Testing has now been completed on 4 additional wells exhibiting 9 main reservoirs with cumulative results reported on a normalized flow rate of 40,167 barrels of oil equivalent per day (boepd) made up of 24,416 barrels of oil plus condensate per day and 94.4 million cubic feet (mmcf) of gas per day. This now brings the total number of wells tested on Block 405b to 25 with cumulative normalized results of 324,267 boepd.
An additional 5 wells are waiting on the completion of testing and/or stimulation programs and 1 well is currently drilling.
The Company also reports that the MLE field development work is on schedule with the Front End Engineering and Design work approximately 50% complete.
Richard Anderson, President and CEO commented:
"All FCP's recent drilling and testing activities are located in the central area and ZER area on Block 405b. The purpose of this drilling and testing program is to complete the delineation of the Field pools prior to filing a development plan early in 2008. FCP is extremely pleased with the results to date in that the Company continues to add gas/condensate reserves in the central area, which are complementary to the already established MLE field reserves. As well, the Tagi oil/gas/condensate pools are developing into significant fields in the central area, which will become a second major anchor development project. Being mostly oil and liquids, the TAGI pools are transforming Ledjmet Block 405b into both an oil and gas area."
First Calgary Petroleums Ltd. is an oil and gas exploration company actively engaged in international exploration and development activities in Algeria. The Company's common shares trade on the Toronto Stock Exchange in Canada (FCP) and on the AIM market of the London Stock Exchange in the UK (FPL).
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