CanArgo Energy Corporation: Manavi 12 Acid Fracturing Update
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GUERNSEY, CHANNEL ISLANDS, Dec 05 (MARKET WIRE) -- CanArgo Energy Corporation ("CanArgo" or the "Company") (AMEX: CNR) (OSLO: CNR) today issued an operational update on the planned acid fracturing stimulation program for the Manavi 12 well in Georgia. Following the recent visit by a Schlumberger representative to Georgia, Schlumberger have now confirmed that the pumping and ancillary equipment, the coiled tubing unit and the nitrogen unit which are required for the hydraulic acid-fracturing of the M12 well, drilled to appraise the Manavi Cretaceous oil discovery, are available for mobilisation. The equipment is located in four different countries and, as a result, Schlumberger's shipping agent will only be able to commence the coordinated mobilisation process on December 19, 2007. It is anticipated that it will take up to three weeks for the equipment to arrive on site at M12. The acid required for the stimulation operation has arrived in Georgia and has been delivered to the well site. In the meantime, well preparation operations at M12 are well advanced. The temporary plug has been set in the well and this will allow for the correct placement of acid across the desired carbonate reservoir interval during the fracturing operation. Laboratory tests performed by Schlumberger have shown that cuttings samples from this interval demonstrate very high solubility in acid, thus confirming that acid fracturing is the best option to stimulate this type of formation. The 5" workstring required to help maximise pumping rates and the packer have been run in the well. The operator is now preparing to set the packer and pressure test the completion, after which the well will be fully ready for the acid fracturing job. Vincent McDonnell, President and Chief Executive Officer commented, "I am pleased that we have finally obtained a firm date for the mobilisation of the fracturing equipment to Georgia so that we can finalise our plans and proceed with operations at M12. The considerable engineering and technical input which has gone into preparing the well for the fracture stimulation and into the treatment design itself should minimise any operational risk in achieving the desired stimulation and thus enable us to properly flow test the well. We can now look forward to the continued testing of this potentially significant new oil discovery at Manavi which should take place during January 2008." CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in Georgia. 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 harbour provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company cannot give assurance that the results will be attained. Contacts: CanArgo Energy Corporation - USA Sabin Rossi VP External Affairs and Investor Relations (617) 973-6441 (617) 973-6406 (FAX) Email: email@example.com Gambit H&K AS - NORWAY Eric Cameron +47 (22) 048206 Copyright 2007, Market Wire, All rights reserved. -0-
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