FPL First Calgary

    First Calgary Petroleums Ltd. announces Relinquishment of

    Rhourde Yacoub Block 406a

 

    CALGARY, June 26 /CNW/ - First Calgary Petroleums Ltd. (FCP or the

Company) announces it has given Sonatrach formal notice of its intention to

relinquish its interest in Rhourde Yacoub Block 406a effective August 10,

2006, in accordance with the terms of the joint venture agreement.

    At the announcement of FCP's 2005 results made in March this year, it was

stated that a decision on future activity on the block would be made by August

10, 2006 when the licence extension expires.

    Richard Anderson, President and CEO, commented: "as stated earlier this

year, the ZCH-2 well drilled in the first quarter discovered a small separate

hydrocarbon pool isolated from the ZCH-1 discovery. Having completed our joint

review of the position with our partner Sonatrach we have agreed, in the light

of the limited remaining period, the licence will be relinquished.

    We believe we can generate more value for shareholders by focusing our

exploration and commercialisation efforts on Ledjmet Block 405b. The Company

has 3 wells - ZER-1, GSM-1 and GSME-1 - currently operating, with an ongoing

oil and gas exploration and appraisal programme utilising 3 rigs planned for

the rest of this year and beyond. Our MLE field commercialisation activities

are also progressing very well."

 

    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: contact: 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; Other 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)

 

 

 

 

 



END

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