CanArgo Limited Has A New Partner

19 December, 2012
CanArgo limited, an investor company of GOGC announced that it has entered into a joint venture arrangement with Czech oil company MND in order to accelerate the development of the business.

From 2013 CanArgo limited along with its new partner plans to conduct large scale geological and geophysical prospecting as well as drilling operations. Under the new management the company has already prepared 2013 work program.

The new management plans to launch the appraisal of substantial oil and gas reserves on the license blocks and to increase current oil and gas production.

CanArgo Limited, as an investor company holds three Production Sharing Agreements in Georgia and owns XIE, XIF, XIC and XIII license blocks.

The territory of Georgia is divided into license blocks where different companies selected through international tenders extract oil. All companies have production sharing agreements with the government. GOGC as a national oil company cooperates with them, monitors their activities and manages state share of oil.

Six investment companies are carrying out exploration and works extraction in Georgia and CanArgo Limited is among them.