CanArgo Energy Manavi Acid Fracturing Begins in Georgia

CanArgo Energy has received confirmation from Schlumberger that mobilization of the equipment for the planned acid fracturing stimulation program of the Manavi 12 well in Georgia commenced on December 19, 2007 as planned.

The acid for the stimulation work is already on site at M12 and the well is fully prepared and ready for the arrival of the fracturing equipment which is expected to arrive on location during the first or second week of January 2008. Once the equipment has been rigged up and tested, the acid fracturing operation will be performed and the well will be flow tested.