Canoro: Seven-well Program in NE India to Begin in Q4

Canoro Resources Ltd. on Thursday reported that the operator of the Indian block AA-ONN-2003/2 is continuing the 220-km 2D seismic acquisition program, which is over 70% complete. Data from the completed seismic are being processed and interpreted to formalize the initial drilling prospects over the upcoming rainy period.

The first of seven exploration wells is planned to begin during the fourth quarter of 2007. This well is anticipated to be over 4,000 meters in depth, testing a sub-thrust prospect.

For the fiscal year ending March 31, 2008, Canoro anticipates its 15% share of the budgeted expenditures to be approximately US$4 million.

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.