Huge results from FCP's MLE-2 well in Algeria....
First Calgary releases MLE-2 production test results
2003-03-26 09:48 ET - News Release
Mr. Richard Anderson reports
FIRST CALGARY PETROLEUMS LTD. ANNOUNCES GAS & CONDENSATE DISCOVERY TEST RESULTS ALGERIA
First Calgary Petroleums has released production test results from its gas and condensate discovery well MLE-2, located on its 100-per-cent working interest Ledjmet block (405b) in Algeria. Production liner was set to total depth of 4,390 metres in the well and multirate production tests were conducted over six intervals confirming the previously announced 147 metres (480 feet) of net pay in the Triassic TAGI, Carboniferous, and Upper and Lower Devonian zones.
The well production tested cumulatively 44,330 barrels of oil equivalent per day, consisting of 189 million cubic feet of gas per day and 12,874 barrels of condensate per day, at 2,000-pound-per-square-inch flowing tubing head pressure (FTHP). The table below summarizes all results on a zone-by-zone basis. MLE-2 is an appraisal well to First Calgary's gas and condensate discovery well, MLE-1, which production tested 8,911 barrels of oil equivalent per day consisting of 43 million cubic feet per day and 1,745 barrels of condensate per day. Combined production tests for the two wells total 53,241 boe/d, consisting of 232 million cubic feet per day and 14,619 barrels of condensate per day.
Richard Anderson, president and chief executive officer of First Calgary, stated: "This discovery is a milestone in the growth of FCP. The results from MLE-2, combined with those from MLE-1, confirm the MLE pool to be commercial in size." Martin Layzell, FCP's vice-president, exploration, added: "We are all very excited with the results from MLE-2, it has exceeded our expectations and is clearly a world-class hydrocarbon discovery. MLE-2 is, if not the most, then one of the most prolific discoveries in the region. The two wells confirm the 3-D seismic interpretation of the MLE structure, indicating the field to be approximately 100 square kilometres in area. Based on this success we are moving quickly to firm up further locations for the MLE pool and are planning to drill the next appraisal well in May."
First Calgary's independent engineers, DeGolyer & MacNaughton, is in the process of completing a revised reserves report based on the MLE-2 information plus the 3-D seismic covering the structure. First Calgary has commenced preliminary engineering work to assess optimal field development and timing of first production.
Algeria is a major natural gas exporter, accounting for 34 per cent of the European imported natural gas market. Infrastructure to move gas to Europe is in place with two pipelines under the Mediterranean and two additional pipelines planned. Algeria ranks in the top 10 countries worldwide for natural gas resources.
First Calgary's Ledjmet block 405b covers 1,108 square kilometres (255,000 acres). The company expects to award a seismic contract within the next two weeks to acquire an additional 600 square kilometres of 3-D seismic to evaluate two additional structural trends west of the MLE structure. Block 405b lies within the prolific Berkine trend where more than five billion barrels of oil and substantial gas reserves have been established in the last 12 years.
MLE-2 PRODUCTION TESTS SUMMARY
Interval Test conditions
FTHP(*) Gas
Choke (psi) (mmcf/d)
Triassic
TAGI 40/64" 2,520 18.4
Carboni-
ferous F1 44/64" 2,802 22.6
Upper F2-A 58/64" 2,802 40.6
Devonian
F2-B 46/64" 3,346 31.7
F6-1
Lower Upper 32/64" 3,150 9.4
Devonian
F6-1
Lower 40/64" 2,820 13.4
-----
Total 136.1
=====
MLE-2 PRODUCTION TESTS SUMMARY
Interval Test conditions
Conden-
sate Total(xx)
Choke (bc/d) (boe/d)
Triassic
TAGI 40/64" 1,031 4,098
Carboni-
ferous F1 44/64" 1,002 4,769
Upper F2-A 58/64" 926 7,693
Devonian
F2-B 46/64" 651 5,934
F6-1
Lower Upper 32/64" 2,245 3,812
Devonian
F6-1
Lower 40/64" 3,679 5,912
----- ------
Total 9,534 32,217
===== ======
Interval Normalized rates(xxx)
Conden-
Gas sate Total
(mmcf/d) (bc/d) (boe/d)
Triassic
TAGI 21.2 1,142 4,678
Carboni-
ferous F1 32.0 1,576 6,907
Upper F2-A 54.8 1,303 10,429
Devonian
F2-B 50.8 1,212 9,681
F6-1
Lower Upper 13.9 3,335 5,651
Devonian
F6-1
Lower 16.1 4,306 6,984
----- ------ ------
Total 189.0 12,874 44,330
===== ====== ======
(*) Flowing tubing head pressure
(xx) Gas equivalence equals 6,000 cubic feet per boe
(xxx) Normalized to 2,000-pound-per-square-inch flowing tubing head pressure
WARNING: The company relies upon litigation protection for "forward-looking" statements. |
