FPL First Calgary

    First Calgary Petroleums Ltd. announces gas and condensate success at

    MZLN-1

 

    TSX: FCP   LSE:  FPL                                                     

 

    CALGARY, Oct. 19 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the

"Company") today announces production testing of the MZLN-1 well has resulted

in a successful test of gas and condensate of 45,596 barrels oil equivalent

per day (boe/d), comprised of 214 million cubic feet of gas per day and

9,863 barrels of condensate per day, normalized to a flowing wellhead pressure

of 2000 psi. Rates were as follows:

 

   

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

    MZLN-1 well:          Test Conditions            Normalized Rates (xx)

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

                  FWHP             Gas  Condensate  Gas  Condensate  TOTAL

    Interval      Psi(x)  Choke   Mmcf/d  Bbls/d   Mmcf/d  Bbls/d  Boe/d(xxx)

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

    Siegenian

     F6-2 Lower   4,753   36/64    29.1    1,332    159.8    7,350    33,979

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

    Siegenian

     F6-2 Upper   4,158   40/64    26.9    1,278     54.6    2,513    11,617

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

 

                          TOTALS   56.0    2,610    214.4    9,863    45,596

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

    (x)  FWHP - Flowing Wellhead Pressure per square inch

    (xx) rate normalized to a FWHP of 2000 psi

    (xxx)using a conversion ratio of 6 thousand cubic feet of gas to 1 barrel

         of oil equivalent

 

    The MZLN-1 well on Block 405b is located 5.4 km west of the recently

tested LEC-1 well and 13 km west of the MLE Field. The MZLN-1 well and the 

LEC-1 well have each tested separate structures from the MLE Field.

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

with our drilling results on Ledjmet Block 405b. With each well completed, we

continue to confirm the extension of the prolific Lower Devonian reservoirs on

the Block. The MZLN-1 well has resulted in the best production test so far on

Block 405b, exceeding the tremendous results from FCP's MLE-2 well last year.

To date, we have five cased gas wells in the MLE Field with a cumulative

production test rate, normalized to a FWHP of 2000 psi, of approximately

90,000 boe/d, our recently cased well at LEC-1 with a production test rate of

20,000 boe/d, and today's production test rate from the MZLN-1 well exceeding

45,000 boe/d. In total, the seven wells have production tested in excess of

155,000 boe/d."

    FCP also advised that testing is continuing on the cased LES-1 well,

located 10 km southwest of the LEC-1 well and logging results are expected

shortly on the MZLS-1 well, located 6.3 km southwest of MZLN-1.

    The Company also advises that it intends to purchase the 5% net profits

interests associated with each of the 405b and 406a Blocks that are

outstanding in exchange for 10,150,000 Common Shares. The vendor of the NPIs

has agreed to a 12 month hold period for the shares received.

 

    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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