The board of Algeria investor, First Calgary Petroleums, has told its shareholders not to be persuaded to vote out the company’s chief exec by “obscure” minority owners who might really be after cheap control.

“It is entirely uncertain who controls Waterford Finance & Investment Limited and Midocean Holdings Limited,” a message from First’s board said of the dissident shareholders who called for an upcoming shareholder meeting to oust chief exec and director Richard Anderson.

The board said it believed Waterford was hoping to exploit the company’s current low share price in London and Toronto to leverage a small interest in the Company into a controlling bloc, and then seize control of the company, its board “and the future direction of First Calgary”.

Shareholders were reminded Waterford is “the catalyst, not the boss". Investors were then advised to vote in a newly proposed board which would include yet more experienced leaders of Canadian finance, plus the seasoned Anderson.

Under Andersons leadership, First Calgary has moved from pure exploration to the verge of vast gas production, and the role of its strong board has become key to success to date in Algeria.

"The experience of this proposed slate of directors is second to none," First Calgary chairman, Gar Emerson said.

First Calgary is 30 months from producing from its base in Algeria, a country representing 14 percent of the world’s gas supply.

Anderson lead the debt-free financing that paid for the proving of 600 million barrels of oil equivalent paired with a guaranteed European market through partner Sonatrach, the Algerian state champ.

Takeover rumours have surfaced in the past and were centred around First Calgary’s larger acreage-holding neighbours in North Africa, including StatoilHydro.

ws@scandoil.com

Tags: First Calgary Petroleums