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FPL First Calgary

175.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
First Calgary LSE:FPL London Ordinary Share CA3193843016 COM SHS NPV
  Price Change % Change Share Price Shares Traded Last Trade
  0.00 0.00% 175.00 0.00 00:00:00
Bid Price Offer Price High Price Low Price Open Price
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
  -
Last Trade Time Trade Type Trade Size Trade Price Currency
- O 0 175.00 GBX

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Posted at 14/4/2021 09:35 by kalkine media uk
Fremont Petroleum Corporation Limited (ASX: FPL) explores and develops natural gas and crude oil and serves customers in the United States and Australia. ASX FPL is led by Mr. Timothy B. Hart (MD & CEO). The company has a registered office in Sydney, Australia.
Posted at 09/10/2008 19:24 by baracus61
I don't know the first thing about takeovers, but surely once the deal is confirmed share trading would cease?
Posted at 09/10/2008 17:26 by baracus61
I thought they'd been bought....why is the price still moving?
Posted at 09/9/2008 08:39 by bobobob5
Perhaps the key difference between Waterford's investments in FPL and EEN is that Emerald was quite quickly able to substantially increase its production, and hence fund (with a bit of fund raising, supported by that production) its E&P work.
Posted at 04/9/2008 06:24 by dorset64
First Calgary Petroleums Ltd. - Re Share Price Increase

TSX: FCP
AIM: FPL

CALGARY, Sept. 3 /CNW/ - First Calgary Petroleums Ltd. (FCP or the
Company) advises that the Company has received proposals from third parties
relating to the sale of the Company or a significant asset disposal. The
Company is in discussions with these parties.
FCP is issuing this press release at the request of IIROC on behalf of
the TSX in response to recent volatility in its share price and speculation
regarding a potential sale of the Company or a significant asset disposal.
No agreement has been entered into and accordingly no assurance can be
given that these discussions will lead to a binding agreement relating to the
sale of the Company or a significant asset disposal.
FCP will make no further announcements or communications regarding these
proposals until either an agreement has been reached or discussions are
terminated without such an agreement being reached.

Company Profile

First Calgary Petroleums Ltd is an oil and gas company actively engaged
in international 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 United Kingdom
(FPL). Further information is available on the FCP website: www.fcpl.ca
Posted at 30/5/2008 15:53 by tingtang
Thanks for info - well fpl been a sitting duck for a take out long tlme at these share price levels. I was hoping we may see something like fair value if we could make the next 12 months as production would finally look real and within sight!
Any take over now is going to give me a bath! (and a lot of institutions too!)

Would be surprised if it were Talisman tho' as the y have recently stated they would be concentrating on se asia, and maybe making a play for Soco's VN assets. talisman would probably prefer to wait a while before capitulating to an offer.

Who knows tho', anything could happen in these times and the chinese are prepared to offer a lot more than western companies if they wish to buy assets, maybe the Chinese would be interested in algerian gas.too.

tt.
Posted at 06/4/2008 10:49 by captainfatcat
Article found on the PELE bb posted by PP




Tapping the well

Published date:Monday, March 31, 2008

It's no small feat exploring for oil but striking the black stuff can turn a company into a real cash cow. With such high drilling costs though it takes a smart investor to know when to get out on a high. Tom Sieber refines the business of striking the right oil plays

Exploration is perhaps the most romantic and fundamental concept in the history of human experience. It conjures up images of frostbitten, desperate men in the desolate white of the Arctic, Columbus on the deck of ancient ship bound for new worlds, 'one small step for man' as Neil Armstrong descended from Apollo 11 to the surface of our moon. It is unsurprising that the explorers in the oil industry attract a similar mystique.

The idea of heading to far flung, frontier and often dangerous parts of the world, and drilling wells which, if successful, can create millions of pounds of value at a stroke, is intoxicating to outside investors and industry professionals alike.

What happens though when the necessary cash has been raised, when a rig slot has been secured and the well has been drilled and tested to reveal a significant discovery? Really, it is then that the hard work begins. And when a decision needs to be made about whether now is the right time to sell up and move on.

Developing and sustaining a producing oil field is far from a simple business. The long-term costs of drilling, maintenance and ultimately decommissioning are enormous.

As an illustration, Tom Hickey, the finance director of Tullow Oil (TLW) estimates that bringing the massive Jubilee field in Ghana on stream will require $4 billion in capital expenditure.

In Tullow's case there does seem to be a determination to continue its involvement in the development of the field. As KBC Peel Hunt energy analyst Tony Alves observes: 'They have spent money and time putting a good development team in place so I think they will want to hold on to what they've got.'

That's not to say they wouldn't attract or couldn't be tempted by a bid – the sheer scale of the discovery means it would be on the radar for any of the majors or the national oil companies, particularly in China.

