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.
Drilling Permit
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.
Drilling Rig
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 Opportunities
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.
About Sonoro
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.
