CanArgo Announces Commencement of Testing Programme on Well N100.Business Editors OSLO, Norway and LONDON--(BUSINESS WIRE)--Jan. 20, 2002 CanArgo Energy Corporation ("CanArgo") (OSE OSE - Open Systems Environment : CNR See riser card. CNR - Communication and Network Riser , OTCBB OTCBB See OTC Bulletin Board (OTCBB). : GUSH) today announced that it will commence an extensive testing programme of a potential discovery in its N100 Exploration well. Drilling of the well has now been completed to a total depth of 16,165 feet (4,927 metres). Several substantial sandstone sandstone, sedimentary rock formed by the cementing together of grains of sand. The usual cementing material in sandstone is calcium carbonate, iron oxides, or silica, and the hardness of sandstone varies according to the character of the cementing material; quartz units have been encountered with log and drilling data indicating the presence of hydrocarbons. Interpretation of this data has resulted in a planned well testing programme of the sands with some 614 feet (187 metres) of these sands to be perforated per·fo·ra·ted adj. Pierced with one or more holes. . The well testing programme is scheduled to take a minimum of 45 days. Data from the production test program should give information on the possible commerciality and, if so, the extent of the potential discovery. Well M11, the second well in the exploration programme, is drilling ahead close to the next casing point and is currently at a depth of 10,925 feet (3,330 metres). Drilling has also commenced on the MK-72 exploration well in the Norio Block. This well is targeted at a large oil prospect in the Eocene sequence. It is jointly funded by CanArgo and local Georgian partners. On completion of the well the CanArgo interest in the Norio Block will increase to approximately 61%. This is the first well to be drilled on the Norio Block, which was awarded in December 2000, following on from a seismic programme that identified several attractive prospects. CanArgo is an independent oil and gas exploration and production company operating in Eastern Europe Eastern Europe The countries of eastern Europe, especially those that were allied with the USSR in the Warsaw Pact, which was established in 1955 and dissolved in 1991. . CanArgo's principal oil and gas operations are currently located in Georgia and in Ukraine. The matters discussed in this press release include forward looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward looking statements. Such risks, uncertainties and other factors include the uncertainties inherent in oil and gas development and production activities, the effect of actions by third parties including government officials, fluctuations in world oil prices and other risks detailed in CanArgo's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are intended to help shareholders and others assess CanArgo's business prospects and should be considered together with all information available. They are made in reliance upon the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. CanArgo cannot give assurance that the results anticipated herein will be attained. |
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