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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. To hear directly from management join our investor group today!
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Ashley Paterson joined the group SONORO ENERGY 11 hours ago



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Todd Kimberley started the topic $SMO News alert: Sonoro announces results of its annual and special meeting of shareholders 1 day ago

NEWS RELEASE

TSX Venture Exchange Symbol: SNV

19 October 2017

 

Sonoro Announces Results of the Annual and Special Meeting

 

Calgary, Alberta – Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSX-V: SNV) is pleased to report that at its annual and special meeting of shareholders held October 19, 2017 (the “Shareholders’ Meeting”), each of the current directors of Sonoro, namely, Christopher Atkinson, Richard Wadsworth, Bill Marpe, David Robinson, Ryszard Kurr and David Winter were re-elected for another term. Each of the directors received at least 99% of the votes cast in favour of their re-election.

A total of 83,370,781 common shares of Sonoro (the “Shares”) of the 177,314,463 Shares outstanding were voted for the election of the directors at the Shareholders’ Meeting, representing 47.02%% of the issued and outstanding Shares. Shareholders voted to re-elect the current directors as follows:

 

Nominee

Votes For

Votes Withheld

Christopher Atkinson

83,192,696

178,085

Richard Wadsworth

83,369,301

1,480

Bill Marpe

83,192,701

178,080

David Robinson

83,362,696

8,085

Ryszard Kurr

83,171,750

199,031

David Winter

83,362,696

8,085

 

Shareholders also voted in favour of the other resolutions voted on at the meeting: setting the number of Company directors at six; the appointment of Deloitte LLP, Chartered Accountants, as auditors for the financial year ending December 31, 2017; approval of the Company’s amended share option plan; and for the consolidation of the Company’s Shares up to a four for one basis.  The consolidation will be effected at a time to be determined by the directors and announced by a press release of the Company.

 

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.

 

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.

 

For further information please contact:

RICHARD WADSWORTH                                      

Chairman and CEO                                              

 +1.403.262.3252                     

 

www.sonoroenergy.com





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Todd Kimberley started the topic Sonoro Signal (Issue 10): Starting Shallow, Thinking Big (Part 3 of 3): Paradigm shifts, step-out wells and advanced technology 1 day ago

Issue 10: Starting Shallow, Thinking Big (Q&A, Part 3): Paradigm shifts, step-out wells and advanced technology

Q&A with Sonoro CEO Richard Wadsworth (Part 3 of 3)

October 19, 2017

More than a century ago, Holland’s Doda Oil Company kicked off energy production in West Sulawesi.

Now, Sonoro Energy (TSX-V:SNV) hopes to restart that flow of oil in the so-called “Doda area”—and bring prosperity to this Indonesian province.

Drilling has begun on Sonoro Energy’s LG-1 Up-dip appraisal well in Indonesia, where the Budong Budong Production Sharing Contract (PSC) lease has a potential unrisked 15.9 million barrels-of-oil equivalent (boe) resource, according to an independent prospective resource report.

Key to Sonoro’s success in Indonesia is, naturally, finding oil and gas—but also the paradigm shift in how the company drills and tests this appraisal well and prospect.

The Sonoro Signal’s three-part Q&A with SNV Chief Executive Officer and Director Richard Wadsworth concludes with Part 3—a discussion of this paradigm shift in the approach, the challenges involved, and what this could mean for Sonoro.

 

Q: Why has it taken almost a century to get back to drilling this shallow oil?

A: The direction out there in our industry has been to typically go for the bigger, deeper, material prizes. With high oil prices and the shift in technology to bigger, deeper, higher-horsepower rigs, this was the direction companies took, including the original LG-1 well which was drilled for a deeper Eocene target with a 3,000-HP rig. Given the remoteness of Sulawesi relative to proven oil and gas basins, this was a costly venture.

Now fast forward to 2015, with oil prices dropping to $30 per barrel, and only more recently becoming stable in the $50 range. An onshore, shallow oil structure with prospective 15.9 million boe, while seen as too small by most larger companies for an international play, can have a material impact to smaller oil and gas companies that can manage such projects with lower overheads and different approaches.

