The MZLN-1 well on Block 405b is located 5.4 km west of the recently tested LEC-1 well and 13 km west of the MLE Field. The MZLN-1 well and the LEC-1 well have each tested separate structures from the MLE Field.
Richard Anderson, President and CEO stated, "We are extremely pleased with our drilling results on Ledjmet Block 405b. With each well completed, we continue to confirm the extension of the prolific Lower Devonian reservoirs on the Block. The MZLN-1 well has resulted in the best production test so far on Block 405b, exceeding the tremendous results from FCP's MLE-2 well last year. To date, we have five cased gas wells in the MLE Field with a cumulative production test rate, normalized to a FWHP of 2000 psi, of approximately 90,000 boe/d, our recently cased well at LEC-1 with a production test rate of 20,000 boe/d, and today's production test rate from the MZLN-1 well exceeding 45,000 boe/d. In total, the seven wells have production tested in excess of 155,000 boe/d."
FCP also advised that testing is continuing on the cased LES-1 well, located 10 km southwest of the LEC-1 well and logging results are expected shortly on the MZLS-1 well, located 6.3 km southwest of MZLN-1.
The Company also advises that it intends to purchase the 5% net profits interests associated with each of the 405b and 406a Blocks that are outstanding in exchange for 10,150,000 Common Shares. The vendor of the NPIs has agreed to a 12 month hold period for the shares received.
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