CanArgo Energy Says Norio MK72 Could Hold Hydrocarbons

CanArgo Energy says the Norio MK72 exploration well in Georgia is currently at a depth of 4,900 meters (16,072 feet) having encountered what is believed to be the top of the Middle Eocene primary target zone at 4,812 meters (15,787 feet). During drilling of this reservoir interval with lower weight water-based mud, oil, gas and condensate shows have been encountered with hydrocarbons being observed at surface. Currently we are working to free the bottom-hole assembly prior to drilling ahead.

It must be stressed that the oil and gas indications being observed in this well do not necessarily mean that this reservoir will prove to have commercially produceable hydrocarbons. Further data will be required including wireline logs and flow test data prior to any firm conclusions being drawn. In addition there remain the usual technical risks in completing a deep well with a slim hole such as this.

CanArgo also reports that the Manavi M12 appraisal well has been spudded and is currently drilling ahead at a depth of 106 meters (348 feet).