First Calgary Petroleums Ltd. announces fourth successful gas well on

    Ledjmet Block 405b in Algeria

 

    LONDON, UK, Nov. 23 /CNW/ - First Calgary Petroleums Ltd. ("FCP") today

announced the completion of its fourth successful gas well located on the 100%

held Ledjmet Block 405b in Algeria.

    FCP has completed the drilling, logging and the setting of production

casing on the MLE-4 well to a depth of 4,595 metres. Analysis of the logs

indicates the MLE-4 well to be a successful appraisal of the southerly extent

of the Menzel Ledjmet East (MLE) Field. At least five hydrocarbon-bearing

zones have been identified with cumulative net pay over 56 metres. A further

33 metres of potential pay was encountered in a deeper horizon. This horizon

has not been tested so far in the MLE Field but will be included in the

upcoming testing programme for MLE-4.

    The MLE-4 well, located 4.9 km south of the MLE-3 well, is the furthest

step-out well drilled to date in the MLE Field appraisal programme. It is

particularly significant in that it proves the continuation of the field to

lower structural elevations and over a large area within Block 405b. As with

the earlier wells, multiple geological intervals are hydrocarbon saturated and

will require an extensive production testing programme which will commence

shortly.

    The drilling results from the MLE Field continue to exceed management's

expectations. The three wells tested to date have combined flow rates in

excess of 77,000 barrels oil equivalent per day and the MLE-4 well is expected

to substantially add to this total. The location for the MLE-5 well has been

built and the drilling rig has commenced the move to this location with

drilling expected to start within two weeks.

    FCP expects to complete the appraisal of the MLE Field with the MLE-5

well and anticipates moving directly to the development stage. Based on the

reserves estimated by DeGolyer and MacNaughton in the MLE Field and the

results of the MLE-4 well and the anticipated results of the MLE-5 well, FCP

and Sonatrach, the Algerian National Oil Company, plan to jointly develop the

MLE gas and condensate field.

 

    ACCELERATING DRILLING PROGRAM

 

    In addition to the drilling programme, FCP has now completed the

acquisition and interpretation of 600 square kilometres of 3D seismic

immediately adjacent to and west of the MLE Field. Based on the positive

results, FCP now intends to accelerate its drilling program on Block 405b by

contracting a second drilling rig for early January 2004. At least eight

exploration and appraisal locations to the west of the MLE Field have been

identified for drilling over the next year.

    FCP is an oil and gas exploration company that is actively engaged in

international exploration and development activities, primarily 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 FCP 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, College Hill, Tel: +44 (0) 207 457 2020; Carina

Corbett, 4C Communications Ltd., Tel: +44 (0) 207 907 4761

    (FCP. FPL)

 



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