First Calgary Petroleums (FCP) recently announced that work is proceeding rapidly toward the commencing of drilling in its two fully-held oil excavation licenses in the Berkine Basin of Algeria.
The company’s contract to shoot 230 square kilometers of 3D seismic on FCP's Yacoub Block commenced in February to prioritize drilling locations on several major targets identified by FCP. The company plans to drill these targets during the third quarter of 2002.
The Yacoub block is offset by the giant Hassi Berkine oil field with reserves of 2.8 billion barrels of oil, the Ourhoud oil field with 1.0 billion of barrels oil and the RKF oil field with 250 million barrels of oil.
The Hassi Berkine oil fields contain wells, which average 44 million barrels of recoverable oil reserves and daily production rates of 8000 barrels of oil per day (bpd). The 3D work is expected to be completed within the next 60 days, with interpretation to be completed shortly thereafter.
Some 109 square kilometers of 3D seismic has been acquired at FCP’s Ledjmet Block covering approximately 60 percent of the MLE gas and condensate pool located on the site. FCP's MLE pool presently contains established reserves of 1.021 trillion cubic feet of gas of which 447 billion cubic feet is proven.
Ledjmet reserves have a net present value, at a discount rate of 10 percent, of $198 million established and $102 million proven. FCP's plan is to drill delineation well to the MLE-1 gas well during the third quarter of 2002 as the next step towards commercialization of the MLE pool. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
