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First Calgary calms market after Algeria appraisals

Published Mar 15, 2007

First Calgary MLE field
courtesy First Calgary

The share price of First Calgary was so buoyant Thursday that the Calgary-based, Algeria-anchored gas developer was forced to issue a statement to shareholders saying no corporate news was afoot.

OilGas24 calls found the company assembled in a meeting.

Once believed to be a takeover target of Statoil’s, First Calgary has recently agreed terms with Algerian national oil company Sonatrach on the breakdown of costs for the $1.3-billion MLR gas development in the North African desert .

Media speculation about the company’s doings in Algeria and expected development costs had driven share values down for a prolonged period before Thursday morning’s £7 hike in early morning trading.

Front-end engineering and appraisal drilling have the Block 405b MLR project well underway. Recent wells are the last of nine announced in the summer of 2006, and judging by share prices, they may now be tracing the Block’s oil.

A contract for engineering, procuerment and construction is due this year ahead of plant-building at MLE.

ws@scandoil.com

 

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