Sonoro announced that further to the previously announced Management Committee approval of the Company's work program and budget for the first year of the license period in Iraq, the Company has now received an investment permit from the provincial governorate of Salah ad Din allowing the Company to proceed with its asphalt (heavy oil) project. This permit allows Sonoro to immediately commence operations and allows for the importation of necessary equipment and personnel. Finally, this permit sets April 14, 2011 as the commencement date of Sonoro's exclusive five year exploration period as per the License Agreement.
Sonoro's immediate objective is the appraisal of its North Salah ad Din resource prospect. This phase includes the acquisition of seismic data and the drilling of three wells to delineate the field size and to evaluate resource deliverability. The Company has recently identified three additional exploration prospects upon which further seismic and well data is being acquired to facilitate further delineation of these prospects.
President and CEO, Richard Wadsworth, commented, "With this permit our team now has the necessary approvals to commence operations and drilling of at least three wells in Salah ad Din targeted for Q3 2011. Our next steps are to finalize our security and drilling program and to tender out for a rig and related services. The fact that we have identified four distinct prospects in different areas of the province in a short period of time provides confidence in the large resource potential within the province."
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