First Calgary Petroleums Ltd. Announces Well & Seismic Updates

    CALGARY, March 3 /CNW/ - First Calgary Petroleums Ltd. today updated the

status of the testing and drilling operations in Algeria as well as future

seismic plans.

    Ledjmet (Block 405b): Production testing of the MLE-2 gas well is

progressing very favorably. Two of the six intervals to be tested have flowed

at cumulative rates of 29 million cubic feet per day (mmcf/d) of gas and 6,600

barrels per day (bbl/d) of condensate (11,400 barrels oil equivalent per day).

Testing of the remaining 4 intervals is proceeding and final results are

expected within the next 14 days. MLE-2 is the 2nd well First Calgary has on

the Ledjmet block; the 1st well, MLE-1 having tested 43 mmcf/d of gas and

1,745 bbl/d of condensate (8,700 barrels oil equivalent per day) from 3 zones.

Further appraisal drilling on the Ledjmet Block is expected to be announced

after final test results.

    Yacoub (Block 406a): The YCB-1 well encountered non-commercial oil in two

of the three zones mapped and is being abandoned. The well results are being

reviewed and tied to the 3D seismic and the company's future drilling plans

for the Yacoub block will then be announced. Seismic: The company has gone to

tender for the acquisition of 600 km2 of 3D seismic on each of the Blocks

(1200 km2 total). The programs are planned to commence April 2003.

 

    For further information: Richard G. Anderson, President, and CEO, Tel

(403) 264-6697, European Contact: 4C Communications; Carina Corbett,       

Tel +44 (0) 20 7907 4761, Website: www.fcpl.ca

    (FCP.)



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