First Calgary Petroleums Ltd. announces its results for the year ended December 31, 2006.
Highlights
• Approval by Government of Algeria for MLE field development
• Gas plant of up to 400 MMcf/d on track for late 2009 startup
• Gas marketing agreement for Block 405b secured at competitive price
• Tendering of engineering and design contract underway – award planned for second quarter 2007
• Progressing financing plan including project debt for MLE development
• 2006 drilling programme confirms a second and significant reserves area (the central area field complex), which is nearly double the size of the MLE proved and probable reserves
• Two year extension of the PSC granted for appraisal of the central area and to submit commerciality reports
• $90 million exploration and appraisal drilling programme scheduled for 2007
Richard Anderson, President and CEO commented:
“FCP is now firmly on the way to developing its large reserve base. Following completion of the initial development we will have the necessary infrastructure in place to expand this to the required capacity to develop fully our reserves base, with the potential to generate material returns for shareholders.”
