FCP Spuds Another Well on Algeria's Ledjmet Block

First Calgary Petroleums has commenced drilling on the MLE-3 well on the company's Ledjmet Block 405b in Algeria. Results from this well will further appraise natural gas and condensate discoveries made by the MLE-1 and MLE-2 wells. The MLE-3 well is located 3.7 kilometers east from the recently drilled MLE-2 well (production tested 189 million cubic feet of gas per day and 12,874 barrels of condensate per day) and has a planned depth of 4,450 meters.

The well operations will take approximately 61 days to drill, log, case, and complete. An extensive production testing program is planned following the release of the drilling rig. Subsequent to drilling the MLE-3 well, FCP plans to drill two additional delineation wells on the MLE structure.

An independent engineering assessment of the reserves recently estimated gross proven, probable and possible natural gas reserves of more than 5.7 trillion cubic feet equivalent (TCFe), of which 708 billion cubic feet of natural gas equivalent is proven and 2.39 TCFe is proven plus probable. The drilling of the three delineation wells will provide further assessment of the reserves in the above categories.