FCP to Spud RTN-2 Well in Algeria
First Calgary Petroleums reports that with the recent common share financing of approximately CDN $137 million, the Company has now defined its active drilling and operations program. The drilling rig is now in the process of moving to the RTN-1 exploration location on Block 406a in Algeria which is expected to commence drilling in early August. In addition, drilling locations are being prepared for ZCH-2 on Block 406a and for the next three well locations on Block 405b. The Company is currently in the tender process to contract a second drilling rig in order to accelerate its proposed drilling schedule for the next 18 months.
The Company has also decided to suspend operations on the ZCHW-1 well. As
a result of mechanical difficulties encountered during completion operations,
the Company cemented off the bottom section of the wellbore containing the
indicated hydrocarbon pay zones without being able to test the well. FCP
considered a sidetrack drilling programme to re-enter the target pay zones but
decided that given the time constraints imposed by the Block 406a joint
venture exploration period ending in November 2005 and the resource potential
of other drilling opportunities, it was not beneficial to the Company to spend
further time and resources on this prospect.
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