FPL First Calgary

    First Calgary Petroleums Ltd. Clarifies Press Article

    TSX: FCP
    AIM: FPL

    CALGARY, Feb. 14 /CNW/ - First Calgary Petroleums Ltd (FCP or the
Company) refers to recent Canadian press comment on the Company which contains
a number of matters requiring clarification.
    In the article concerned a figure was quoted for the sales price of gas.
Such information is part of the gas marketing agreement signed last year with
Sonatrach, which is structured similarly to standard natural gas long term
supply agreements with complex pricing formulae. FCP is unable to release gas
price information publicly under the confidentiality terms of that agreement.
However FCP would like to state that the figure quoted for the sales price of
gas in the article is incorrect.
    The article also refers to the phase 1 development cost. The total
estimated cost of the MLE development has been revised to US$1-1.3 billion.
FCP's share of the development cost is 75%. The increase from previous Company
guidance reflects the agreement of FCP to include the block tie-in pipelines
as a joint development cost. Consequently FCP will receive an increased share
of production under the production sharing contract, providing an offset to
the increased cost. The range of estimated cost above depends upon the
ultimate capacity of plant, production and field gathering facilities, which
have not been determined yet. It is premature for detailed plans for the
development funding to be decided - in due course this is expected to be in
the form of project debt, equity, joint venture farm-out arrangements or some
combination thereof.
    FCP expects that the MLE development plan approval (commercialisation)
will be received imminently from the Algerian authorities.

    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 foresee.

For further information: First Calgary Petroleums Ltd.: Richard G. Anderson,
President and CEO, Tel: (403) 264-6697; John van der Welle, Finance Director
and CFO, Tel: +44 (0) 203 043 0270; Other contacts: Jonathan Naess, Nabarro
Wells & Co Limited, Tel + 44 (0) 207 710 7400; James Henderson, Pelham Public
Relations, Tel: +44 (0) 207 743 6673; Carina Corbett, 4C - Burvale Limited,
Tel: +44 (0) 207 559 6710
(FPL)

 



END

First Calgary Petroleums (LSE:FPL)
Historical Stock Chart
From Jun 2024 to Jul 2024

First Calgary Petroleums (LSE:FPL)
Historical Stock Chart
From Jul 2023 to Jul 2024