By John Lee.
Sonoro Energy Ltd. has announced that the Company has changed its strategy of making significant use of advisory and consulting services in Iraq to primarily utilizing its own established network.
With this change, the Company has terminated its advisory and consulting agreement with Amira Management B.V. (an entity with the same principals as Berkeley Petroleum Mesopotamia Limited, which is one of the licensees under the Company's Asphalt License with Salah ad Din Province).
This advisory and consulting agreement has been in place since signing the Asphalt License. Given continued significant unexpected delays and a lack of progress in obtaining the required approvals, the Company felt it needed to take more aggressive and direct actions. The Company plans to continue recent discussions directly with relevant government officials and authorities in Iraq in relation to obtaining the necessary approvals and commencement of operations under its Asphalt License.
Further, in November 2011, the Company loaned Berkeley $500,000. Berkeley provided the Company with a promissory note for the principal amount plus interest at a rate of 6% per annum. This promissory note was previously extended by Sonoro to a maturity date of June 30, 2013. To date the Company has received interest payments to March 31, 2013. Payment of the promissory note is now overdue and the Company has issued to Berkeley a notice of default and request for immediate payment.
The Company continues to receive strong support from Geopetrol Iraq Corp., its partner under the Asphalt License, in relation to the Company's strategy shift to emphasize direct government relations and in pursuing the approvals under the Asphalt License.