FPL First Calgary

    First Calgary Petroleums Ltd. announces test results from MZLS-1 well

 

    CALGARY, Dec. 8 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the

"Company") today announces production test results from MZLS-1, an exploration

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

testing of the well has resulted in successful tests of gas and condensate of

19,422 barrels of oil equivalent per day (boe/d), comprised of 72.6 million

cubic feet of gas per day (mmcf/d) and 7,321 barrels of condensate per day

(bbls/d), normalized to a flowing wellhead pressure of 2000 psi.

 

    Rates were as follows:

 

    

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

                          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+

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

    Siegenian

    F6-2

    Lower        4,341    32/64    19.0    1,975      58.4    6,015   15,749

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

    Siegenian

    F6-2

    Middle       2,747    32/64    12.2    1,233      14.2    1,306    3,673

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

                                          TOTALS      72.6    7,321   19,422

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

 

    (x)  FWHP Psi - 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

 

    The combined production test results from nine wells on Block 405b,

including MZLS-1, now total approximately 196,000 barrels of oil equivalent

per day+.

    The engineering firm of DeGolyer & MacNaughton is conducting an

assessment of hydrocarbon reserves on both Blocks 405b and 406a. Results of

the reserves estimates are expected to be available by year end.

    FCP is currently testing the LEW-1 exploration well and drilling two

appraisal wells on Block 405b: LES-2 and MLE-6. The LEW-1 test results are

expected within the next two weeks. The logging results from LES-2 are

expected later this month and the MLE-6 logging results are anticipated in

January 2005.

    First Calgary Petroleums Ltd. is a Canadian 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: Jim Joseph, College Hill, Tel:               

+44 (0) 207 457 2020; Carina Corbett, 4C Communications Ltd., Tel:            

+44 (0) 207 907 4761

    (FCP. FPL)

 

 

 

 

 

 

 

 



END

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