FCP Completes Exploration Commitment in Rhourde Yacoub Block

FCP reports the completion of its exploration commitments in the Rhourde Yacoub contract with the drilling of the RTN-1 exploration well and the commencement of its appraisal drilling program in Algeria.

Rhourde Yacoub Block 406a

FCP has now completed its exploration commitments in the Rhourde Yacoub contract with the drilling of the RTN-1 exploration well on Block 406a. Evaluation of the wireline logs indicates that the well encountered non- commercial quantities of oil and gas pay and will therefore be abandoned.

Once the abandonment has been completed, the Saipem 93 drilling rig will move directly to the ZCH-2 appraisal well, which is anticipated to start drilling later this month.

Ledjmet Block 405b

On Block 405b preparations are underway for the drilling of the first three appraisal locations: LES-3, MZLN-2 and LEW-2. These wells are the first in a series of wells to be drilled to appraise the discoveries made last year. Drilling operations are scheduled to commence in November.

In addition, the Company has prepared the site for the drilling of ZER-1, the remaining exploration commitment well for Block 405b. This well is anticipated to commence drilling in early 2006.

Richard Anderson, President and CEO, stated: "The RTN-1 well was the final remaining exploration commitment well in the Rhourde Yacoub contract. There were clear indications from wireline logs of hydrocarbon saturation however the amount of pay did not satisfy our criteria to support a commercial project on the RTN-1 structure. Although we are obviously disappointed that RTN-1 was not more successful, we are happy to have now completed the Rhourde Yacoub exploration program on time and under budget. This allows us to now turn our attention to appraising the ZCH-1 discovery

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