Sonoro Energy Sees Price Jumps 19%, Company Bullish About Iraqi Prospects
Sonoro Energy (SNV.V), an international oil exploration and development company focusing on Iraq, is trading at 9.5 cents, 18.75% up from close and moving away from a year low of 7 cents.
The company's shares were up 25% from its previous close at 11am, hitting 10 cents, before retreating slightly. More than 1.25 million shares have been traded.
The company reported no fresh news, however, it announced last month that it
has completed the next phase of its evaluation program with analysis of 600 kilometers of 2D seismic across the Salah ad Din Province, Iraq. The analysis identifies ten structures in addition to the Company's North Salah ad Din prospect, or NSD Prospect. The new prospects appear to be evenly split between asphalt resources over multi-stacked horizons and conventional oil and gas resources.
Following the positive outcome of the prospect mapping evaluation study, Sonoro is pursuing the acquisition of conventional oil and gas rights to complement its existing asphalt rights. In the next phase of the evaluation, volumetrics and offset wells will be studied to high-grade the various prospects and define drilling locations.
Sonoro has also engaged FirstEnergy Capital LLP to help secure a farm-in partner to accelerate drilling activities on the NSD Prospect as well as the numerous exploration prospects across the Province.
Our current focus is resource exploration and development in Iraq. We have initiated the evaluation of resource opportunities within our exclusive asphalt license agreement.
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