Tickers: PINX:SNVFF, XTSX:SNV
Tags: Oil & Gas
Calgary, Alberta / TheNewswire / October 30, 2018 - Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSXV: SNV) announces that the Joint Cooperation with an affiliate of one of the largest private companies in Indonesia, submitted a bid for the Selat Panjang production block in the conventional Oil and Gas 2nd Bidding round on October 12, 2018.
Local news reports have indicated that the Indonesian Ministry of Energy and Mineral Resources, will retender the block within the next two weeks. The Joint Cooperation will carefully review the tender requirements and procedures set by the Government of Indonesia for the forth coming 3rd bidding round.
Mr. Chris Atkinson, CEO of Sonoro commented that "Sonoro through the Joint Cooperation continues to be interested in the block and we look forward to assessing the terms of the 3rd bidding round in order to progress our bid for the Selat Panjang assets". The Joint Cooperation is also continuing its efforts to have the Budong-Budong PSC reinstated.
The Company will provide further updates on activities as material events progress.
Forward-looking Statements
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "estimates," "seeks" and similar expressions. In particular, without limiting the generality of the foregoing, this news release contains forward-looking information regarding the PSC.
Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals, changes in legislation including but not limited to income tax, environmental laws and regulatory matters, and ability to access sufficient capital from internal and external sources. Readers are cautioned that the foregoing list of factors is not exhaustive.
Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Additional information on these and other factors that could affect Sonoro's operations or financial results are included in Sonoro's reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or by contacting Sonoro. The forward looking statements contained in this news release are made as of the date of this news release and Sonoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by securities 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.
This press release is not to be disseminated in the United States
For further information please contact:
Sonoro Energy Ltd.
+1.403.262.3252
www.sonoroenergy.com
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