CALGARY, Canada (Jan. 4, 2024)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV:SNV) is pleased to announce the commencement of final lease and facilities construction towards achieving oil production at its recently drilled 14-29-32-23 W3 well.
Sonoro has acquired all related surface and downhole equipment required to complete and place the well on production. Surface facility and lease access construction has commenced and the service rig is scheduled for the week of Jan. 9, 2023, at which time the downhole pump, tubing and rods will be installed to facilitate oil sales. Initial oil production rates are expected to continually improve as the well cleans up as the sand cuts decline.
This is standard for Cold Heavy Oil Production (“CHOPs”) strategy with sand production being deployed. Personnel and services have been secured to effectively optimize the well in accordance to industry leading CHOPs operations.
Sonoro also announces that, further to its Dec. 12, 2023 news release, the Company successfully completed the acceleration of all 33,333,331 C$0.05 common share purchase warrants (the "Warrants") issued pursuant to its May 2023 private placement of units.
Sonoro had the right to accelerate the expiry date of the Warrants in the event that the price of Sonoro’s common shares equaled or exceeded C$0.10 per share for ten (10) trading days (the “Acceleration Event”).
Sonoro announced that the Acceleration Event occurred and the expiry date of the Warrants was accelerated to Jan. 2, 2024, being twenty (20) days after the date of the notice. Total proceeds from the warrants yielded C$1,666,667.