Assam Oil applies to farm-out 35% of Amguri

Vol 5, PW 19 (07 Nov 01) News in Brief

Tiny Indian explorer Assam Oil Company, based at Dibrugarh, wants to farm-out 35% of its 52.75-sq km Amguri producing oil and gasfield to a Canadian consortium of Canoro Resources and Centurion Energy International.

A PSC for Amguri in Assam was signed on 23rd February between Assam Oil Company (75%), US-based Joshi Technologies (25%) and the Indian government. If approved the farm-out will result in Canoro holding 25%, Centurion 10%, Joshi 25% and Assam Oil 40%.

Canoro and Centurion already operate the nearby AA-ON/7 exploration block in an alliance with Assam Oil.