FPL First Calgary

    First Calgary Petroleums Ltd. announces initial drilling results of

exploration well LES-1 in Algeria

 

    CALGARY, Sept. 8 /CNW/ - First Calgary Petroleums Ltd. (FCP) today

announces initial drilling results from the drilling of LES-1, an exploration

well located on FCP's 100% held Ledjmet Block 405b in Algeria. Wireline

logging of LES-1 indicates the presence of 60 metres of net hydrocarbon pay

over multiple geological intervals. LES-1, drilled to 4,311 metres, is located

15 km southwest (SW) of the MLE Field on a separate geological structure.

Production testing is anticipated to commence in late September as equipment

becomes available.

    Richard Anderson, President and CEO stated, "We are extremely pleased

with the LES-1 preliminary results. With this well, we have now moved more

than 20 km from the original MLE discovery well and are continuing to have

excellent drilling results. LES-1 is the most southerly well drilled so far on

Block 405b and was located to evaluate a previously undrilled geological

structure. The wireline logs indicate the presence of high quality sandstone

reservoirs with excellent hydrocarbon saturation."

 

    Summary of FCP's current field operations on Block 405b:

 

    LEC-1:   5.1 km west of MLE Field  Cased to total depth (TD) of 4,437

                                       metres.

                                       42 metres of net hydrocarbon pay from

                                       wireline logs.

                                       Currently production testing.

                                       Final results anticipated in late

                                       September, 2004.

 

    MZLN-1   5.4 km west of LEC-1      Cased to TD of 4,460 metres.

                                       74 metres of net hydrocarbon pay from

                                       wireline logs.

                                       Production testing anticipated to

                                       commence mid September.

 

    LES-1    10.0 km SW of LEC-1       Cased to TD of 4,311 metres.

                                       60 metres of net hydrocarbon pay from

                                       wireline logs.

                                       Production testing anticipated to

                                       commence late September.

 

    MZLS-1   6.3 km SW of MZLN-1       Drilling at 2,200 metres.

                                       Expected TD of 4,500 metres late

                                       October.

 

    LEW-1    6.0 km west of MZLS-1     Site preparation under way.

                                       Drilling anticipated to commence mid

                                       September, 2004

 

    To view a map of the Block 405b well locations, please visit FCP's

website at www.fcpl.ca.

 

    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

    (FCP.)

 



END

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