FCP plans to list on LSE

04 November 2003
First Calgary Petroleum (FCP) announced on 3 November that it aims to list on the London Stock Exchange (LSE), reported the daily the Financial Times. 'This is a significant step towards the monetisation of the reserves established to date,' said FCP chief executive Richard Anderson. The move reflects the company's imminent commercialisation of its gas discoveries in Berkine Basin in Algeria and will allow the company to broaden its shareholder and liquidity base. Anderson said the company was also talking to investment banks to raise funds for the development of the Menzel Ledjmet East field. FCP entered into a production sharing contract with Algeria's Sonatrach in December 2001 to explore Ledjmet Block 405b. Estimates suggest that FCP's Ledjmet Block 405b gross proved, probable and possible gas reserves to be 5.7 trillion cubic feet (tcf). Of this, proved reserves are estimated to be 708 billion cubic feet (bcf) and proved plus probable reserves are estimated to be 2.4 tcf.

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