First Calgary Petroleums Spuds 2nd Well in Algeria

First Calgary Petroleums Ltd. has spud its 100% held Yacoub Block 406a in Algeria. The YCB-1 well commenced drilling January 31, 2003 and is located in the northwest part of the Yacoub block, has an estimated drilling time of 45 days to drill, log, case and test. The YCB-1 well is located 2 km updip from the RKFN-1 well, drilled and abandoned in 1997, which proved the presence of more than 120 meters of porous reservoir sandstone and which tested oil from the top of the Triassic TAGI sandstone. The YCB-1 well is located on a structural closure defined by 3D seismic acquired by First Calgary in 2002. The YCB-1 well will be drilled to a depth of 3750 meters to evaluate all potential pay zones, including the Triassic, Carboniferous, and Devonian sandstones.

First Calgary's Yacoub Block 406a contains 1091 km2 and lies in immediate proximity to Anadarko's Hassi Berkine field, BHP / AGIP's ROD field, Cepsa's RKF field, and Sonatrach's Ourhroud field. These fields are estimated to contain combined reserves of 4.3 billion barrels oil.