Richard Anderson, President and CEO, commented:
"By year end, FCP will have drilled 17 wells situated west of the MLE field. Of this total, 15 wells are located within the central area as delineated by the LES, MZLN, MZLS, LEC, LEW and GSM discoveries. This area has been termed the Central Area Field Complex or "CAFC", where the drilling program has defined geological structures that have multiple oil, gas-condensate and gas pool discoveries. To date in the CAFC, the cumulative production tests from 11 wells approximate 162,000 barrels of oil equivalent per day (normalized to a 2000 psia flowing pressure). FCP and Sonatrach have jointly agreed to an appraisal work program that will see a minimum of 7 additional CAFC wells drilled during the extension period after which FCP will make application for commercialization."
"We look forward to working with Sonatrach during the extended Exploration Period as we appraise the existing discoveries and move them towards development and production."
First Calgary Petroleums Ltd. is an oil and gas exploration company actively engaged in international exploration and development activities in Algeria.
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