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CanArgo Energy Corporation (OTCBB: GUSH) (OSE: CNR) today announced that it had completed its acquisition of a 50% interest in the Block XIB (Samgori) Production Sharing Contract ("PSC") in Georgia. Certain conditions need to be satisfied before CanArgo takes over its planned 50% interest in the Samgori Field and Block XIB Production Sharing Contract, but it is hoped that these conditions will be satisfied in the near future. CanArgo would also like to utilise the same under-balanced drilling unit on its recently acquired Samgori Field (in which CanArgo is acquiring a 50% interest in the Samgori Block XIB Production Sharing Contract (PSC) and in the field operator). |
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