Canoro Abandons Dolakharia

Canoro Resources Ltd. has completed drilling and testing operations on the Dolakharia exploration well. After drilling to a total depth of 1,810 meters, Canoro performed three separate drill stem tests. None of the tests indicated commercial quantities of hydrocarbons.

The drilling rig is returning back to Amguri to drill Amguri 10B. This will target a location in the producing Barail formation approximately 500 meters from the producing well Amguri 6. To reduce costs, the vertical section of the existing Amguri 10A well bore will be used and then directionally drilled to the new Barail target.

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.