CanArgo Reaches TD on Georgia Well

CanArgo Energy Corporation on Monday announced that it has completed drilling on its Manavi 12 appraisal well in Georgia reaching total depth (TD).

The M12 well was drilled to a depth of 16,762 feet (5,109 meters) in the Cretaceous interval to appraise the oil discovery made by the Manavi M11 exploration well in 2003. Electric logs have been run and preliminary log analyses indicate a potentially significant hydrocarbon column in the well with no definitive presence of a hydrocarbon-water contact. The upper carbonate section appears to have the best reservoir characteristics and had good hydrocarbon shows whilst drilling. The testing program will focus on this interval, and also on the upper part of the underlying interbedded section and an 886 feet (270 meter) section of the well will be tested through a pre-perforated liner.

Once the liner is run, it is planned to perform a short initial production test to gain interim flow and fluid data prior to demobilizing the Saipem rig. The initial test is expected to be completed by the end of this year and the well will be more comprehensively tested as part of a longer-term production test commencing late January after the rig has been cleared from the site and appropriate additional testing equipment installed.

CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in Georgia and in the Republic of Kazakhstan.

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