The MLE-5 appraisal well flowed gas and condensate from 3 zones testing 8,546 barrels of oil equivalent per day, comprised of 42 million cubic feet of gas per day and 1,596 barrels of condensate per day at 2000 psi wellhead flowing pressure. The MLE-5 well is the fifth gas well located on the MLE Field and is significant in that it tested a separate fault block from the other four wells and confirmed the eastward extension of the Field.
FCP has now established production test rates from five wells in the MLE Field that cumulatively total 91,620 barrels oil equivalent per day, comprised of 424 million cubic feet of gas per day and 21,081 barrels of condensate per day.
The integration of all well results, excluding LEC-1, shows Block 405b to contain gross proved, probable and possible recoverable reserves in excess of 7 trillion cubic feet of gas equivalent (1,167 billion barrels of oil equivalent).
FCP now expects to move directly to the development stage, and scoping of the full Field development is underway. A feasibility study, which includes extensive reservoir modelling, detailed conceptual facilities design and the identification of gas marketing opportunities has been initiated, with first production projected for 2007. Various financing options have been proposed to FCP to finance the development which are debt related and not dilutive to shareholders.
Exploration work is continuing to the west of the MLE Field, where FCP recently announced the success of the LEC-1 gas and condensate well and plans for four more exploratory wells to be drilled this year located on structures defined by the existing 3D seismic data. In addition, the acquisition of 550 sq km of additional 3D seismic data that will complete FCP's 3D coverage on Block 405b is expected to be finished by the end of June. This program is designed to evaluate a series of geological structures which were mapped using existing 2D data.
"FCP now has estimated reserves on Block 405b exceeding 7 trillion cubic feet of gas equivalent or in excess of one billion barrels of oil equivalent", stated Richard Anderson, President and CEO of FCP. "The results from our five successful wells allow us to move forward into the development stage of the MLE Field with confidence. We are working to bring this field on-stream and expect to meet our production target date".
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