First Calgary Petroleums, Ltd (FCP.T) Message Board

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Gold/Mining/Energy : First Calgary Petroleums, Ltd (FCP.T)

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From: J. D. Main	5/13/2005 11:27:08 AM
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FCP News from London town (AFX UK Focus) 2005-05-13 15:15 GMT: First Calgary says proceeding with drilling of 2 exploration wells in Algeria Article layout: reformatted LONDON (AFX) - First Calgary Petroleums Ltd said it is proceeding with the drilling of two exploration wells on Block 406a and planning for further drilling and development work on Block 406a and Block 405b in Algeria. In a statement, the company said it recorded a foreign exchange loss of 1.5 mln usd in the three months to March due to the strengthening of the US dollar against the Canadian dollar and the pound deposits held in the quarter. Interest and other income increased to 0.6 mln usd during the period due to the higher average cash and term-deposit balances on hand in the quarter from the December 2004 equity financing. Capital expenditures in the first quarter totaled 12.5 mln usd versus 14.2 mln usd the year before. As at end March, First Calgary had working capital of 38 mln usd versus 52.1 mln usd end 2004. FCP operates in Algeria where it has the rights to explore and appraise two large acreage blocks, Ledjmet Block 405b and Yacoub Block 406a. newsdesk@afxnews.com J.D.

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