FPL First Calgary

    First Calgary Petroleums Ltd. - Successful Well Test Results & Update on

    Algerian Block 405b

 

    TSX: FCP   LSE:  FPL

 

    CALGARY, April 26 /CNW/ - Following completion of testing of the

successful LES-3 appraisal well, First Calgary Petroleums Ltd. (FCP) is

pleased to provide an operational update of its Algerian Block 405b

activities.

 

    Production Tests (1) (2)

 

    -   LES-3:

        -  New oil pool discovery in the TAGI zone;

        -  Tested from multiple zones at normalised totals of 33.6 million

           cubic feet (MMCF) per day of natural gas, 4,655 barrels per day of

           condensate, and 8,667 barrels of oil per day (bopd).

           (18,929 barrels of oil equivalent per day);

        -  FCP conducted a 5 day flow test on the TAGI zone at LES-3 well

           proving a new oil pool discovery. The zone flowed 38 degrees API

           oil with no apparent rate decline during the test. The calculated

           normalised deliverability rate is 8,667 bopd3 and 6.8 MMCF per day

           of natural gas.

 

    -   MLE-6:

        -  Tested at normalised totals of 36.6 MMCF per day of natural gas

           and 2,396 barrels per day of condensate from multiple zones

           (8,496 barrels of oil equivalent per day);

        -  This well test completes our appraisal of the MLE field and is an

           important step towards the application for the MLE exploitation

           license.

 

    -   LEW-2:

        -  Testing is now in progress on this recently cased well.

        -  4 zones identified for testing.

 

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

    (1)  Test rates normalized to 2000 psia flowing wellhead pressure for gas

         wells, and 2000 psia flowing bottomhole pressure for oil wells.

 

    (2)  One barrel of oil equivalent (equal sign) six thousand cubic feet of

         natural gas.

 

    (3)  The well tested at a surface equipment limited actual rate of

         1,870 bopd. The calculated normal deliverability is 8,667 bopd on a

         2000 psi bottomhole producing pressure.

 

 

    Drilling

 

    FCP has stepped up its drilling activity on the block with 3 exploration

wells drilling as follows:

 

    -   ZER-1:

        -  Spudded on March 26th, 2006.

        -  This exploration well will be testing a seismically defined

           structure 23 km NW of the LEW discovery.

 

    -   GSM-1:

        -  Spudded on April 19th, 2006.

        -  This well is an exploration location 7 Km south of MZLS-1 and is

           being drilled on a seismically defined structure evaluating the

           trapping configuration of the TAGI and lower Devonian zones at the

           south edge of Block 405b.

 

    -   GSME-1:

        -  Spudded on April 20th, 2006.

        -  This well is an exploration location that will be testing the TAGI

           and lower Devonian zones on a seismically defined structure 7 Km

           south of LES-2.

 

    MLE Commercialisation

 

    -   FCP and Sonatrach are working towards commencement of FEED (Front End

        Engineering and Design);

    -   FCP and Sonatrach are also in discussion regarding potential terms

        for the marketing of natural gas and liquids;

    -   Upon finalising the marketing terms and conditions, an Exploitation

        Licence Application (ELA) will be submitted to the Algerian Ministry

        of Mines and Energy.

 

    Richard Anderson, President and CEO, commented: "Our drilling activities

on Block 405b continue to generate excellent results. The TAGI oil pool

discovered by LES-3 creates additional appraisal and potential development

opportunities. Drilling activity on the block has been accelerated with 3 rigs

now operating. Appraisal of the MLE Field is complete and we are progressing

towards its commercialisation."

    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. Initial testing results may not be

indicative of future production rates.

   

    For further information: First Calgary Petroleums Ltd., Richard G.

Anderson, President and CEO or John van der Welle, Finance Director and CFO,

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)



END

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