The well has been drilled and logged to a depth of 4437 meters. Wireline logs indicate the presence of 42 meters of net hydrocarbon pay over multiple intervals. Production liner is currently being set to total depth in preparation for completion and production testing.
The LEC-1 well is of particular significance in that it indicates the presence of hydrocarbons on a geological structure separate from the MLE Field. As at December 31, 2003, Block 405b had proven, probable, and possible recoverable reserves of approximately 7 trillion cubic feet of natural gas equivalent as estimated by DeGolyer and MacNaughton, FCP's independent engineers. The LEC-1 well with the additional four planned 2004 exploration wells have the potential to add significantly to the Company's Block 405b reserves.
Richard Anderson, President & Chief Executive Officer commented, "This is a very exciting time for the Company. Following the oil exploration success recently announced on FCP's Yacoub Block, the Company today announces a new exploration success on the Ledjmet Block. The LEC-1 well indicates hydrocarbons on a separate structure from the MLE Field. The results from the LEC-1 well provide additional confidence in the Company's 3D seismic interpretation and generate further optimism for the remaining 2004 exploration program which targets additional separate geological structures identified from 3D seismic."
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