FCP Drills 3rd Successful Well on Ledjmet Block 405b

First Calgary Petroleums has drilled the third successful gas well located on its 100% held Ledjmet Block 405b in Algeria. The MLE-3 appraisal well on the MLE gas field has been successfully drilled, logged, and cased to total depth of 4,497 meters. The MLE-3 well is located 3.7 km east of the MLE-2 gas and condensate well completed earlier this year.

The logging program on MLE-3 has identified hydrocarbon net pay of 121 meters, confirming the eastward extension of six hydrocarbon pay zones encountered in the MLE-2 well and the identification of two new zones for a total of eight pay intervals.

"The results of the MLE-3 well exceeded our expectations. The addition of new pay zones is particularly exciting as they have the potential to add further reserves to those already defined," said Richard Anderson, President & CEO.

A testing unit is scheduled to move on the MLE-3 location August 20, 2003 to commence a 40 day production test.

The drilling rig will move immediately to the MLE-4 location, 4.9 km southwest of the MLE-3 well. Drilling is expected to commence on the MLE-4 well on or around September 6, 2003.

Production tests completed to date on the MLE field are as follows:
  • MLE-2: gas and condensate from six zones with cumulative rates of 44,330 barrels of oil equivalent per day, comprised of 189 million cubic feet of gas per day and 12,874 barrels of condensate per day.
  • MLE-1: gas and condensate from three zones with cumulative rates of 8,911 barrels of oil equivalent per day, comprised of 43 million cubic feet of gas per day and 1,745 barrels of condensate per day.

  • Independent engineering firm DeGolyer & MacNaughton of Dallas, Texas, has estimated FCP's Ledjmet Block 405b gross proved, probable and possible reserves to be more than 5.7 trillion cubic feet gas equivalent (TCFe). Of this, proved reserves are 708 billion cubic feet gas equivalent and proved plus probable reserves amount to 2.4 TCFe.