January 15, 2010

On 2nd January 2010, the Ravninnoe Oil LLP (in which Canamens has a 32.5% interest) spudded the Rav-20 well on the Ravninnoe Contract Area.

This well reached a total depth of 3455m after encountering hydrocarbon shows while drilling and coring the pre-salt Carboniferous section.  Wireline logs confirm the presence of a hydrocarbon column, with higher than expected pressure.  The LLP plans to mobilise a work-over rig to test potential reservoir intervals in February 2010.

This is the first well to be drilled on the Contract Area since the 1980's.  The well is designed to acquire information about the reservoir structures, quality and productivity to enable the next stage of development of the Field to proceed.

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