FPL First Calgary

    First Calgary Petroleums Ltd. announces preliminary results

from MZLN-1 well in Algeria

 

    CALGARY, Aug. 23 /CNW/ - First Calgary Petroleums Ltd. (FCP) today

announces preliminary drilling results from the MZLN-1 well, drilled by FCP on

the Ledjmet Block (405b) in Algeria. Initial interpretation of the wireline

logs indicates the presence of 74 metres of net hydrocarbon pay over multiple

intervals. Production testing is anticipated to commence within four weeks,

subject to equipment availability.

    MZLN-1, drilled to 4460 metres, is located 5.4 km west of FCP's recently

cased LEC-1 exploration well and 13 km west of the MLE Field. The well was

drilled to confirm and extend the hydrocarbon pay identified in the MZL-1

borehole and to explore for new reserves in additional geological horizons.

The production testing will target multiple reservoir horizons from the Lower

Devonian to the Triassic-age sandstones.

    The production testing of the LEC-1 well is continuing with final results

expected in September. LEC-1 was drilled on a structural closure 8 km west of

the MLE Field and has 42 metres indicated hydrocarbon pay on logs.

    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. 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: Richard G. Anderson, President and CEO, First

Calgary Petroleums Ltd., Tel: (403) 264-6697, Website: www.fcpl.ca; European

contacts: Jim Joseph, College Hill, Tel: +44 (0) 207 457 2020; Carina Corbett,

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

    (FPL)

 



END

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