As it is, not every E&P company on the market has a £4.5 billion market valuation and cash flow of nearly £500 million. In fact very few E&P companies have the means to develop something of even a fraction of that scale on their own.

The key to any oil company's success is obviously intrinsically linked to the quality of its assets but an oil and gas project will not necessarily remain in the same hands throughout the course of its life. Often companies will work on an asset at different stages of the value creation chain and understanding where the next asset trade might happen, whether through the acquisition of an entire company, a farm-out agreement or a simple sale of specific assets can be lucrative to an investor.

The rising costs and lack of cash, particularly among explorers on the junior market, have led many to predict large scale consolidation in the sector. For at least the last two years most observers have anticipated it, but as yet it hasn't happened and any activity has been relatively isolated.

Of course there would be no point in simply putting two struggling companies together and perhaps this is why the sector has failed to ignite. Nigel Burton, finance director of Granby Oil & Gas (GOIL:AIM), which last week accepted an offer from the Canadian firm Silverstone Energy, says: 'There is no value in putting two small, underfunded dogs together and there aren't that many bidders around that would consider what some of these guys have to be material.'

Burton says that Granby's decision to do the deal with Silverstone, for a cash offer of 63.45p per share (a premium of approximately 30.8%) was in part informed by spiralling costs on its Tristan NW development in the North Sea: 'We didn't just rush into someone's arms because of the overspend on Tristam, we have been actively engaged in the process of finding a partner since November, but I would be lying if I said it wasn't in our thoughts.'

Burton also explains that management had felt for some time that they needed to do a deal in order to increase in size – so they could reach the level needed to cope in the current working environment.

'What has changed since 2004-2005 is the costs. A well that cost a few million to drill in 2005 could now cost closer to ten million. This has made it very difficult for smaller companies.'

A few barrels more

For the moment the costs of development, and exploration, show no signs of abating. In fact with the price of oil topping $110 a barrel the opposite is true. Something that caused the CEO of Hardy Oil & Gas (HDY), Sastry Karra to observe recently that his margins were better at $60 than at $100. 'It is not good news for anybody', was his assessment of the current oil price.

In that context it should come as no surprise that companies frequently seek to exit their assets or farm-out their interests when development becomes the focus.

Tony Alves says: 'The better quality class of explorer understands how challenging it is to develop an oil field – it is no walk in the park.

'When they have managed to create sufficient value through successful exploration, they can start to think about leaving something there for the next person – who will take on a different stage of value creation. It is all about finding the right stage at which to exit.'

There is an oil industry adage that exploration for hydrocarbons always loses money, while production of hydrocarbons always makes money. But the way companies explore has progressed significantly in recent years and the development of 3D seismic technology has helped companies to gain a better understanding of the sub-surface and thus reduce the technical risks attached to projects.

This means that for many companies there are better ways of creating value than remaining a silent partner to a much bigger operator on a major development project. Selling these assets can provide the cash needed to fund exploration in a new province. Also, when investors buy a stake in an exploration-focused company they do so with prospect of a game changing discovery in mind – management may feel it has a responsibility to stay true to the story it has been selling.

Another important reason that an exploration-focused oil and gas firm might head for the exit door when it comes to fully developing an asset simply comes down to expertise. In a restaurant you would not expect your cook to serve the food, so why expect the company that has found the hydrocarbons to then necessarily go on and produce them. The type of financing needed for development differs greatly from that required in exploration and the profile of workforce is different as well.

Tim Bushell, CEO of Falkland Oil & Gas (FOGL:AIM), says: 'You would have to change the way the company is financed and the people involved. Would it make sense to move into the development stage when shareholders are looking for exploration success? It could be an obvious point to return value by exiting and then using the team to do the whole thing again somewhere else.'

Beyond the relative merits of exploration versus long-term development there is a wider truth in the oil industry that, just as you or I used to collect and swap football stickers in the playground, the oil and gas E&Ps will trade their assets. Sometimes this means clearing out the dead wood to focus on the jewel in the crown. This is relevant when talking about SOCO International (SIA) for example – which recently disposed of its assets in the Yemen in order to concentrate on its exploration portfolio in Vietnam.

Further up the scale, the North Sea saw many of the majors exit because the rewards on offer in such a mature basin are marginal to them. A number of smaller companies for whom this is not the case have since taken its place and found that the scale of the discoveries on offer are very much material.

If one company doesn't want to develop an asset it is fair to ask why another would. There is no sense in which larger oil companies act out of benevolence, willing to dip into deep pockets to help out the smaller firms on the market. However, there is a good reason why they would be interested in bringing a viable discovery into production. First because development work fits their profile much more closely. They have the manpower, the experience and the resources to do it effectively. And secondly because, particularly among the majors, reserves replenishment has become such an important issue.

