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Canoro Resources Ltd. is a Canadian-based international oil and gas company operating in the prolific Assam/Arakan basin of Northeast India.
Message: Announces Operations Update and Option Grant
| February 5, 2009 |
| Canoro Resources Ltd. Announces Operations Update and Option Grant |
| CALGARY, ALBERTA--(Marketwire - Feb. 5, 2009) - Canoro Resources Ltd. ("Canoro" or the "Company") (TSX VENTURE:CNS) announces that Company working interest production averaged approximately 2,725 thousand standard cubic feet per day ("mcf/d") of gas and 197 barrels of condensate/oil per day ("bbl/d"), or a total of 651 barrels of oil equivalent per day ("boe/d") during the three months ended 31 December 2008. By late December, the Company was successful in working over Amguri well A-5, adding approximately 30 bbl/d of oil and a small amount of associated gas net to Canoro. A-5 production and increased gas offtake to Assam Power has increased overall production and sales volumes. Work is proceeding on the Pre-Stack Depth Migration ("PSDM") re-processing and re-interpretation of Amguri 3D seismic data with initial results expected by Q2 2009. The Company has completed the evaluation of bids for gas re-injection and condensate extraction facilities at Amguri. The main equipment packages have been awarded for manufacture with commissioning expected by the end of the year based on manufacturers' delivery dates. Preparations are being made to convert the Amguri-11 well to a dual producer/injector, install an electric submersible pump (ESP) in well Amguri-5 to increase Barail condensate/oil production and tie in Amguri-14 as a producer of dry Tippam gas by Q3 2009. Amguri-14 gas is planned to be used for sales and additional reinjection supply. Canoro is continuing to develop its new business opportunities around the Company's core area of operations in northeast India. Canoro also announces that, pursuant to the terms of its stock option plan, it has granted options to purchase an aggregate of 2,125,000 common shares at a price of $0.16 per share, of which 1,950,000 were granted to officers and directors. The options vest as to one-third immediately and one-third on February 2, 2010 and one-third on February 2, 2011. Canoro is a Canadian-based international oil and gas company operating in the Assam/Arakan basin of northeast India. |
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