- Sonoro (SNV) has signed a memorandum of understanding (MOU) with PT Sumatra Global Energi (SGE) regarding the Selat Panjang Project in Sumatra, Indonesia
- The company will produce a reserves report for the property while SGE initiates interventions on three wells
- Sonoro Energy is an oil and gas company focused on exploration and production in South East Asia
- Sonoro (SNV) is up by 88.89 per cent trading at $0.085 per share
Sonoro (SNV) has signed an MOU with partner SGE regarding its Selat Panjang Project in Sumatra, Indonesia.
The company owns 25 per cent of the Selat Panjang Production Sharing Contract.
As per the MOU, Sonoro will commission and produce a detailed reserves report compliant with 51-101 requirements while SGE will transfer additional ownership in the production sharing contract for a commensurate equity position in Sonoro.
SGE has initiated work towards a series of workover and well interventions on three wells on the Bakau field at Selat Panjang. The operations are slated for Q4 2022.
“This is a significant development for Sonoro for developing the project towards hydrocarbon production at the Selat Panjang PSC,” stated David Kirk, Sonoro’s President and CEO. “We are re-engaging with our partner after a period of little contact during the COVID restriction period and collaborating to resolve any previous issues that have stalled the progress of the PSC.”
Sonoro Energy is an oil and gas company focused on exploration and production in South East Asia.
Sonoro (SNV) is up by 88.89 per cent trading at $0.085 per share as of 10:25 am EST.