(CANORO 15% Working Interest)
Drilling operations on Block AA-ONN-2003/2 continue to be suspended due to site conditions and other associated factors. With drilling operations at a standstill and the future operations of the block uncertain, the Operator has notified the partners that it has resigned operatorship. Canoro withdrew its support for continued operations and elected to go into default. Both the former Operator and Canoro have notified the partners of their intention to exit the project as currently constituted. A number of options are currently being examined to either shut down the project or re-constitute the ownership of the block with a view to re-starting the project.