The main provisions of this foundation agreement are:
--Each party commits to work together in the area of upstream activities in the State of Nagaland. --The parties would acquire and/or participate in such projects which would mutually benefit the People of Nagaland and Canoro's shareholders. --The parties will enter into separate commercial agreements either directly or through their representative bodies. --The JCA contains a provision for the promotion of bilateral cooperation for the development of upstream activities in areas of foreign direct investment and technology.
Despite being geographically located in one of the most prospective areas in the Assam-Arrakan sedimentary basin, there has been virtually no exploration or development activity in Nagaland for over 12 years and limited activity prior to that. The State's geology is very similar to the thrusting and folding found in the foothills of the Rocky Mountains of Alberta--an area very familiar to Canoro's management and technical team.
"In northeast India, we believe the thrust belt running through the State of Nagaland to be a highly prospective area to explore for hydrocarbon deposits," commented Les Kondratoff, President and CEO of Canoro Resources Ltd. "We are grateful to be allowed the opportunity to partner with the State Government of Nagaland in this effort."
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