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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
First Calgary | LSE:FPL | London | Ordinary Share | CA3193843016 | COM SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 175.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
First Calgary Petroleums Releases Algeria Reserves Evaluation CALGARY, June 10 /CNW/ - First Calgary Petroleums Ltd. (FCP) today announced positive reserve results from its ongoing appraisal drilling in Algeria. The independent engineering firm, DeGolyer and MacNaughton of Dallas, Texas, has estimated the gross proved, probable and possible reserves of FCP's Ledjmet Block 405b to be more than 5.7 trillion cubic feet equivalent (TCFe) of recoverable natural gas reserves. Of this total, proved reserves are 708 billion cubic feet equivalent (BCFe) and proved plus probable reserves are 2.4 TCFe. The gross sales gas, condensate and natural gas liquids reserve volumes are as follows: ------------------------------------------------------------------------- Gross Recoverable Reserves ------------------------------------------------------------------------- Sales Gas Condensate Total and LPG ------------------------------------------------------------------------ BCF MBBLS BCFe (2) ------------------------------------------------------------------------ Proved undeveloped 530 29,645 708 ------------------------------------------------------------------------ Probable (1) 711 161,873 1,682 ------------------------------------------------------------------------ Proved plus Probable (1) 1,241 191,518 2,390 ------------------------------------------------------------------------ Possible (1) 2,607 123,782 3,350 ------------------------------------------------------------------------ Proved, Probable and Possible (1) 3,848 315,300 5,740 ------------------------------------------------------------------------ FCP's net proved and probable reserves and the estimated future net revenue and present worth values are as follows: ------------------------------------------------------------------------- FCP Net Reserves (3) --------------------------- Future Net Revenue Sales Condensate Total and Present Worth (4) Gas and LPG U.S. $ 000 ------------------------------------------------------------------------- BCF MBBLS BCFe (2) PW (0%) PW (10%) ------------------------------------------------------------------------- Proved undeveloped 108.8 6,081 145.3 $441,406 $100,516 ------------------------------------------------------------------------- Probable (1) 66.0 20,889 191.3 $771,698 $271,624 ------------------------------------------------------------------------- Proved plus Probable (1) 174.8 26,970 336.6 $1,213,104 $372,140 ------------------------------------------------------------------------- (1) Probable and possible reserves are unrisked. (2) Gas equivalence calculated at 1 bbl (equal sign) 6 mcfe. (3) FCP's net reserves allocation is calculated annually based upon a sliding scale formula that considers capital investment, production levels and product prices. Accordingly, the net allocation can vary annually and will be dependent upon the actual costs, production levels and product prices realized. (4) Escalating product prices assumed over field life. To date, three wells have been drilled on Ledjmet Block 405b that include MLE-1, MLE-2 and MZL-1. The MLE-1 and MLE-2 wells, located on the same geological structure, successfully tested gas and condensate from multiple geological horizons totalling 53,200 barrels of oil equivalent per day on a combined basis. Additional Drilling Planned Based on the wells drilled to date and the 3D seismic, the structure has been mapped to be in excess of 100 km2 in size. Immediate plans are to drill three additional appraisal wells to further delineate the MLE structure. Enafor Rig No. 29 is presently rigging up on the MLE-3 well location and will commence drilling in the next few days. The MLE-3 well will be immediately followed by the MLE-4 and MLE-5 wells. These wells are expected to move the majority of the reserves in the possible category to the proved and probable categories. "The Ledjmet Block, held 100 per cent by FCP and Sonatrach, the Algerian national oil company, is emerging as a world class gas and condensate field far exceeding our original expectations," explains Richard Anderson, President and CEO of FCP. "The field has all the required elements: extensive reserves at high working interest, large production rates, and excellent market opportunities for the products to Europe." Algeria provides 15% of the continent's natural gas consumption and some 29% of Europe's gas imports. European consumption of natural gas is projected to increase approximately 46 per cent by 2010 while Algeria is looking to increase its production capacity by 40 per cent by 2005. FCP is well positioned to take advantage of Algeria's planned gas production expansion plans. With the Ledjmet reserves supporting commercial exploitation, the Company has initiated project development and financing discussions with parties which will not have a diluting effect for FCP's shareholders. The Company is in the enviable position of having a large field close to existing pipelines with readily available markets. Seismic Programs Continue FCP also reports the acquisition of 600 km2 of 3D seismic data, immediately adjacent to and west of the MLE pool, is proceeding. FCP expects to identify drilling locations on two large separate mapped structures by the fourth quarter of 2003. In addition, a 240 km 2D seismic acquisition program on the Yacoub Block 406a has been completed and processing and interpretation are underway to identify a second drilling location on the Block. First Calgary Petroleums Ltd. is a Canadian oil and gas exploratory company that is actively engaged in international exploration and development activities, primarily in North Africa. The company's common shares trade on the TorontoStock Exchange in Canada (FCP) and on the Alternative Investment 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; European contact: Carina Corbett, 4C Communications, Tel +44 (0) 20 7907 4761; Website: www.fcpl.ca (FCP. FPL) END
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