First Calgary Signs Production Deal with Sonatrach
First Calgary Petroleums Ltd. ("FCP") said that it has signed a long-term Take or Pay Gas Marketing Agreement with Sonatrach, Algeria's national oil company, covering Block 405b in Algeria's Berkine Basin.
Pursuant to the agreement, Sonatrach will market the total natural gas production from Block 405b using a price formula linked to the price of European oil products. The entering of the Gas Marketing Agreement represents a major step forward in FCP's plans to develop Block 405b, commencing with the MLE field. Further details on FCP's and Sonatrach's development plans for the MLE field will be announced later.
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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Company: First Calgary Petroleums Ltd. more info
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