First Calgary Petroleums Ltd. Announces Test Results from LES-2

Appraisal Well and Log Results from MLE-6 Appraisal Well

 

    CALGARY, Feb. 16 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the

"Company") announces production test results from LES-2, an appraisal well

located on FCP's 100% held Ledjmet Block 405b in Algeria. Production testing

of the well has resulted in successful tests of 33,653 barrels of oil

equivalent per day (boe/d), comprised of 18,357 barrels of condensate per day

and 91.8 million cubic feet of gas per day, normalized to a flowing wellhead

pressure of 2000 psi.

 

    Rates were as follows:

   

                         ----------------------------------------------------

                               Test Conditions         Normalized Rates(xx)

    -------------------------------------------------------------------------

                          FWHP      Condensate  Gas  Condensate  Gas   TOTAL

    Interval             psi(x) Choke  BBL/d   MMcf/d  BBL/d  MMcf/d Boe/d(+)

    -------------------------------------------------------------------------

    Siegenian F6-2A Lower 4,034  32/64  2,494   12.2    9,467    50.9  17,951

    -------------------------------------------------------------------------

    Siegenian F6-2A

    Middle                3,020  32/64  1,601    9.9    1,690    11.9   3,673

    -------------------------------------------------------------------------

    Triassic TAG-I Lower  2,944  32/64  2,090    7.1    4,326    17.1   7,176

    -------------------------------------------------------------------------

    Triassic TAG-I Upper  2,422  28/64  1,377    5.7    1,888     7.8   3,188

    -------------------------------------------------------------------------

    Triassic TAG-M        2,298  32/64  1,754    7.2      986     4.1   1,665

    -------------------------------------------------------------------------

                                              TOTALS   18,357    91.8  33,653

                                             --------------------------------

 

    (x)  FWHP - Flowing Wellhead Pressure, pounds per square inch

    (xx) rate normalized to a FWHP of 2000 psi

    (+)  using a conversion ratio of 6 thousand cubic feet of gas to 1 barrel

         of oil equivalent. A boe conversion of 6 Mcf: 1 bbl is based on an

         energy equivalency conversion method primarily applicable at the

         burner tip and does not represent a value equivalency at the

         wellhead. Accordingly, boes may be misleading, particularly if used

         in isolation.

   

    The Company also announces initial results from the drilling of MLE-6, an

appraisal well on the MLE Field. Wireline logging of MLE-6 indicates the

presence of 46 metres of net hydrocarbon pay over multiple geological

intervals. The MLE-6 well is the most westerly and down-dip well drilled on

the MLE Field to date. It is located 7.4 km southwest of the MLE-1 discovery

well.

    Richard G. Anderson, FCP's President and CEO stated, "The LES-2 well

testing has yielded excellent results and has added another geological

interval to the list of productive zones on Block 405b. The TAG-M, or Middle

Triassic Sandstone, was successfully tested and is now recognized by FCP as a

new play fairway extending across much of the southwestern portion of Block

405b. Cumulative test rates for the eleven wells now tested on Block 405b

approximate 230,000 barrels of oil equivalent per day.

    The MLE-6 well (the twelfth well on Block 405b) is significant as it

indicates an extension of certain pools within the MLE Field."

    First Calgary Petroleums Ltd. is an oil and gas exploration company

actively engaged in international exploration and development activities in

Algeria. The Company's common shares trade on the Toronto Stock Exchange in

Canada (FCP) and on the AIM market of the London Stock Exchange in the UK

(FPL).

 

    This news release includes statements about expected future events and

financial results that are forward looking in nature and subject to risks and

uncertainties. FCP cautions that actual performance may be affected by a

number of factors, many of which are beyond its control. Future events and

results may vary substantially from what First Calgary Petroleums Ltd.

currently foresees.

 

    For further information: Richard G. Anderson, President and CEO, First

Calgary Petroleums Ltd., Tel: (403) 264-6697, Website: www.fcpl.ca; European

contacts: Jim Joseph, College Hill, Tel: +44 (0) 207 457 2020; Carina Corbett,

4C Communications Ltd., Tel: +44 (0) 207 907 4761

    (FCP.)

 

 



END
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