CanArgo Operations in Georgia Unaffected by State of Emergency

CanArgo Energy issued a statement that operations in Georgia are unaffected by the state of emergency declared in the country.

Oil production operations continue as normal at the Ninotsminda Field which is located 35 kilometers to the east of the capital city Tbilisi where demonstrations have been taking place for a number of days. Preparations are also progressing at the Manavi 12 well for the planned acid fracturing stimulation and the testing of the well, which has encountered oil in Cretaceous, carbonates within what is mapped as a potentially large structure. This operation is dependent on the availability of equipment and crew, which need to be mobilized to Georgia from as far a field as Kazakhstan and Germany. Schlumberger has been contracted to provide the equipment and services, but has yet to confirm its readiness to commence mobilization.

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