Sonoro provides update
Tuesday, Feb 12, 2013CALGARY, Feb. 11, 2013 /CNW/ - Sonoro Energy Ltd. ("Sonoro" or the "Company") (TSX-V: SNV) is pleased to announce the following operational and corporate updates.
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 drilling rig remains stacked in the Middle East and is ready for transport once the drill permit and import license have been obtained.
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.
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.
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