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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported)     May 15, 2003

CANARGO ENERGY CORPORATION

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(Exact Name of Registrant as Specified in its Charter)

Delaware		0-9147		91-0881481
(State or other jurisdiction of incorporation)		(Commission File Number)		(I.R.S. Employer Identification No.)

CanArgo Energy Corporation P.O. Box 291, St. Peter Port Guernsey, British Isles		GY1 3RR
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code    (44) 1481 729 980

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(Former Name or Former Address, if Changed Since Last Report)

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Item 7.		Financial Statements and Exhibits.
(c)		Exhibits

99.1   Pursuant to Regulation FD, CanArgo Energy Corporation is furnishing its Press Release dated May 15, 2003.

Item 9.		Regulation FD Disclosure.

Pursuant to Regulation FD, CanArgo Energy Corporation is furnishing its Press Release dated May 15, 2003. The Press Release is attached hereto as Exhibit 99.1.

SIGNATURES
Q1 Results 2003
Financial Statements Consolidated Condensed Balance Sheets
Financial Statements Consolidated Condensed Statements of Operations

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		CANARGO ENERGY CORPORATION
Date: June 16, 2003		By:		/s/Liz Landles
		Liz Landles, Corporate Secretary

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CanArgo Energy Corporation

FOR IMMEDIATE RELEASE

Q1 Results 2003

May 15th, 2003 — Oslo, Norway — CanArgo Energy Corporation (“CanArgo”) (OSE: CNR, OTCBB: GUSH) is pleased to announce its first quarter results for 2003.

CanArgo reported a small negative operating cash flow of $110,673 for the quarter. Taking into consideration depreciation and other non-operating cash flow items the total loss was $689,311 giving a net loss for the quarter of $0.01 per share. Oil and gas sales were lower in the first quarter of 2003 due primarily to lower sales from inventory.

CanArgo Chairman and CEO Dr. David Robson commented, “ Our results are broadly in line with our expectations. We would expect the recent successful horizontal well on Ninotsminda field together with the cost reductions associated with our retrenchment programme to have a positive impact from the second quarter onwards. We have plans for further horizontal development wells on Ninotsminda later this year. At the same time we are actively seeking ways to progress our exploration programme. I look forward to briefing the shareholders more fully on our plans at our Annual General Meeting to be held in Oslo on 10th June, 2003.”

CanArgo is an independent oil and gas exploration and production company with its oil and gas operations currently located in the Republic of Georgia, Ukraine and the Caspian Sea. Further information on the Company is available at www.canargo.com and at http://www.sec.gov.

The matters discussed in this press release include forward looking statements, which are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in such forward looking statements. Such risks, uncertainties and other factors include the uncertainties inherent in oil and gas development and production activities, the effect of actions by third parties including government officials, fluctuations in world oil prices and other risks detailed in the Company’s reports on Forms 10-K and 10-Q filed with the Securities and Exchange Commission. The forward looking statements are intended to help shareholders and others assess the Company’s business prospects and should be considered together with all information available. They are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The company can not give assurance that the results will be attained.

CanArgo Energy Corporation

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Julian Hammond
Tel:		+44 1481 729980
Fax		+44 1481 729982
Mobile:		+44 7740 576139
e-mail:		info@canargo.com

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CANARGO ENERGY CORPORATION AND SUBSIDIARIES

Financial Statements
Consolidated Condensed Balance Sheets

				Unaudited
				March 31,				December 31,
				2003				2002
ASSETS
Cash and cash equivalents				$	1,894,567			$	1,598,304
Accounts receivable					380,697				306,336
Inventory					152,348				185,924
Prepayments					293,781				211,623
Assets held for sale					8,223,686				8,095,947
Other current assets					173,830				175,951
		Total current assets		$	11,118,909			$	10,574,085
Capital assets, net (including unevaluated amounts of $37,457,900 and $36,843,425, respectively)					60,144,348				59,702,525
Investments in and advances to oil and gas and other ventures — net					355,895				459,308
Total Assets				$	71,619,152			$	70,735,918
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable				$	1,298,804			$	871,996
Loans payable					380,000				—
Deferred revenue					2,000,000				1,500,000
Income taxes payable					61,000				61,000
Accrued liabilities					268,167				204,045
Liabilities held for sale					2,463,249				2,351,965
		Total current liabilities		$	6,471,220			$	4,989,006
Provision for future site restoration					141,000				122,290
Minority interest in subsidiaries					3,502,050				3,519,342
Commitments and contingencies (Note 17)
Stockholders’ equity:
	Common stock, par value $0.10 per share				9,735,620				9,735,620
	Capital in excess of par value				145,151,475				145,151,475
	Foreign currency translation adjustment				34,833				4,668
	Accumulated deficit				(93,417,046	)			(92,786,483	)
		Total stockholders’ equity		$	61,504,882			$	62,105,280
Total Liabilities and Stockholders’ Equity				$	71,619,152			$	70,735,918

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CANARGO ENERGY CORPORATION AND SUBSIDIARIES

Financial Statements
Consolidated Condensed Statements of Operations

			Unaudited
			March 31,				March 31,
			2003				2002
Operating Revenues from Continuing Operations:
	Oil and gas sales		$	1,141,458			$	1,637,929
	Other			—				1,243,505
				1,141,458				2,881,434
Operating Expenses:
	Field operating expenses			319,178				595,976
	Direct project costs			166,586				629,439
	Selling, general and administrative			766,367				751,545
	Depreciation, depletion and amortization			578,638				769,413
				1,830,769				2,746,373
Operating (Loss) Income from Continuing Operations				(689,311	)			135,061
Other Income (Expense):
	Interest, net			(2,304	)			(4,519	)
	Other			1,205				(59,819	)
	Equity income (loss) from investments			21,515				(8,125	)
Total Other Income (Expense)				20,416				(72,462	)
Net (Loss) Income Before Minority Interest				(668,895	)			62,599
Minority interest in income (loss) of consolidated subsidiaries				6,184				(81,575	)
Net Loss from Continuing Operations			$	(662,711	)		$	(18,976	)
Net (Loss) Income from Discontinued Operations, net of taxes and minority interest				(9,142	)			106,019
Cumulative effect of change in accounting principle				41,290				—
Net (Loss) Income				(630,563	)			87,043
Other Comprehensive Income:
	Foreign currency translation			30,165				—
Comprehensive (Loss) Income			$	(600,398	)		$	87,043
	Weighted average number of common shares outstanding			97,356,206				94,787,113
Net Loss Per Common Share — Basic and Diluted Before Cumulative Effect of Change in Accounting
	- from continuing operations		$	(0.01	)		$	0.00
	- from discontinued operations		$	(0.00	)			0.00
Net Loss Per Common Share — Basic and Diluted			$	(0.01	)		$	0.00