Sonoro receives Budong Budong license extension
Thursday, January 12 2017 - 01:17 AM WIB
TSX-listed Sonoro Energy Ltd announced on Wednesday that its subsidiary, Stockbridge Oil and Gas Ltd., has received formal notification of a one year extension to the expiry of its Budong Budong PSC, in West Sulawesi Province, from the upstream oil and gas authority SKK Migas and the Directorate General of Oil and Gas (MIGAS) at the Ministry of Energy and Mineral Resources.
The company said in a statement that the Budong Budong License is now valid to January 15, 2018 with the drilling of one well during 2017.
?We are pleased that SKK Migas and MIGAS have recognized the efforts that Stockbridge Oil and Gas Ltd. has undertaken over the past year to prepare and plan for the appraisal drilling of one to two wells on the Budong Budong License culminating in this one year extension,? Senoro CEO Richard Wadsworth said.
He expected this will allow the company to complete its planning, permitting, financing and the drilling of the appraisal of the LG-1 updip on a timely basis during 2017.
Sonoro in June of last year acquired Stockbridge Oil and Gas Ltd, which holds controlling 71.5 percent shares and the operator of the Budong Budong PSC. The remainder held by Tately Budong-Budong BV.
Editing by Reiner Simanjuntak