Focus: Securing licenses for undeveloped or underdeveloped oil fields, boosting production
CALGARY, Canada (Nov. 20, 2024)—Sonoro Energy Ltd. (“Sonoro” or the “Company”) (TSXV: SNV) is pleased to announce the signing of a Heads of Agreement (“HOA”) with TransAtlantic Petroleum LLC, a privately owned energy company headquartered in Dallas, Texas, USA. This strategic partnership marks a significant step forward in Sonoro’s expansion within the Middle East and North Africa (“MENA”) region.
Under the terms of the HOA, Sonoro Energy and TransAtlantic Petroleum (https://www.transatlanticpetroleum.com/) will collaborate closely to identify and evaluate production investment opportunities in Iraq. These opportunities are expected to arise through licensing bid rounds and/or direct negotiations facilitated by Iraq’s Ministry of Oil. The focus will be on securing production licenses for undeveloped or underdeveloped oil fields with the potential to significantly increase production.
Once a production license is awarded, the two companies plan to establish a joint operating company (“JOC”). The JOC will be dedicated to advancing oil production from these accumulations, leveraging both companies’ expertise to optimize field development and increase production in a cost-effective and sustainable manner. This collaboration combines Sonoro Energy’s local knowledge and relationships with TransAtlantic Petroleum’s robust technical capabilities and operational experience.
TransAtlantic Petroleum has extensive international upstream experience in Eastern Europe and in Turkey, where it is actively deploying unconventional North American technology using 3D seismic data, horizontal and directional drilling, and hydraulic fracture stimulation to develop oil and natural gas reserves.
This partnership represents a significant milestone for Sonoro Energy as it strengthens its presence in the MENA region, one of the world’s most important oil-producing areas. By aligning with TransAtlantic Petroleum, a company with extensive international experience and production in the oil and gas sector, Sonoro is positioning itself for continued growth and success.
Sonoro Energy is enthusiastic about the prospects of this partnership and looks forward to advancing discussions with the Ministry of Oil to explore and secure production opportunities in Iraq.
Sonoro also advises that under the terms and conditions of CEO Greg Renwick’s employment agreement, the Company would issue Mr. Renwick 500,000 common shares of the Company at a deemed share price of 10 cents per share. Issuance of these signing bonus shares remains subject to TSX Venture Exchange approval.