CanArgo Energy Corp. announced the discovery of a new oil zone in the Ninotsminda area of Georgia Well N97 tested an interval of Sarmatian sandstones from 6,234 - 6,309' at an initial production rate of 515 barrels of oil per day.
The oil is light, with a gravity of 42 degree API.
Multi-rate flow testing and pressure surveys are now underway to determine reservoir parameters and optimum production rate prior to placing the well on production.
In addition to the oil production, the well flowed considerable amounts of gas, the volumes of which will be measured during the next testing phase, and which will be co-mingled with existing gas production for sale to AES.
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