CanArgo Says Georgian Activity Unaffected by Politics

CanArgo Energy Corporation said that operations in the Republic of Georgia are unaffected by the current political changes in the country.

The N96H horizontal well has reached total depth and a slotted production liner will be run in the next few days. It is expected that results will be released by year-end 2003. Preparation continues for the next horizontal well, N22H, with drilling expected to commence within the next six weeks.

Work also continues to resume the testing program on the Manavi M11 exploration well that has discovered oil in the Cretaceous Limestone sequence. Results are expected by year-end or early 2004.

Preparatory work has also commenced to re-start drilling operations on the suspended Norio MK72 exploration well.