Drilling Report
December 22 2004 - 9:30AM
PR Newswire (US)
Drilling Report First Calgary Petroleums Ltd. announces discovery
at LEW-1 exploration well CALGARY, Dec. 22 /CNW/ - First Calgary
Petroleums Ltd. ("FCP" or the "Company") announces production test
results from LEW-1, an exploration well located approximately 7 km
northwest of the MZLS-1 well on FCP's 100% held Ledjmet Block 405b
in Algeria. Production testing of the well has resulted in
successful tests of oil and gas of 9,803 barrels of oil equivalent
per day (boe/d), comprised of 7,536 barrels per day (bbl/d) of 51
oAPI oil and 13.6 million cubic feet of gas per day (mmcf/d),
normalized to a flowing bottom hole pressure of 2000 psi.
Production test rates were as follows:
------------------------------------------------------- LEW-1 well:
Test Conditions Normalized Rate(xx)
-------------------------------------------------------------------------
FBHP Oil Gas Oil Gas TOTAL Interval Psi(x) Choke bbl/d mmcf/d bbl/d
mmcf/d boe/d(+)
-------------------------------------------------------------------------
Siegenian F6-2A Lower 4,934 32/64 3,231 5.2 6,436 10.3 8,153
-------------------------------------------------------------------------
Siegenian F6-2A Middle 2,407 32/64 1,034 3.1 1,100 3.3 1,650
-------------------------------------------------------------------------
TOTALS 7,536 13.6 9,803 --------------------------------- (x) FBHP
Psi - Flowing Bottom Hole Pressure, pounds per square inch (xx)
rate normalized to a FBHP of 2000 psi (+) using a conversion ratio
of 6 thousand cubic feet of gas to 1 barrel of oil equivalent LES-2
well cased The Company also announces initial results from the
drilling of LES-2, an appraisal well to the LES-1 oil and gas
discovery. Wireline logging of LES-2 indicates the presence of 37
metres of net hydrocarbon pay over multiple geological intervals.
Production testing is anticipated to commence in early January
2005. The LES-2 well, drilled to a depth of 4,440 metres, is
located 2.7 km southeast of the LES-1 well. Richard Anderson,
President and CEO stated, "We are delighted with the LEW-1 testing
and the LES-2 drilling results on Block 405b. The LEW-1 exploration
well was drilled over 20 km west of the MLE Field. To date, the 10
successful wells on this Block have production tested in excess of
200,000 barrels of oil equivalent per day.(+)" DeGolyer &
MacNaughton, independent engineers, are currently conducting an
assessment of the reserves on Blocks 405b and 406a. This evaluation
of the reserves is expected mid January, 2005. First Calgary
Petroleums Ltd. is an 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: 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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