Canoro Resources Increases Stake in Amguri Block

Canoro Resources has increased its stake in the onshore Amguri oil and gas block from 35 percent to 60 percent and gained operatorship of the block. The block is located in the Assam province of India.

The firm acquired 25 percent interest in the 53 square kilometer Amguri Block from Joshi Technologies International. The Assam Company is the other partner in the block with an interest of 40 percent. The acquisition will also enable the company to attain operatorship of the Amguri Production Block and hence to create and implement a development program for the Amguri Field.

The acquisition of this additional interest and the role of operator are subject to certain approvals, including that of the Government of India, which the company expects to obtain during the third quarter of 2003.

It is planned to commence operations on the Amguri Production Block during the fourth quarter of 2003, soon after the monsoon rains.

The Amguri Joint Venture has already received notification from the Assam government that the application for the issuance of the Amguri Petroleum Mining Lease (PML) has been approved.