Canoro Resources Ltd.

Canoro Resources Ltd.

November 14, 2005 08:59 ET

Canoro Successfully Tests Amguri Number 6 Well

CALGARY, ALBERTA--(CCNMatthews - Nov. 14, 2005) - Canoro Resources Ltd. (TSX VENTURE:CNS) has successfully completed remedial operations and initial testing of the Amguri 6 well. A 19 meter interval from 2,866 to 2,885 meters was recompleted and tested. The well's initial production has been estimated to be at a rate of 175 bbls/d of 56 degree API oil (condensate) at a flowing tubing head pressure of 2,450 pounds per square inch with 1.75 mmcf/d of associated gas through a 6 millimeter choke. There is no water production evident from the testing performed at this well. The existing testing equipment on site can not safely handle the well's large capacity and content, delaying final testing until additional equipment is available.

In light of success at Amguri 5 and 6, Canoro is examining the possible re-entry of Amguri 2, a prematurely abandoned well. The well has exhibited hydrocarbon potential based on open hole log data, test results and drill cuttings.

The results of the re-entries to date, combined with the reprocessed seismic, are validating Canoro's geological model that indicates there are additional development locations in the Amguri field. To complete this validation however, Canoro has proposed that a 3-D seismic survey be conducted over the entire field during the first quarter of 2006. With this data and the workover results, Canoro will be in a position to determine the most effective development plan for the field.

In addition, to quickly generate cash flow from the Amguri field, the wells with production potential are planned to be initially produced early in the new year through temporary well site facilities. Full production rates should be realized once additional pipeline infrastructure is in place, expected during the second quarter of 2006.

Canoro is a Canadian-based international oil and gas company operating in the prolific Assam/Arakan basin of northeast India. The Company is re-entering and testing a number of wells with the objective of restoring production from the suspended Amguri oil and gas field. Canoro is the operator of Amguri and has a 60% working interest. Canoro is the operator with a 65% working interest of the 1,445 km2 AA-ON/7 exploration block, and has a 30% non-operated working interest in the 295 km2 AA-ONN-2003/02 exploration block. Common shares of Canoro trade on the TSX Venture Exchange under the symbol 'CNS'.

Certain statements contained in this news release may be considered as "forward looking". Such statements are generally identifiable by the terminology used, such as "intend", "plan", "expect", "appears", "estimate", "budget", "outlook" or other similar words. Such "forward looking" statements are subject to risks and uncertainties that could cause actual results to differ materially from estimated or implied results.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this News Release.

Contact Information

  • Canoro Resources Ltd.
    Rob McInnis
    Director, Investor Relations and New Ventures
    (403) 543-5748
    (403) 543-5740 (FAX)
    Canoro Resources Ltd.
    2810, 715 - 5th Ave SW
    Calgary, Alberta T2P 2X6
    (403) 543-5748
    (403) 543-5740 (FAX)