FPL First Calgary

    First Calgary Petroleums Ltd. and SONATRACH announce test results on

    ZCH-1 discovery well

 

    CALGARY, July 28 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the

"Company") and SONATRACH, the Algerian national oil company, jointly announce

test results from the ZCH-1 exploration well on Block 406a, Rhourde Yacoub, in

the Berkine Basin of Algeria. This discovery well was drilled to a depth of

3864 metres. The cumulative initial production test rates were 8,545 barrels

per day of hydrocarbon liquids (comprised of 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. The

well encountered multiple light oil reservoirs and multiple gas reservoirs

with high yields of associated condensates. Test results are being further

analysed to project the reserves size and to assess the production potential.

    FCP holds the rights to oil, condensate and natural gas liquids in Block

406a and SONATRACH holds the rights to the dry gas obtained after the

extraction of the condensate and natural gas liquids. Block 406a is a joint

venture between FCP and SONATRACH, holding 49% and 51% respectively.

    ZCH-1 is the second exploration well drilled by FCP on Block 406a and is

located approximately 30 km from the nearest producing hydrocarbon

accumulations. The well targeted a fault controlled structure identified using

2D seismic data. Based on the drilling results, FCP commenced a 613 km2 3D

seismic programme to delineate the size of the structure and define both

appraisal and further exploration drilling locations.

    Richard Anderson, President and Chief Executive Officer of FCP stated,

"We are extremely pleased with the production testing of ZCH-1. These results

confirm excellent hydrocarbon saturations and strongly support the Company's

geological and geophysical mapping of Block 406a. This discovery has the

potential to add significantly to the Company's reserves and complements the

gas and condensate discoveries on Ledjmet Block 405b. Based on these

encouraging initial flow rates, we will be working to determine the reservoir

characteristics of this discovery through analysis of the tests, 3D seismic

data and further drilling. The results are particularly encouraging in that we

have a large area of unexplored acreage on this structural trend in Block

406a."

 

    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: 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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