Further to the Company's third quarter report released on November 10, 2005, FCP was originally granted a three month extension beyond the end of the exploration period of the Joint Venture Agreement on Block 406a, being November 11, 2005, to complete its appraisal and delineation of the ZCH reserves. Given the complexity of the ZCH reserves, FCP determined that this extension was not sufficient and therefore requested an additional six months. The Company reports an extension to the exploration phase has been granted to August 10, 2006 in order to complete the testing of the ZCH-2 well, finalize the appraisal of the ZCH-1 discovery, submit the final discovery report and assess the commerciality of the ZCH reserves.
Equipment has been mobilized and rigged up and testing operations have commenced on the ZCH-2 well.
The ZCH-1 well was drilled in 2004 and production tested 8,545 barrels per day of hydrocarbon liquids (6,376 barrels of light oil and 2,169 barrels of condensate) and 56.2 million cubic feet per day of natural gas from several geologic zones at various wellhead flowing pressures.
ZCH-2 was drilled 3 kilometres northeast of the ZCH-1 discovery and was logged and cased as a potential oil and gas well in 2005.
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