Canoro Resources Ltd.

Canoro Resources Ltd.

February 02, 2006 07:30 ET

Canoro Updates Seismic Activity in India

CALGARY, ALBERTA--(CCNMatthews - Feb. 2, 2006) - Canoro Resources Ltd. (TSX VENTURE:CNS) is actively undertaking to complete it's seismic programs on all three blocks over the next few months.

Below is an update on all of the blocks:

Amguri Development Block

Canoro has commenced a 3-D seismic program over the entire block (approximately 65 km2) with a planned completion by mid-March. The objectives of this seismic program are to improve the geological model for the block, identify the optimum locations for the future full field development of the Amguri field, and contribute to the reserve evaluation process on the block.

AA-ON/7 Exploration Block

Canoro began an extensive 2-D seismic program on the block (approximately 328 line km) in December with an expected completion later this month. The acquisition is presently 65% complete. The program focuses on the western portion of the block with the objective to evaluate a number of leads, mature a second exploration well for drilling in late 2006 or early 2007, and help appraise the Dergaon gas discovery.

AA-ONN-2003/2 Exploration Block

Canoro anticipates beginning a 2-D seismic program on this newly acquired exploration block (approximately 200 line km) in March. This is subject to receipt of the Petroleum Exploration License (PEL) from the Arunachal Pradesh state government in time to complete the seismic program prior to the monsoon season. Geopetrol, the Operator, has already submitted the application for the PEL.

Canoro is a Canadian-based international oil and gas company operating in the prolific Assam/Arakan basin of northeast India. The Company has restored production from the previously 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 in 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