For Sonoro, this is only the first structure at Budong Budong. Just in the Lariang northern portion of the block, we have more than six shallow prospects (see our most recent presentation showing other prospects). With lower prices, and the pursuit of smaller onshore shallow plays, we need to bring down our exploration-to-appraisal-to-development cycle time and costs to bring economic returns to such projects.

Now, the paradigm shift. Conventional exploration and drilling in Indonesia can be costly and take time. We are turning this upside down. We are able to to get the necessary reservoir data from better core, logs and testing all utilizing a smaller, more cost effective hydraulic drilling coring rig.

 

Q: Are these hydraulic drilling coring rigs common in Indonesia, and within the oil and gas industry?

A: Advanced Drilling Services (“ASI”) has had this rig certified by the Indonesian regulator. Such rigs have been drilling in the mining, coal bed methane and geothermal projects for some time. They just have not been adapted towards the oil and gas industry in Indonesia.

They do have their limitations, but for shallow 500-to-1,000 meter holes these rigs are in their “sweet spot.” In Canada and the U.S., it’s quite common to use these kinds of rigs in the oil and gas industry.

 

Q: You have experienced some delays in getting the ASI rig drilling to the primary target, with drilling, coring and testing. Can you comment on this?

A: As you may recall, we had to switch our drilling service provider in mid-August, and with that change we had to scramble to get the ASI drilling rig to site and set up.

Some of the original plans for our BOP (blow out preventor) system and mud system needed to be revised, due to a different rig and configuration. With these changes, we had additional logistical challenges in getting this equipment to the LG-1 site all at the same time.

The mud system we brought over had to be adapted and repaired; this alone set us back over four days since we started Oct 2. Additionally, our BOP system setup needed changing for the intermediate section of hole from 60 to 300m. This set us back a further week, due to manufacturing and getting it transported to Sulawesi.

Note that this is also one of the few exploration/appraisal wells being drilled in Indonesia at this time, so having an experienced crew familiar with these rigs is also rare. Our crew is familiar with oil and gas drilling and this kind of hydraulic coring rig, but this is the first time they are all working together on this rig and process.

While this has caused us some delays, time and cost, it doesn’t change the prospect or overall concept of what we can achieve with this approach. The well bore design and target have not changed, and we hope we’ve now worked out these few setup growing pains—and the next time around will be a much smoother, quicker process.

 

Q: Following this well, do you have other opportunities to deploy this approach?

A: First off, with a successful well here we would hope we can quickly move to drilling a couple more step-out wells on this structure as part of an early put well on production scheme or plan of development. Following that, we have a number of other structures into which we’d want to drill exploration wells within the Budong Budong PSC.

One is the Madjine structure—which, as you can see via our latest presentation on our website, is significantly larger in our view. Then there are the other structures in the Karama basin in the southern portion of Budong Budong. Beyond that, we can also look to drill smaller-core strat tests into some of the deeper targets.

Beyond Budong Budong Sulawesi, we are also reviewing a number of other shallow to medium opportunities in several basins where we believe we can be successful. We would like to have a well-balanced portfolio of appraisal and development wells, as well as some exploration opportunities.

Where exploration has advanced beyond the “big E” (i.e. lower to medium risk), with advanced seismic and geophysical works in known proven basins, we can bring our approach to reduce the timelines and costs and move those prospective resources to production and reserves in a shorter cycle.

That could have the potential to really move the needle in added value to both the government and our shareholders.

(DISCLAIMER: Readers are cautioned that certain statements in this article may constitute “forward-looking statements”—which, by their by their nature, 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 the Company, or the industry, may vary materially from what is expressed or implied by such forward-looking statements. Therefore, readers should not place undue reliance on forward-looking statements.)




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Todd Kimberley started the topic Sonoro Energy's updated corporate presentation: October 19, 2017 1 day ago

The latest version of SNV's corporate presentation shows other structures in the Budong Budong PSC, in addition to the focus of our current drilling operation. Check it out!





Jim Munro joined the group SONORO ENERGY 2 days ago