Canoro Has Positive Results at Amguri 12
CALGARY, ALBERTA--(Marketwire - Oct. 2, 2008) - Canoro Resources Ltd. (TSX VENTURE:CNS) has completed drilling through the Barail Formation at Amguri 12. Based on initial log and drilling results, the Barail Formation looks comparable to that found in the Amguri 11 well (Amguri 11 had 65 meters of net pay and tested 3,190 boe/d). Log results of the upper hole suggest that the basement will come in high to Amguri 11. Therefore, the plan is to set casing over the Barail Formation and continue drilling to basement to evaluate the Basal Sandstone exploration prospect prior to testing the Barail Formation, at which point we will have conclusive test results.

Amguri 5 Work-over

The shallow depth rig has successfully worked over the Amguri 5 well to reduce water production and maximize remaining reserves. Initial gross production from this well is expected to be between 150 to 200 boe/d and on-stream prior to year-end.

Amguri 14 Drilling

The shallow depth rig has now moved to Amguri 14, a Tipam appraisal well, and started drilling operations. This well is testing a structurally high feature in the Tipam formation similar to the productive gas zone and oil tests at Amguri 2 and 8A.

After Amguri 14 is drilled, the rig will be moved to drill the Dergaon 2 appraisal well.

Amguri Development Plan

With the positive drilling results to date, the company is nearing completion of its full field development for submission to partners and the government prior to year-end.

Exploration Update

In the Naga Foothills on the AA-ON/7 exploration block, work is ongoing for the construction of the access road and well-site to drill the deep sub-thrust well. Drilling operations on this well are expected to begin early in 2009.

On the AA-ONN-2003/2 block, where Canoro is a non-operator, construction activities continue for planned drilling operations in the first quarter of 2009.

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Total reserves - Approx 25000 - 35000 Boe per day
Discovered - 4200 Boe per day
Current production - 1500 Boe per day ( one third of discovered oil & gas)
Average net recoveries after deducting royalities & expenses - £41 per BOI (as per latest report from Canoro).
Assam company share ( 40%)- 1500/100*40 = 600 boe per day

Net profit from oil & gas assets
600*40 ( net recoveries)*45 ( US$)= Rs 1,080,000 per day
Quarter = Rs 1,080,000 per day * 91 = Rs 9.82 Crores
Annual = Rs 9.82 Crores * 4 = Rs 40 Crores

Company is planning to increase production to 4200 boe by 2009.( Already discovered)
Projection

Assam company share ( 40%)- 4200/100*40 = 1680 boe per day

Net profit from oil & gas assets
1680*40 ( net recoveries)*45 ( US$)= Rs 3,024,000 per day
Quarter = Rs 3,024,000 per day * 91 = Rs 28 Crores
Annual = Rs 28 Crores * 4 = Rs 112 Crores

EPS oil & Gas - 112/30 = 4
EPS Tea - 30/30 = 1 ( due to 20% increase in tea prices)
PE 2009 20/5 = 4


Happy Investing
...

Total reserves - Approx 25000 - 35000 Boe per day
Discovered - 4200 Boe per day
Current production - 1500 Boe per day ( one third of discovered oil & gas)
Average net recoveries after deducting royalities & expenses - £41 per BOI (as per latest report from Canoro).
Assam company share ( 40%)- 1500/100*40 = 600 boe per day

Net profit from oil & gas assets
600*40 ( net recoveries)*45 ( US$)= Rs 1,080,000 per day
Quarter = Rs 1,080,000 per day * 91 = Rs 9.82 Crores
Annual = Rs 9.82 Crores * 4 = Rs 40 Crores

Company is planning to increase production to 4200 boe by 2009.( Already discovered)
Projection

Assam company share ( 40%)- 4200/100*40 = 1680 boe per day

Net profit from oil & gas assets
1680*40 ( net recoveries)*45 ( US$)= Rs 3,024,000 per day
Quarter = Rs 3,024,000 per day * 91 = Rs 28 Crores
Annual = Rs 28 Crores * 4 = Rs 112 Crores

EPS oil & Gas - 112/30 = 4
EPS Tea - 30/30 = 1 ( due to 20% increase in tea prices)
PE 2009 20/5 = 4


Happy Investing
...

Canoro Has Positive Results at Amguri 12 CALGARY, ALBERTA--(Marketwire - Oct. 2, 2008) - Canoro Resources Ltd. (TSX VENTURE:CNS) has completed drilling through the Barail Formation at Amguri 12. Based on initial log and drilling results, the Barail Formation looks comparable to that found in the Amguri 11 well (Amguri 11 had 65 meters of net pay and tested 3,190 boe/d). Log results of the upper hole suggest that the basement will come in high to Amguri 11. Therefore, the plan is to set casing over the Barail Formation and continue drilling to basement to evaluate the Basal Sandstone exploration prospect prior to testing the Barail Formation, at which point we will have conclusive test results. Amguri 5 Work-over The shallow depth rig has successfully worked over the Amguri 5 well to reduce water production and maximize remaining reserves. Initial gross production from this well is expected to be between 150 to 200 boe/d and on-stream prior to year-end. Amguri 14 Drilling The shallow depth rig has now moved to Amguri 14, a Tipam appraisal well, and started drilling operations. This well is testing a structurally high feature in the Tipam formation similar to the productive gas zone and oil tests at Amguri 2 and 8A. After Amguri 14 is drilled, the rig will be moved to drill the Dergaon 2 appraisal well. Amguri Development Plan With the positive drilling results to date, the company is nearing completion of its full field development for submission to partners and the government prior to year-end. Exploration Update In the Naga Foothills on the AA-ON/7 exploration block, work is ongoing for the construction of the access road and well-site to drill the deep sub-thrust well. Drilling operations on this well are expected to begin early in 2009. On the AA-ONN-2003/2 block, where Canoro is a non-operator, construction activities continue for planned drilling operations in the first quarter of 2009. ...

No use from its oil reserves. Its like coconut in the hand of something which cannot be broken and the coconut will be wasted like that assam company having oil fields. its eating only investors wealth....