FPL First Calgary

    First Calgary Petroleums Ltd. announces gas and condensate success at

    LEC-1

 

    TSX: FCP  LSE: FPL                                                       

 

    CALGARY, Sept. 27 /CNW/ - First Calgary Petroleums Ltd. ("FCP") today

announces gas and condensate success at LEC-1. The LEC-1 well was logged to a

depth of 4,437 metres and wireline logs indicated the presence of 42 metres of

net hydrocarbon pay over multiple intervals. Production testing to date has

resulted in a successful flow of gas and condensate of 20,059 barrels of oil

equivalent per day, comprised of 105 million cubic feet of gas per day and

2,602 barrels of condensate per day, normalized to a flowing wellhead pressure

of 2000 psi. Rates were as follows:

 

   

 

                      -------------------------------------------------------

                              Test Conditions          Normalized Rates(xx)

    -------------------------------------------------------------------------

                                             Conden-         Conden-

    Interval            FWHP   Choke    Gas    sate    Gas     sate    TOTAL

                       Psi(x)         Mmcf/d  Bbls/d  Mmcf/d  Bbls/d  Boe/d +

    -------------------------------------------------------------------------

    Siegenian F6-2

    Middle              4878  32/64"    21.6     566      77   1,774  14,628

    -------------------------------------------------------------------------

    Siegenian F6-2

    Upper               3644  32/64"    16.4     532      28     828   5,431

    -------------------------------------------------------------------------

                              TOTALS    38.0   1,098     105   2,602  20,059

    -------------------------------------------------------------------------

        (x)  FWHP - Flowing Wellhead Pressure per square inch

        (xx) rate normalized to a FWHP of 2000 psi

         +   using a conversion ratio of 6 thousand cubic feet of gas to 1

             barrel of oil equivalent

 

    Richard Anderson, President and CEO stated, "Once again, we are delighted

with the results from our operations on Block 405b. We have production tested

20,000 barrels of oil equivalent per day from two intervals in the LEC-1 well.

These results confirm the continuation of the prolific Devonian-age rocks to

the west of the MLE Field onto a previously undrilled structure. Prior to

drilling this well the closest hydrocarbon indications were in the original

MZL-1 well 5.5 km to the west and FCP's MLE-2 well 8 km to the east."

    The LEC-1 testing unit is now moving to the recently drilled LES-1

exploration well.

    A second testing unit is in operation on the MZLN-1 well with results

expected within the next month.

    Drilling has commenced on the Ledjmet West 1 (LEW-1) exploration well

with initial results expected in mid-November.

    Two further locations have now been identified for drilling in 2004 on

Block 405b: LES-2, a step-out location from LES-1, and Zemlet er Rakeb 1  

(ZER-1), an exploration location identified on the new 3D seismic survey on

the western side of the Block.

 

    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)

 

 



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