FPL First Calgary

    First Calgary Petroleums Ltd. Operational Update - Ledjmet Block 405b, 

    Algeria

 

    CALGARY, Dec. 13 /CNW/ - First Calgary Petroleums Ltd. (FCP or the

Company) today announces an update on its operations on Block 405b in

Algeria's Berkine Basin.

 

    Forward Drilling Programme

 

    On 15 June 2005 FCP announced a planned forward drilling programme

targeted at increasing the current level of 2P reserves on Ledjmet Block 405b.

FCP has now contracted three drilling rigs to drill in Algeria and has

received approval from Sonatrach for the first seven wells of its drilling

programme on Block 405b.

 

    Drilling Programme

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

 

    FCP has agreed to an initial seven well drilling programme with Sonatrach

which will further delineate existing discoveries and explore undrilled

structures with the intention of enabling FCP to grow its proved plus probable

(2P) reserves estimates. The planned wells are listed by date and readers are

referred to the Block 405b map on the Company's website at www.fcpl.ca.

 

    LES - 3 well      - commenced drilling November 21, 2005

    LEW - 2 well      - estimated spud date February 2006

    ZER - 1 well      - estimated spud date February 2006

    MZLN - 2 well     - estimated spud date March 2006

    GSME - 1 well     - estimated spud date April 2006

    MZLS - 2 well     - estimated spud date May 2006

    GSM - 1 well      - estimated spud date July 2006

 

    FCP commenced drilling the LES-3 well on November 21, 2005. The LES-3

well is located 4.5 km northeast of the LES-2 well, a gas and condensate

discovery drilled in 2004. The LES-3 well is anticipated to be at total depth

late January 2006. In addition to the LES-3 well, the drill pads have been

prepared for the LEW-2, MZLN-2 and MZLS-2 delineation wells which are being

drilled to further assess and evaluate the reserves encountered in the

respective discovery wells drilled during 2004.

    The Company is currently preparing the surface locations for the GSME-1

and GSM-1 wells. Each of these wells will test the southern extension of the

structural segments and field boundaries discovered by the LES-2 and MZLS-1

gas wells.

    Planned to commence drilling in February 2006, the ZER-1 well is

targeting a structural closure in the northwestern part of Block 405b and

represents the final exploration commitment well under the 405b production

sharing contract FCP has with Sonatrach, the national oil company of Algeria.

 

    Three drilling rigs under contract

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

 

    In order to achieve this programme, FCP has recently increased the number

of drilling rigs under contract in Algeria to three. This represents a new

level of drilling activity for the Company. The second of these rigs is

planned to be operating in February, 2006 and the third rig is expected to

follow shortly afterwards.

    In addition to the drilling plans on Block 405b, a testing and reservoir

stimulation work programme has commenced on a number of zones encountered in

the MLE-6, LEW-1, LEC-1, MZLN-1 and MZLS-1 wells. It is anticipated that this

programme will continue through to the end of the first quarter of 2006. This

programme is intended to verify well log interpretations and assess potential

production rates from selected geological intervals.

    Richard Anderson, President and CEO commented: "FCP has had an active

second half getting the drilling programme underway and progressing the

commercialisation strategy. With John van der Welle as CFO and Shane O'Leary

as COO and an intense drilling schedule in place we are positioned to achieve

our twin objectives of increasing 2P reserves and generating first

production."

 

    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

    (FCP. FPL)

 

 

 

 

 

 

 



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