Calgary-based company to contribute US$1 million to purchase through group of companies
CALGARY: Sonoro Energy Ltd has entered into an agreement to purchase a drilling rig that will be transferred to a joint venture company established by Sonoro and its partners, Berkeley Petroleum Mesopotamia Limited and Geopetrol Iraq Corp. The rig will be used at a planned asphalt operations in Salah ad Din Province, Iraq. The joint venture identified a new, 750-horsepower drilling in the region and Sonoro said it’s in the final stages of an rig inspection. The company has also commissioned the vendor to do work in preparing the the rig for operations.
The partners said they will contribute sufficient equity to fund 36 percent of the rig purchase price plus additional capital to cover initial operations. Sonoro’s contribution will be about $US1 million to the equity of the group. The remaining 64 percent is being financed by a loan facility from an affiliate of Geopetrol.
“We are very pleased to have agreed to the purchase of this new drilling rig with our partners,” said Richard Wadsworth, Sonoro’s chairman and CEO. “This was a long and carefully considered process with our partners and we are pleased to have settled on the purchase of a brand new drilling rig.”