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Brownstone's Investment
- In April 2006, Brownstone acquired from Canoro Resources Ltd. (CNS: TSXV) a 15% participating interest in oil and gas block AA-ONN-2003/2, located in Arunachal Pradesh NE India.
- The block was the most bid for block in the Indian New Exploration Licensing Policy V (NELP V) bid rounds.
- Canoro was awarded 30%; which has subsequently been reduced to 15% affording Brownstone its 15% participating interest. This was the only block Canoro bid on under India’s fifth round of NELP.
- The consortium partners National Thermal Power Corporation (NTPC) and Geopetrol International Inc., the operator, were awarded 40% and 30% respectively.
- As part of its diversification plans, NTPC has entered into the upstream oil and gas business with this block. NTPC is known widely for its strong corporate governance and financial strength.
- Geopetrol is one of the very first participants in the developed field offerings in India and has been jointly operating the Kharsang field since 1995
- This is the only consortium in India to have three foreign oil companies working in the same block.
- Brownstone and Canoro also entered into a “mutual interest agreement” which enables Brownstone to participate, up to 15%, in any other Canoro oil and gas interests in India.
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