CanArgo Energy Corp. on Monday provided an update on its operations activities in Georgia, in particular the ongoing testing operations on the Manavi M12 well.

An initial acid stimulation program has been completed on the M12 well, located on the potentially significant Manavi oil discovery in eastern Georgia. The operation was performed over a 564 foot (172 meter) interval consisting primarily of Cretaceous limestone where the best hydrocarbon shows were observed during drilling. On stimulation, which involved a low pressure acid squeeze using a coiled tubing unit, the well flowed back unaided and produced liquids at rates of up to 46 barrels per hour (1,104 barrels per day) and a sizeable gas flare. Immediately prior to the treatment process, the wellhead pressure had increased to approximately 1,600 psig (110 bars). Over a 12 hour period, the well produced a total of 402 barrels of liquids consisting of pumped fluid and chemicals, polymer drilling mud released from the reservoir, oil and gas. The maximum oil cut observed was in excess of 50%.

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