InvestmentPitch Media Video Discusses Sonoro Energy's Award of Selat Panjang PSC in Sumatra, Indonesia in Official Bid for Hydrocarbon Property - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - May 9, 2019) - Sonoro Energy (TSXV: SNV), which is focused on oil and gas exploration and production in South East Asia, has been awarded the Selat Panjang production sharing contract block in Indonesia. The 923 square kilometer Selat Panjang PSC, located in the prolific hydrocarbon area in the Central Sumatra Basin, is situated in Riau Province, approximately 925 kilometers from Jakarta, and 110 kilometers from Pekanbaru, the capital of Riau Province.
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Sonoro, along with its Indonesian partner PT Menara Global Energi, an affiliate of a substantial Indonesian company, has been awarded a 25% interest in the project with an option for up to an additional 24%. The block previously produced oil and gas, with the Indonesian Ministry of Energy approving a plan of development in 2014 for further production. However, in 2018, the block PSC was terminated by the Indonesian Ministry of Energy and as a result the plan of development was not implemented.
The winners of the 2019 Conventional Bid Round were formally advised in Jakarta today at a meeting called by the Ministry of Energy and Mineral Resources, who along with SKKMIGAS, made the announcement. Sonoro and its partner will compete the final proceedings for execution of the PSC in the next couple of days with MIGAS.
Bill Marpe, resident Director of Sonoro in Jakarta, stated: "Sonoro is extremely pleased with the award of the Selat Panjang block in Sumatra Indonesia. Our team has worked hard towards the successful award of this production block and we look forward to developing the block with our project partner. The block and area has demonstrated solid production in the past and we are encouraged by the upside potential we can add to hydrocarbon production in Indonesia in the future."
The company is also pursuing other oil and gas opportunities in Southeast Asia where it sees significant growth opportunity.
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