FPL First Calgary

    First Calgary Petroleums Ltd. Extension Granted - Yacoub Block 406a,

    Algeria

 

    CALGARY, Jan. 9 /CNW/ - First Calgary Petroleums Ltd. (FCP or the

Company) today announces that the Company has been granted an additional six

months to assess the ZCH reserves on Rhourde Yacoub Block 406a in Algeria's

Berkine Basin.

 

    Extension granted to August 10, 2006

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

 

    Further to the Company's third quarter report released on November 10,

2005, FCP was originally granted a three month extension beyond the end of the

exploration period of the Joint Venture Agreement on Block 406a, being

November 11, 2005, to complete its appraisal and delineation of the ZCH

reserves. Given the complexity of the ZCH reserves, FCP determined that this

extension was not sufficient and therefore requested an additional six months.

The Company reports an extension to the exploration phase has been granted to

August 10, 2006 in order to complete the testing of the ZCH-2 well, finalise

the appraisal of the ZCH-1 discovery, submit the final discovery report and

assess the commerciality of the ZCH reserves.

    Equipment has been mobilized and rigged up and testing operations have

commenced on the ZCH-2 well.

    The ZCH-1 well was drilled in 2004 and production tested 8,545 barrels

per day of hydrocarbon liquids (6,376 barrels of light oil and 2,169 barrels

of condensate) and 56.2 million cubic feet per day of natural gas from several

geologic zones at various wellhead flowing pressures.

    ZCH-2 was drilled 3 kilometres northeast of the ZCH-1 discovery and was

logged and cased as a potential oil and gas well in 2005.

 

    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: 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.)

 



END

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