First Calgary Petroleums reports second exploration success in Algeria

June 7, 2004
First Calgary Petroleums Ltd., Calgary, reported the LEC-1 exploration well on its 100%-held Ledjmet Block 405b in Algeria indicates 42 m of net hydrocarbon pay over multiple intervals on a geological structure separate from that of its MLE field about 8.4 km to the northeast.

By OGJ editors

HOUSTON, June 7 -- First Calgary Petroleums Ltd., Calgary, reported the LEC-1 exploration well on its 100%-held Ledjmet Block 405b in Algeria indicates 42 m of net hydrocarbon pay over multiple intervals on a geological structure separate from that of its MLE field about 8.4 km to the northeast.

LEC-1 was drilled and logged to 4437 m. A production liner currently is being set to total depth in preparation for completion and production testing.

Proven, probable, and possible reserves within Block 405b were estimated at 7 tcf of natural gas equivalent Dec. 31, 2003. CPL plans four other wells on the block in 2004.