Canoro Reports Amguri 10 Progress

Canoro Resources Ltd. this week issued an update on the drilling progress of the Amguri 10 appraisal well on the Amguri development block in northeast India. The well has been drilled directionally to a depth of 3,175 meters, which is at the base of the Barail formation, the main producing formation.

Canoro now plans to log the well bore to identify hydrocarbon bearing zones. Based on positive results from the logging program, zones will be selected for testing and further evaluation. The Company expects to set intermediate casing and resume directionally drilling to approximately 4,300 meters, to basement, to evaluate four additional prospective reservoirs.

Canoro is a Canadian-based international oil and gas company operating in the Assam/Arakan basin of northeast India. Canoro is the operator of Amguri field with a 60% working interest. Canoro is the operator with a 65% working interest in the AA-ON/7 exploration block. Canoro also has a post-farmout 15% non-operated working interest in the AA-ONN 2003/2 exploration block.