Financial Daily from THE HINDU group of publications
Tuesday, Jun 13, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 13, 2006 |
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Corporate
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Private Placement Industry & Economy - Petroleum Canoro Resources to raise $25 m Our Bureau
Kolkata, June 12 Canada-based Canoro Resources Ltd plans to raise $25 million through private placement of 24.3 million common shares. The sale proceeds would be invested for appraisal and exploratory drilling in Canoro's existing interest in oil and gas sector in India and to fund the future acquisition plans in this sector. A part of the proceeds will also be used for general corporate purposes. A press release issued by the company says Canoro has plans to invest approximately Canadian dollar 18 million in its existing interest in Amguri ($8.7 million), AA-ON/7 ($7.7 million) and AA-ONN-2003/2 in the North Eastern region of India. The company has operating interest in Amguri and AA-ON/7 blocks. The work programme includes drilling of two appraisal wells in Amguri development block and three exploratory wells in AA-ON/7 exploration block. The seismic programme concluded recently has identified five exploration prospects in the exploration block. The company is working with its partners namely Assam Co and Government of India to finalise capital budget for the work programme. The process to secure drilling rig and other services has already been launched so as to commence the drilling programme by fourth quarter of 2006-07. The 2D seismic survey is expected to be over in AA-ONN-2003/2 exploration block in this month. Canoro holds a non-operating interest in the block. Drilling operations are expected to be launched by the operator Geopetrol International in the second quarter of 2007.
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