Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
PERSISTENCY
   2. Issuer Name and Ticker or Trading Symbol
CANARGO ENERGY CORP [CNR] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
P.O. BOX 309, 		 3. Date of Earliest Transaction (Month/Day/Year)
06/05/2007
(Street)

GEORGE TOWN, E9 		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock               256,600 D (1)  
Common Stock               500,000 I (2) Held by Persistency Private Equity Limited
Common Stock               32,500 I (3) Held by Andrew Morris

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Note Convertible into Common Stock $ 1 06/05/2007   J(4)     5,000,000 06/28/2006 09/01/2009 Common Stock 5,000,000 (4) 0 D (1)  
Note Convertible into Common Stock $ 1 06/05/2007   J(4)     5,000,000 06/28/2006 09/01/2009 Common Stock 5,000,000 (4) 0 I Footnote (5)
Warrant to Purchase Common Stock $ 1             12/28/2006 06/28/2008 Common Stock 12,500,000   0 D (1)  
Warrant to Purchase Common Stock $ 1             12/28/2006 06/28/2008 Common Stock 12,500,000   0 I Footnote (5)
Note Convertible into Common Stock $ 1             12/28/2006 06/28/2010 Common Stock 10,000,000   0 D (1)  
Note Convertible into Common Stock $ 1             12/28/2006 06/28/2010 Common Stock 10,000,000   0 I Footnote (5)
Warrant to Purchase Common Stock $ 1 06/05/2007   J(4)   5,000,000     (6) 09/01/2009 Common Stock 5,000,000 $ 0 5,000,000 D (1)  
Warrant to Purchase Common Stock $ 1 06/05/2007   J(4)   5,000,000     (6) 09/01/2009 Common Stock 5,000,000 $ 0 5,000,000 I Footnote (5)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PERSISTENCY
P.O. BOX 309
GEORGE TOWN, E9 		     X    
PERSISTENCY CAPITAL, LLC
1270 AVENUE OF THE AMERICAS
SUITE 2100
NEW YORK, NY 10020		     X    
Morris Andrew
C/O PERSISTENCY CAPITAL
850 7TH AVENUE, SUITE 701
NEW YORK, NY 10019		     X    
Persistency Private Equity LTD
C/O PERSISTENCY CAPITAL
850 7TH AVENUE, SUITE 701
NEW YORK, NY 10019		     X    

Signatures

 Persistency(+) By: /s/ Andrew J. Morris, Director   06/12/2007
**Signature of Reporting Person Date
 Persistency Capital, LLC(+), By: /s/ Andrew J. Morris, Managing Member   06/12/2007
**Signature of Reporting Person Date
 /s/ Andrew J. Morris(+)   06/12/2007
**Signature of Reporting Person Date
 Persistency Private Equity Limited(+), By: /s/ Andrew J. Morris, Director   06/12/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) The reported securities are directly owned by Persistency.
(2) The reported securities are directly owned by Persistency Private Equity Ltd. and may be deemed to be beneficially owned by Persistency Capital, LLC as the investment manager of Persistency Private Equity Ltd. and Andrew J. Morris, managing member of Persistency Capital, LLC. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such reporting person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(3) These securities are owned by Andrew J. Morris.
(4) Pursuant to that certain Conversion Agreement between Persistency, Canargo Energy Corporation ("Canargo") and certain holders of Canargo's senior secured notes due July 25, 2009 (the "Agreement"), dated June 5, 2007, as of the effective time of the Agreement, these reported securities were converted into 2,000,000 shares of common stock of Tethys Petroleum Limited and 5,000,000 warrants to purchase common stock of Canargo, which will be exercisable June 12, 2008.
(5) The reported securities are directly owned by Persistency and may be deemed beneficially owned by Persistency Capital, LLC as the investment manager of Persistency and Andrew J. Morris, managing member of Persistency Capital, LLC. The Reporting Persons disclaim beneficial ownership of the reported securities except to the extent of his or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
(6) These warrants will be exercisable June 12, 2008.
 
Remarks:
(+)  Persistency Capital, LLC replaced Chasm Lake Management Services, LLC d/b/a Persistency Capital as the investment
 manager of Persistency and of Persistency Private Equity Limited on January 1, 2007.  Andrew Morris is the managing member
 of Persistency Capital, LLC, a director of Persistency, and an authorized signatory for Persistency Private Equity Limited.
 Each of the joint filers disclaims beneficial ownership of the reported securities except to the extent of its pecuniary
 interest therein, and this report shall not be deemed an admission that any one of the joint filers is the beneficial owner
 of such securities for purposes of Section 16 or for any other purpose.

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