FCP to Spud RTN-2 Well in Algeria
First Calgary Petroleums Ltd.
First Calgary Petroleums reports that with the recent common share financing of
approximately CDN $137 million, the Company has now defined its active
drilling and operations program. The drilling rig is now in the process of
moving to the RTN-1 exploration location on Block 406a in Algeria which is expected to
commence drilling in early August. In addition, drilling locations are being
prepared for ZCH-2 on Block 406a and for the next three well locations on
Block 405b. The Company is currently in the tender process to contract a
second drilling rig in order to accelerate its proposed drilling schedule for
the next 18 months.
The Company has also decided to suspend operations on the ZCHW-1 well. As a result of mechanical difficulties encountered during completion operations, the Company cemented off the bottom section of the wellbore containing the indicated hydrocarbon pay zones without being able to test the well. FCP considered a sidetrack drilling programme to re-enter the target pay zones but decided that given the time constraints imposed by the Block 406a joint venture exploration period ending in November 2005 and the resource potential of other drilling opportunities, it was not beneficial to the Company to spend further time and resources on this prospect.
RELATED COMPANIES
Company: First Calgary Petroleums Ltd. more info
Most Popular Articles
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- CNPC Opens Sea-Land Oil Storage and Transport Facility in Bangladesh
- Oman Sees Increasing Ship-to-Ship Transfers of Russian Oil Bound for India
- US Govt Makes Record Investment of $6B for Industrial Decarbonization
- Eni, Fincantieri, RINA Ink Deal on Maritime Decarbonization
- Perenco Still Searching for Missing Person After Platform Incident
- Czech Utility CEZ Bucks Weaker Prices, Demand to Log Record Annual Profit
- Oil Falls as US Inventories Increase
- Ithaca Energy Studies Deal for Eni's UK Upstream Assets
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call