Canoro also reports that the previously contracted Chinese rig has received customs clearance in Mumbai, India and is expected to commence the move by land before the end of this week. The rig will be transported directly to the Amguri well # 1 in Assam to commence workover operations. The rig move is expected to take approximately three weeks. The rig is available for a minimum period of six months.
Land negotiations for the access road and drilling pad location for the South Jorhat #1 exploratory well on AA-ON/7 block are progressing well. Drilling operations are anticipated to commence during the second quarter of 2005.
Les Kondratoff, President and CEO, stated that, "Shareholders of Canoro have waited a long time for the operations to commence on its blocks in Assam. We are excited about starting our work program comprising of a long term deliverability test on Dergaon #1 well, a three well workover program on the Amguri discovered field to rehabilitate production from three existing suspended oil wells, the testing of an existing gas producing well on the Amguri block and the drilling of our first exploration well on the AA-ON/7 block. The addition of a second rig will accelerate the pace of our operations in Assam."
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