CanArgo Energy Corporation: N100H Flows Oil.Energy Editors/Business Editors TBILISI, Georgia--(BUSINESS WIRE)--Sept. 4, 2003 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) is pleased to announce the initial results of horizontal well N100H, in the Ninotsminda Field, Georgia. N100H is a horizontal well drilled in the central part of the field and has now been tested at rates in excess of 2,200 barrels of oil per day (bopd). It is anticipated that the well will be put on production at a rate in excess of the existing horizontal well, well N4H, which is currently producing at a stable rate of approximately 1,200 bopd. This well should take total field production to in excess of 3,000 bopd. Further production testing of N100H will be undertaken prior to the well being put on full production, however, the test production is currently being accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. for sale. CanArgo Chairman and Chief Executive Officer Dr. David Robson said, "I am extremely pleased with the success of our second horizontal well this year which confirms our reservoir model and the potential to be exploited through these techniques. We are in a strong position to move forward with an aggressive development programme and we have identified six further locations for horizontal wells in the core area of the Ninotsminda field. We are very excited at the prospect of further increases in production from this attractive reservoir." CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in the Republic of Georgia, Ukraine and the Caspian Sea Caspian Sea (kăs`pēən), Lat. Mare Caspium or Mare Hyrcanium, salt lake, c.144,000 sq mi (373,000 sq km), between Europe and Asia; the largest lake in the world. . Further information on the Company is available at www.canargo.com and at www.sec.gov. 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 the Company's reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward looking statements are intended to help shareholders and others assess the Company'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 a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. The company can not give assurance that the results will be attained at·tain v. at·tained, at·tain·ing, at·tains v.tr. 1. To gain as an objective; achieve: attain a diploma by hard work. 2. . |
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