For AA-ON/7, after the expiry of the partner's right of first refusal period, Canoro and Brownstone have mutually agreed not to proceed with the farmout of Canoro's 15% interest to Brownstone, leaving Canoro with its 65% participating interest.
Canoro and Brownstone have agreed to bid together for exploration blocks under India's NELP VI (New Exploration Licensing Policy) licensing round. Bids are to be submitted by September 15, 2006. The Government of India anticipates awarding the blocks to the successful bidders early in 2007.
Brownstone Ventures Inc. is a Canadian based, energy focused investment company with equity investments in uranium (through its holdings in Mega Uranium Ltd.) and oil & gas. As well, Brownstone has direct interests in oil and gas exploration projects.
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