The Amguri #1 discovery well was drilled in 1971 and is the first of three suspended oil wells within the Amguri Field that Canoro plans to workover. This well was put on production in 1976 and produced over 200,000 barrels of 42o API oil from a single 3 meter thick zone, until it was shut in during 1991. During this production period, the well was flowing on its own, that is, without the benefit of a pump. Canoro intends to run modern cased-hole well logs in the Amguri #1 well in order to determine the potential hydrocarbon bearing zones to be completed. After running the new logs the zones identified as having hydrocarbon potential will be perforated and tested. Canoro has a 60% interest in the Amguri Field.
Work is proceeding with respect to road and pad construction for the South Jorhat exploration well on the AA-ON/7 exploration block. This work has been slowed down by the heavier than normal rainfall. After completion of the well pad and final rig inspection, the drilling rig will be moved onto the South Jorhat exploratory drilling location. It is anticipated that the well will spud during the second quarter and take approximately two months to drill, log and test. The South Jorhat prospect is one of several large structures identified by Canoro on the AA-ON/7 exploration block. Canoro has a 65% interest in the AA-ON/7 exploration block.
The Company is continuing to evaluate certain blocks offered under the Government of India's fifth New Exploration Licensing Round. Canoro is discussing the formation of a consortium with a number of companies to bid on one or more blocks offered in this round. The deadline for submitting a bid proposal is May 31, 2005.
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