First Calgary Petroleums Ltd. & SONATRACH Announce Test Results on ZCH-1 Discovery Well

Source: www.gulfoilandgas.com 7/28/2004, Location: Africa

First Calgary Petroleums Ltd. (“FCP”) and SONATRACH, the Algerian national oil company, jointly announce test results from the ZCH-1 exploration well on Block 406a, Rhourde Yacoub, in the Berkine Basin of Algeria. This discovery well was drilled to a depth of 3864 metres. The cumulative initial production test rates were 8,545 barrels per day of hydrocarbon liquids (comprised of 6,376 barrels of light oil and 2,169 barrels of condensate) and 56.2 million cubic feet per day of natural gas from several geologic zones at various wellhead flowing pressures. The well encountered multiple light oil reservoirs and multiple gas reservoirs with high yields of associated condensates. Test results are being further analysed to project the reserves size and to assess the production potential.

FCP holds the rights to oil, condensate and natural gas liquids in Block 406a and SONATRACH holds the rights to the dry gas obtained after the extraction of the condensate and natural gas liquids. Block 406a is a joint venture between FCP and SONATRACH, holding 49% and 51% respectively.

ZCH-1 is the second exploration well drilled by FCP on Block 406a and is located approximately 30 km from the nearest producing hydrocarbon accumulations. The well targeted a fault controlled structure identified using 2D seismic data. Based on the drilling results, FCP commenced a 613 km2 3D seismic programme to delineate the size of the structure and define both appraisal and further exploration drilling locations.

Richard Anderson, President and Chief Executive Officer of FCP stated, “We are extremely pleased with the production testing of ZCH-1. These results confirm excellent hydrocarbon saturations and strongly support the Company’s geological and geophysical mapping of Block 406a. This discovery has the potential to add significantly to the Company’s reserves and complements the gas and condensate discoveries on Ledjmet Block 405b. Based on these encouraging initial flow rates, we will be working to determine the reservoir characteristics of this discovery through analysis of the tests, 3D seismic data and further drilling. The results are particularly encouraging in that we have a large area of unexplored acreage on this structural trend in Block 406a.”



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