Canoro Resources Ltd.

Canoro Resources Ltd.

October 28, 2005 13:20 ET

Canoro Successfully Tests Oil at Amguri 5 Well

CALGARY, ALBERTA--(CCNMatthews - Oct. 28, 2005) - Canoro Resources Ltd. (TSX VENTURE:CNS) has successfully completed remedial operations and testing on two intervals (2,890 - 2,893 and 2899 - 2902 meters of depth) of an oil producing zone in the suspended Amguri 5 oil well. The zones have now stabilized at a rate of 588 bbls/d of 42 degree API oil at a flowing pressure of 1,150 pounds per square inch with 0.8 mmcf/d of associated gas through a 10 millimeter choke.

Canoro is focusing on generating cash flow as quickly as possible from the Amguri field. Initial production rates will be determined by existing facilities, with full production rates realized once additional infrastructure (e.g. a pipeline) is put into place in the future.

Canoro will begin moving the rig to the Amguri 6 well for re-entry and testing operations. The Amguri 6 well is the highest existing well on the structure, while Canoro believes that the top of the structure still remains undrilled.

Canoro is a Canadian-based international oil and gas company operating in the prolific Assam/Arakan basin of northeast India. The Company is testing and rehabilitating production from the suspended Amguri oil and gas field where it is the operator and has a 60% working interest. Canoro is the operator with a 65% working interest of the 1,450 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