manager. Mr.
Jankauskas has over 29 years' experience in production, drilling
management and operations. Most recently, he was located in Cairo
working for various companies including RWE Group AG, BP, Total and
Gulf of Suez Petroleum Company. He also brings valuable regional
experience to Sonoro, having been involved with the Tawke field's first
drilling operations for DNO in Kurdistan. Formerly, he was involved in
production operations with Koch Canada, Anglo Albanian Petroleum and
Bankers Petroleum, building expertise in heavy oil drilling and
Final bid documents are being prepared for drilling and services for the
initial appraisal well program with the selection of service providers
expected to be finalized in June 2011.
Richard Wadsworth, President and CEO, said "The Company has made
significant progress in acquiring data and evaluating the resources in
Salah ad Din. This additional information enables the Company to reduce
early data acquisition capital costs and proceed directly to appraisal
drilling on several prospects. Successful drilling and advancement of a
commercial development would then closely integrate with our strategy
on a topping facility being supplied by this resource. Further, the
Company is quickly moving the project from one of planning to execution
and building its technical and operational capabilities through the
addition of key technical staff, both regionally and locally."
An updated corporate presentation is available on our website at www.sonoroenergy.com .
Sonoro is an international oil exploration and development company. Our
current focus is asphalt (heavy oil) resource exploration and
development in Iraq. We have initiated the evaluation of resource
opportunities within our recently signed asphalt license agreement in
the province of Salah ad Din.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release. Statements
in this release that are forward-looking statements, including the
exploration success and development plans in Iraq, are subject to risks
and uncertainties, including those specific factors disclosed under the
heading "Risk Factors" and elsewhere in the Company's periodic filings
with Canadian securities regulators. Such information contained herein
represents management's best judgment as of the date hereof based on
information currently available. The Company does not assume the
obligation to update any forward-looking statement except in compliance
with applicable securities laws.
SOURCE Sonoro Energy Ltd.
For further information:
PRESIDENT & CEO