First Calgary Petroleums Ltd. Commences Drilling of Exploration Well on Block 405b in Algeria

Source: www.gulfoilandgas.com 6/30/2004, Location: Africa

First Calgary Petroleums Ltd. (FCP) announces that drilling operations have commenced on the MZLN-1 exploration well on the Company’s Ledjmet Block 405b in Algeria.

The MZLN-1 well is the second exploration well drilled by FCP on the Ledjmet Block. The well is located 5.4 km west of the recently cased LEC-1 exploration well drilled by FCP and 13 km west of the MLE Field, which now has five cased gas and condensate wells. The MZLN-1 well also offsets the abandoned gas and condensate well, MZL-1, drilled by Hispanoil in 1987.

The MZLN-1 well has two objectives: to confirm and extend the hydrocarbon pay identified in the MZL-1 borehole and to explore for new reserves in additional geological horizons. The well has a projected total depth of 4500 metres and is expected to take 60 days to drill and log.

First Calgary Petroleums Ltd. is an oil and gas exploration company actively engaged in international exploration and development activities in Algeria. The company’s common shares trade on the Toronto Stock Exchange in Canada (FCP) and on the AIM market of the London Stock Exchange in the UK (FPL).



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