TSX: FCP AIM: FPL
CALGARY, Jan. 9 /CNW/ - First Calgary Petroleums Ltd. ("FCP" or the
"Company"), in partnership with Sonatrach, is pleased to announce that the
Front End Engineering and Design Study ("FEED") undertaken by Genesis for the
MLE field development work has now been successfully completed and was on
- A vital component of the FEED Study was to establish an accurate
capital cost of the development.
- The FEED Study also identified the critical path long lead items and
a tender for the purchase of all necessary line pipe was placed on
December 14, 2007
- By mid-January 2008, tenders for the purchase compressors and
turbo expanders will also be issued
- The FEED Study is a significant input to the Engineering, Procurement
and Construction ("EPC") tender for the MLE project
- Following a solicitation process, five world class contractors
have advised that they are committed to bidding for this work
- Sonatrach and FCP intend to issue the EPC tender by mid-January
2008 and the anticipated award of the EPC Contract is the end
of May 2008.
Shane O'Leary, Chief Operating Officer, commented:
"I am very pleased that the FEED has confirmed the facilities capital
cost is within the range estimated during previous conceptual work."
"The next steps are already underway, with long lead items being ordered
and the EPC tender process being rapidly progressed, to coincide with the
planned closing of the project financing transaction to support FCP's funding
of the MLE development."
First Calgary Petroleums Ltd. is an oil and gas exploration company
actively engaged in exploration and development activities in Algeria. The
Company's Common Shares trade on the Toronto Stock Exchange in Canada (FCP)
and on the AIM market of the London Stock Exchange in the UK (FPL).
This news release includes statements about expected future events and
financial results that are forward looking in nature and subject to risks and
uncertainties. First Calgary Petroleums Ltd. cautions that actual performance
may be affected by a number of factors, many of which are beyond its control.
Future events and results may vary substantially from what First Calgary
Petroleums Ltd. currently foresees.
For further information:
For further information: Richard G. Anderson, President and CEO, First
Calgary Petroleums Ltd., Tel: (403) 264-6697; Other contacts: James Henderson,
Pelham Public Relations, Tel: +44 (0) 207 743 6673; Carina Corbett, 4C -
Burvale Limited, Tel: +44 (0) 207 559 6710; Nominated Adviser: Richard
Swindells, David Nabarro, Nabarro Wells & Co Limited, Tel + 44 (0) 207 710