Agoracom: Small Cap Investment - Canoro Resources

Welcome To The Canoro Resources HUB On AGORACOM

Canoro Resources Ltd. is a Canadian-based international oil and gas company operating in the prolific Assam/Arakan basin of Northeast India.

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News

posted on May 02, 2008 03:54AM

April 30, 2008

Canoro Successful at Amguri 13B

CALGARY, ALBERTA--(Marketwire - April 30, 2008) - Canoro Resources Ltd. (TSX VENTURE:CNS) has encountered two hydrocarbon bearing zones in the Barail formation at Amguri 13B, based on log and drilling results. This well came in approximately 10 meters structurally higher than the original Amguri 1 discovery well.

The information gathered indicates the following:

- Approximately 10 meters of net oil pay and 24 meters of potential net gas pay in the Barail formation. The oil pay correlates to the Main Barail sand in Amguri 1, while the gas pay correlates to the upper gas zone previously tested in Amguri 1

- Confirmation and enlargement of a separate hydrocarbon pool from the main gas condensate pool

- Proved reserves should increase as there are no booked proved reserves currently for this pool

Amguri 13 achieved its objectives to evaluate the eastern part of the block and identify the Barail formation oil/water contact in the Amguri 1 discovery well. The Amguri 1 well had previously produced approximately 225,000 barrels of light oil prior to Canoro assuming operatorship of the field.

Further pool delineation is being planned using one of Canoro's two contracted rigs. Fast-track development options are being initiated with the evaluation of offset drilling locations.

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.

Common shares of Canoro trade on the TSX Venture Exchange under the symbol 'CNS'.

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