First Calgary Petroleums Drills Duster in Algeria

First Calgary Petroleums reports that the YCB-1 well located on Block 406a encountered non-commercial oil in two of the three zones mapped and is being abandoned. The well results are being reviewed and tied to the 3D seismic and the company's future drilling plans for the Yacoub block will then be announced.

On the Ledjmet discovery in Block 405b, production testing of the MLE-2 gas well is progressing very favorably. Two of the six intervals to be tested have flowed at cumulative rates of 29 million cubic feet per day (mmcf/d) of gas and 6,600 barrels per day (bbl/d) of condensate (11,400 barrels oil equivalent per day). Testing of the remaining 4 intervals is proceeding and final results are expected within the next 14 days. MLE-2 is the 2nd well First Calgary has on the Ledjmet block; the 1st well, MLE-1 having tested 43 mmcf/d of gas and 1,745 bbl/d of condensate (8,700 barrels oil equivalent per day) from 3 zones. Further appraisal drilling on the Ledjmet Block is expected to be announced after final test results.

The company has gone to tender for the acquisition of 600 square kilometers of 3D seismic on each of the Blocks (1200 square kilometers total). The programs are planned to commence April 2003.