Sonoro raises C$3.6 m for Budong Budong drilling program

By Romel S. Gurky

TSX-listed Sonoro Energy Ltd. said it has completed the second tranche of its non-brokered private placement for total gross proceeds of C$901,360.

The company said in a statement Friday that combined with the closing of the first tranche of its non-brokered private placement, Sonoro raised a total of C$3,600,000 in gross proceeds.

?The proceeds for both tranches are intended to be used primarily to fund the drilling of the Budong Budong appraisal well, in West Sulawesi, Indonesia, with planning for drilling commencement in August 2017, and for general corporate purposes,? Sonoro said in the statement.

Sonoro is an international oil and gas resource exploration and development company with a focus on Southeast Asia and its onshore Budong Budong production sharing contract in Sulawesi Indonesia. The company has commenced planning for a one to two well appraisal drilling program on the Budong Budong license offsetting the LG-1 well.

Editing by Reiner Simanjuntak