News | May 16, 2018

Blox Labs And Sonoro Energy To Develop Blockchain-Based Smart Contracts Leger For Oil And Gas Industry

2018.05.16 SNV Blox Bitcoin

Sonoro Energy Ltd. (“SNV”) is pleased to announce that, in partnership with Blox Labs Inc. (“BLOX”), BLOX has commenced development of “PetroBLOX”, a Blockchain-based smart contract supply chain management platform for the global oil and gas industry.

Through the utilization of best in class smart contracts and decentralized application technologies, PetroBLOX will aim to enable and enhance workflow, maximize project management efficiency, and increase the level of transparency in the global Exploration and Production (“E&P”) space. With applications to both the upstream and downstream verticals of the oil and gas sector, PetroBLOX will endeavor to assist and ease bottlenecks ranging from permitting, planning, procurement, to rig mobilization and de-mobilization, all the way through to end-product commodity trading. Phase 1 development of PetroBLOX has begun and will include, among other things, refining project scope and modeling itemization, an environmental scan of the E&P industry status quo, PetroBLOX branding, and the completion of a Blockchain Whitepaper.

“BLOX is pleased to have entered into this partnership with Sonoro Energy whereby their expertise in the various facets of the oil and gas sector will bring valuable input to the development of PetroBLOX”, stated Jeff Zanini, President & CEO of BLOX. “Our Ethereum backed smart contract platform will greatly benefit the supply chain flow and increase efficiencies to an industry which is largely still reliant on manual processes. Our clients vision of digitization and enabling immutable record keeping is visionary in this space, and we are pleased to partner with Sonoro Energy on this project."

Chris Atkinson, Chairman of Sonoro Energy stated “We are excited to be entering into a partnership with BLOX, that possesses and brings valuable information and expertise in Block Chain technology. This is a strategic move for Sonoro that will further enable and enhance our operational leverage in executing projects in SE Asia."

The Company also announces the resignation of David Robinson from the Board of Directors. The Company thanks Mr. Robinson for his valued contributions to Sonoro in the past and wishes him the best with his future endeavors.

About Sonoro Energy
Sonoro Energy is an international oil and gas resource exploration and development company with a focus on Southeast Asia. For more information, visit www.sonoroenergy.com.

About Blox Labs
Blox Labs Inc. is a technology development company focused on creating best-in-class software solutions driven by emerging trends in Blockchain, Smart Contracts and Decentralized Applications. BLOX is helping customers with solutions for business problems from proofs of concept through execution. The Company is currently piloting blockchain solutions for supply chain management and improvement as well as other areas. BLOX is actively targeting partnerships and strategic acquisitions of growth companies. For more information, visit www.bloxlabs.ca

SOURCE: Sonoro Energy Ltd.