Sonoro Energy Ltd Announces Bid Submission for Selat Panjang PSC in Sumatra, Indonesia

Source Press Release
Company Sonoro Energy Ltd. 
Tags Exploration, Upstream Activities
Date April 25, 2019

Sonoro Energy Ltd (the "Corporation " or "Sonoro") (TSX Venture: SNV) is pleased to announce that along with its Indonesian partner an affiliate of a substantial Indonesian company, has submitted a bid for the Selat Panjang PSC in the 2019 Conventional Bid Round in Indonesia. Sonoro expects announcement of the successful bid to occur within the next month. Sonoro has a 25% interest in the project with an option for up to an additional 24%.

The Selat Panjang PSC area is situated in Riau province, Central Sumatra and is approximately 925 km from Jakarta and 110 km from Pekanbaru (capital city of Riau Province). The block has produced oil and gas in prior years, in 2014, the Indonesian Ministry of Energy approved a plan of development 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 consortium has submitted a bid for the block that will commit it to a five-year work program and a signature bonus each of which satisfies the minimum commitments required by the Government of Indonesia for qualifying bids on the Selat Panjang PSC. The actual total commitment and the amount of the signature bonus will remain confidential until the successful bidder and the award of the bid is announced. Sonoro's partner has funded the bid costs including the signature bonus on behalf of Sonoro. Sonoro's proportionate share of the expenditures related to the acquisition of the block and the work program will be borne by its partner for up to twelve months. These costs will be repaid to our partner on terms to be agreed.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd