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First Calgary financial move finds mark


Published Feb 18, 2008
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First Calgary MLE field-2

Algerian investor First Calgary Petroleums Ltd. saw its stock rise in London on Monday — if not yet in Toronto — with the appointment of JP Morgan Cazenove as financial advisor and broker, a key move as the company works to finance its giant MLE gas field and oil holdings in North Africa.

The share price rose nearly eight percent on the news.

Cazenove will serve alongside Canaccord Adams, just as First moves past the front-end engineering and ordering of steel for MLE ahead of an engineering and procurement tender expected any day.

Investor jitters over the billion-dollar MLE project’s costs are understood to have already forced the removal of a non-executive board member.

The tiny but experienced First Calgary and Algerian state champ Sonatrech stand to benefit from secure long-term supply deals for gas when the field produces some time in 2010.

ws@scandoil.com

Tags: First Calgary Petroleums



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