David Robson, Chief Executive Officer reported, "The third quarter results show steady progress on our operations in Georgia, but reflect operational delays in establishing further production, and the effect of the maintenance shut down at Gardabani
power plant after the acquisition of two generating units by AES.
gas-fired power station located at Gardabani
as well as importing 25% of
Gas revenue decreased in the second quarter of 2000 as a result of the unanticipated shut down and maintenance overhaul of two generating units at the Gardabani
In the event of a successful exploration program, the agreement mandates a long term gas sales contract to units 9 & 10 of the Gardabani
thermal power plant, recently acquired by AES.
Second quarter oil and gas revenues are expected to decrease following the unanticipated shut down and maintenance overhaul of two generating units at the Gardabani
power plant to correct issues discovered after a recent change in operatorship of the units.
The cost of the entire three-well exploration program, including N-97, is being funded jointly by CanArgo and AES Gardabani
under a Participation Agreement announced last week.
6 miles) from the large Gardabani
Especially, at the meetings the likely investors were being communicated about the latest projects executed in Georgia, comprising the construction of a TPP at Gardabani
Sales agreements have recently been concluded for gas offtake to alternative buyers following the temporary shutdown of the Gardabani
thermal power plant, and negotiations are underway to increase margins on gas sales.
This 315 km high voltage electricity line links Zestaponi in western Georgia and Gardabani
in the eastern part of the country.
station located at Gardabani
as well as importing 25% of gas currently
In March, a subsidiary of AES completed a financing associated with 823 MW of generating facilities in the Republic of Georgia, which included the acquisition of the 600 MW Gardabani
thermal plant and the establishment of 25-year concessions for the Khrami I and II hydro stations, which have a combined capacity of 223 MW.