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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 |
Attention Business Editors: First Calgary Petroleums Ltd. commences drilling of fourth well and production testing of third well on Block 405b in Algeria TSX: FCP LSE: FPL CALGARY, Sept. 3 /CNW/ - First Calgary Petroleums Ltd. (FCP) today announced that drilling operations have commenced on the MLE-4 appraisal well on the company's Ledjmet Block 405b in Algeria and the testing program is now underway on the recently completed MLE-3 well. The MLE-4 well is the fourth well located on the Ledjmet pool. Results from this well will further appraise natural gas and condensate discoveries made by the MLE-1, MLE-2, and MLE-3 wells. The MLE-4 well is located 4.9 kilometres southwest of the MLE-3 well. It will provide definition of the 5.7 trillion cubic feet equivalent of reserves already estimated by FCP's independent engineers, DeGolyer & MacNaughton, and allow for the appraisal of further reserve additions. Projected total depth is 4500 metres and well operations will take approximately 61 days to drill, log, case, and complete. An extensive production testing program is planned following the release of the drilling rig. FCP also advised it has commenced a 40 day production test on the recently completed MLE-3 well. The MLE-3 well has cumulative net hydrocarbon pay of 121 metres (400 feet), comprising six pay zones encountered in the MLE-2 well and two new zones for a total of eight pay intervals. Production tests on the initial two wells on the Ledjmet pool are as follows: - MLE-2: gas and condensate from six zones with cumulative rates of 44,330 barrels of oil equivalent per day, comprised of 189 million cubic feet of gas per day and 12,874 barrels of condensate per day. - MLE-1: gas and condensate from three zones with cumulative rates of 8,911 barrels of oil equivalent per day, comprised of 43 million cubic feet of gas per day and 1,745 barrels of condensate per day. First Calgary Petroleums Ltd. is a Canadian oil and gas exploration company actively engaged in international exploration and development activities, primarily in North Africa. The company's common shares trade on the Toronto Stock Exchange in Canada (FCP) and on the AIM 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 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.) -30- END
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