CanArgo Energy is Drilling Ahead at Manavi Prospect

CanArgo Energy says the M12 appraisal well is currently drilling ahead at 4,481 meters (14,701 feet) in the Cretaceous reservoir which is the primary objective for the well. From analysis of drilling data it is interpreted that the well encountered the top of the Cretaceous sequence at 4,400 meters (14,436 feet) some 29 meters (95 feet) higher than in the M11 discovery well. A number of gas shows and oil indications have been observed in the reservoir interval, however this is not definitive as to the presence of moveable hydrocarbons. The Cretaceous section drilled so far appears to be similar to the section drilled in the M11 discovery well. The Cretaceous carbonate interval is prognosed to be approximately 300 meters (1,000 feet) thick. It is planned to drill through the entire reservoir interval, after which electric logs will be run to confirm the presence of hydrocarbons prior to casing and testing the well.

The M12 well is an appraisal of the Manavi M11 oil discovery which flowed oil at observed high rates from the Cretaceous reservoir interval in what is mapped as a large prospect and which could be a substantial new oilfield.

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