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Sonoro Energy Provides Update on Selat Panjang Oil & Gas Project

Source: 8/27/2020, Location: Asia

Sonoro Energy Ltd ("Sonoro") (SNV), and its wholly owned subsidiary company Zamatra Bakau Straits Ltd, is pleased to update shareholders on the operations in Indonesia at the Selat Panjang Production Sharing Contract ("PSC") in Sumatra, Indonesia.

Sonoro has engaged RISC Advisory, an independent oil and gas consultancy firm with global operations and specific expertise in South-East Asia, to complete a NI-51-101 compliant reserve assessment and report for the Selat Panjang PSC.

RISC is a globally recognized reserve consultancy firm with extensive experience and expertise with certification of reserves and resources for both conventional and unconventional resources. RISC has previously worked on reserve certification at Selat Panjang with a previous operator of the PSC and as a result is well familiar with the prospects and potential in the area. RISC has previously produced NI 51-101 compliant reports for other TSX listed companies.

Operationally, Sonoro continues to work with its project partner PT Sumatra Global Energi ("SGE") to complete a Joint Operating Agreement ("JOA"), a second year work program and liaise with SKKMIGAS on the project and specifically for final sign-off on the year one work commitment which has been completed. Developments have been slow over the past few months due to various matters with the project partner including Covid-19 delays.

The project partners have commenced operations for a field rehabilitation program at Selat Penjang that initially focuses on the Bakau field facilities including tanks, offices and housing, as well as improving road access. The Bakau field was commercially discovered in 2005 and has produced during various periods from the Lower Marine Sihapas structure, a small, low relief, roughly symmetrically dipping anticlinal/dome closure of about 1.2 km2 and the Non-Marine Sihapas which is a larger faulted 3-way dip closure The multiple stacked oil reservoirs have good porosity & permeability within a small closure and oil water contact in each sand layer. The field production facilities currently in place require small capital expenditures to allow for effective trucking or barge of any crude oil production.

Any and all operations performed during the Covid-19 pandemic will follow Indonesian government protocol for operating in this environment.

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