[CANARGO ENERGY CORPORATION LOGO]

                FOR IMMEDIATE RELEASE IN EUROPE & NORTH AMERICA

                            NEW CHAIRMAN FOR CANARGO

November 21st, 2002 - CanArgo Energy Corporation ("CanArgo") (OSE: CNR, OTCBB:
GUSH) today announced that Dr David Robson has been appointed to the position of
Chairman of the Board of CanArgo Energy Corporation in addition to his current
duties as Chief Executive Officer.

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 cannot give
assurance that the results anticipated herein will be attained.

FOR FURTHER INFORMATION, CONTACT:

CANARGO ENERGY CORPORATION
JULIAN HAMMOND
TEL:    +44 20 7808 4708
FAX     +44 20 7808 4747
MOBILE: +44 77 4057 6139
E-MAIL: INFO@CANARGO.COM