FCP: Fifth Successful Gas Well Drilled on Ledjmet Block 405b

First Calgary Petroleums has completed the MLE-5 well, the fifth successful gas well located on the 100% held Ledjmet Block 405b in Algeria.

The MLE-5 appraisal well has been drilled and logged to a depth of 4437 meters identifying net hydrocarbon pay of 55 meters, confirming the eastward extension of five main hydrocarbon pay zones plus one new zone for a total of six pay intervals. The MLE-5 well was drilled 1.3 km east of the MLE-3 gas and condensate well drilled by FCP in 2003. The well is particularly significant in that it was drilled to test both the eastward extent of the MLE field and the hydrocarbon potential of a previously undrilled fault block. FCP will proceed with a 40 day production test of all six horizons in the MLE-5 well as soon as equipment is moved on location.

The drilling rig on MLE-5 is scheduled to move to LEC-1, located 8.4 km to the south-west of MLE-2 and drilling will commence in March.

PRODUCTON TESTING MLE-4: The 40 day production testing of MLE-4 has commenced. This well, located 4.9 km to the south of MLE-3, has gas and condensate net pay totaling 56 meters over five zones with a further 33 meters in a deeper horizon.

SEISMIC: FCP expects to commence the acquisition of an additional 550 sq km of 3D seismic in March on Block 405b. The acquisition, processing, and interpretation of this survey will take approximately six months to conclude. This will effectively complete the coverage of the Block and allow for imaging of all exploration prospects on the Block.

YACOUB BLOCK 406a: Construction of the drilling location identified as ZCH-1 has started and drilling of this well is expected to commence in March utilizing a second rig.