Canoro Abandons Sonakhet, Moves Rig to Dolakharia

Canoro Resources Ltd. has completed drilling and testing operations on the Sonakhet exploration well in northeast India. After drilling to a total depth of 1,310 meters, Canoro performed five separate drill stem tests. None of the tests indicated commercial quantities of hydrocarbons.

The drilling rig is now being moved to the Dolakharia exploration prospect, also on the AA-ON/7 exploration block. This well is planned to test a large seismic amplitude anomaly. The well is to be drilled into the basement at an approximate depth of 1,500 meters.

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 15% non-operated working interest in the AA-ONN 2003/2 exploration block.