TSX Venture Exchange Symbol: SNV
CALGARY, Feb. 11, 2013 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSX-V: SNV) is pleased to announce the following operational and corporate updates.
The Company has received written correspondence from the Salah ad Din Province of Iraq (the "Province") regarding the status of the drilling permit application that the Company, through its subsidiary, Sonoro Energy Iraq BV ("Sonoro Iraq"), had submitted to the Federal Government of Iraq. Key highlights of this correspondence are as follows:
- The Province is pleased with the progress and the effort of the Company and continues to support Sonoro under its license to enable it to commence exploration work as planned and is working closely with the required branches of the Federal Government to obtain consent for the planned drilling program.
- The Federal Government has requested clarification as to the specific area in which the initial drilling program will occur, Sonoro Iraq registration in Iraq and further items which were previously provided by the Company to the Province.
- The Province stated that it continues to follow up in order to receive final permits for drilling from the Federal Government, is working closely with the relevant ministries in Baghdad to complete the process, and that when the process is completed, Sonoro Iraq will receive the requested drilling permit.
The Company is pleased with the support, progress and the efforts being made by the Province and, in particular, the constructive coordination and cooperation the Province has had with various branches of the Federal Government. The Company has recently met with officials from the Federal Government and has now responded to the requests by addressing each of these points and expects Federal Government consent to proceed.
The drilling rig remains stacked in the Middle East and is ready for transport once the drill permit and import license have been obtained.
Exploration activities over the past 6 months have included an extensive exploration study based on our geological and geophysical data covering the license area and other parts of Iraq. Within the shallower Tertiary reservoirs alone, the Company has now identified 47 individual leads and prospects across the Province. Of these, more than a half dozen prospects are believed to have sufficient data to be drillable with little additional data acquisition or analysis required. Initial internal evaluations show these prospects have significant size, with some comparable to or larger than the North Salah ad Din and Sherqat prospects. This additional exploration work confirms that there is significant resource potential that remains to be identified and exploited, adding further support to the Company's previously disclosed NI 51-101 report. That report outlined prospective resources exceeding 5 billion barrels in the Province based on estimates at that time.
Following the North Salah ad Din ("NSD") and Sherqat programs, the Company is investigating how the current program may be extended to include drilling additional identified drillable exploration prospects.
Sonoro is an international oil exploration and development company. Our current focus is a pure play on asphalt (heavy oil) resource exploration and development in Iraq. Sonoro has initiated the evaluation of resource opportunities under our asphalt license agreement in the Salah ad Din Province.
Sonoro plans to drill exploration wells in the NSD and Sherqat prospects in the Salah ad Din Province in the Republic of Iraq. An initial development program to develop NSD and Sherqat, and a further exploration program, including sub-surface data acquisition, in the Salah ad Din Province have been outlined and are planned to be executed following a successful NSD and Sherqat program.
Forward Looking Information
This press release contains forward looking information, including but not limited to Sonoro's planned exploration at Sonoro's NSD and Sherqat prospects and exploration and development activities. The forward looking information is based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; the uncertainty associated with geological interpretations; the uncertainty of estimates and projections in relation to production, costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, risks associated with the implementation of new technology, risks associated with obtaining, maintaining and the timing of receipt of regulatory approvals, permits, and licenses, uncertainties relating to access to capital markets, in-country political risks and the risk of volatile global economic conditions.
Due to the risks, uncertainties and assumptions inherent in forward looking information, prospective investors in the company's securities should not place undue reliance on forward looking information. Forward looking information contained in this press release is made as of the date hereof and are subject to change. The company assumes no obligation to revise or update forward looking information to reflect new circumstances, except as required by 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.
SOURCE: Sonoro Energy Ltd.
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