Statement re First Calgary Petroleums operations update
July 26 2005 - 10:30AM
UK Regulatory
First Calgary Petroleums Ltd. announces operations update
TSX: FCP LSE: FPL
CALGARY, July 26 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the
"Company") announces that with the recent common share financing of
approximately CDN $137 million, the Company has now defined its active
drilling and operations programme. The drilling rig is now in the process of
moving to the RTN-1 exploration location on Block 406a which is expected to
commence drilling in early August. In addition, drilling locations are being
prepared for ZCH-2 on Block 406a and for the next three well locations on
Block 405b. The Company is currently in the tender process to contract a
second drilling rig in order to accelerate its proposed drilling schedule for
the next 18 months.
The Company has also decided to suspend operations on the ZCHW-1 well. As
a result of mechanical difficulties encountered during completion operations,
the Company cemented off the bottom section of the wellbore containing the
indicated hydrocarbon pay zones without being able to test the well. FCP
considered a sidetrack drilling programme to re-enter the target pay zones but
decided that given the time constraints imposed by the Block 406a joint
venture exploration period ending in November 2005 and the resource potential
of other drilling opportunities, it was not beneficial to the Company to spend
further time and resources on this prospect.
First Calgary Petroleums Ltd. is an oil and gas exploration company
actively engaged in 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. First Calgary Petroleums Ltd. 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: contact Richard G. Anderson, President and CEO,
First Calgary Petroleums Ltd., Tel: (403) 264-6697, Website: www.fcpl.ca;
European contacts: James Henderson, Pelham Public Relations,
Tel: +44 (0) 207 743 6673; Carina Corbett, 4C - Burvale Limited,
Tel: +44 (0) 207 907 4761.
(FPL FCP.)
END
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