No reservations

In a world where conventional reserves of oil and gas are becoming ever harder to come by and where the national oil companies are very much in the ascendancy – companies will pay a high price in order to secure access to substantial reserves.

As Craig Howie, analyst at Blue Oar Securities, says: 'The big oil companies have deep pockets and face reserve replenishment issues. Some of the big US oil companies have been building war chests in order to address this.'

This is not a new development, witness Royal Dutch Shell's (RDSB) acquisition of Enterprise Oil in 2002 or ENI's takeover of Lasmo two years earlier. Both were motivated by a need to add to a rapidly dwindling reserve base. Shell's current position is now even more desperate. The company faces an increasing struggle to ensure that the amount of new reserves being booked keep pace with the amount of oil and gas being pumped.

Even lower down the food-chain there is concern about this issue. Talking following the release of full-year results recently JKX Oil & Gas (JKX) CEO Dr Paul Davies explained that the company was looking to add to is reserve base through acquisitions.

If a firm attracts, or encourages a bid on the basis of an asset the benefits to an investor are obvious – assuming any resulting bid is at a premium to the company's share price. Similarly if an asset is sold its value is crystalised.

However, even attracting a farm-in partner can provide a boost to a share price. Falkland Oil & Gas rocketed after it announced it was in talks about a farm-in agreement with 'major resources company' (eventually revealed as BHP Billiton (BLT)) last July – up more than 50% in the course of a single day.

Although, interestingly, when the details were confirmed that old adage about buying on the rumour selling on the fact came to mind, as the stock retreated. When fellow Falklands explorer Desire Petroleum (DES:AIM) announced earlier this month that it too was in talks with an 'unnamed partner' it also saw its shares take off.

Of course the Falkland Islands are something of a special case. For quite some time the companies looking for oil there were dismissed, not unfairly, on the basis that they would never be able to get a rig to the region.

The mobilisation costs alone were potentially astronomic, perhaps as much as £30 million and that supposed that a rig contractor could be persuaded to make the journey to the south Atlantic in a tight rig market and with plenty of work available in less remote regions. The arrival of BHP Billiton has made drilling far more likely – in fact the company has entered into a commitment to drill two wells by 2010 and Falkland Oil hopes that some drilling will take place next year.

There is another reason why a farm-in attracts buyers. Effectively it serves as a seal of approval on the company's assets – particularly if the partner is someone of the profile of BHP Billiton. If a firm with that level of credibility is prepared to invest it inevitably boosts confidence in the prospects of eventual success.

Ultimately, as discussed above, if you can judge the quality of a company's assets you can judge the quality of the company. Obviously having a good management team helps, as does a good track record and strong financial backing. But at the end of the day what really matters is the oil or gas in the ground – for a number of firms a farm-out, at one end of the scale, or a takeover, at the other, can be a good way of realising value.

And in order to tap into the potential excitement generated by asset trading we have

sought to identify companies which have large equity positions in projects attractive enough to snare a bidder or attract farm-in interest.

THE COST OF DEVELOPING AN OILFIELD

Oil field costs have doubled in the last three years according to a report from Cambridge Energy Research Associates (CERA) in Massachusetts.

According to James Burkhad, head of the global oil group at CERA: 'Shortages of equipment and personnel are dramatically raising the cost of developing an oil field.'

These shortages are largely as a result of the under investment in the industry in the late 1990s when the current preoccupation with peak oil seemed a long way away.

An interesting example of the effect of rising capital costs can be seen at the massive Kashagan oil field in Kazakhstan. Despite the project being driven by ENI along with a number of other western oil majors, the Kazakh suspended operations last year after becoming frustrated over cost overruns and start up delays.

The overall cost estimate for the development has increased from $57 billion to $135 billion and while first output had been projected for 2005 it is not now expected until 2011 at the earliest. The companies involved were eventually forced to agree to a settlement and sell some of their interest to the Kazakh state oil company, KazMunaiGaz (KMG).
Posted at 03/4/2008 06:21 by captainfatcat
How things change I remember looking in at this bb not that long ago when share price was £10 and FPL had a billion pound market cap there where a dozens of posts a day.

The share price looks to have resumed its down trend once again. I might pick up a few Mad if it gos below a £1.
Posted at 21/3/2008 22:15 by chestnuts
capt
I agree, why should it go their, what will cause this, but who would have thought it would drop to $2, but if you look a bit deeper ok they say they have these reserves and yes they have had an independent specialist confirm this,
They have no debt
They say they won,t devalue the share holding
they have $250m ish in the bank
They need $1billion to do the pipework and build the fascilities
So they need $750m.
Also their is 30 months of wait, with out 1 drop of production i think this will not help the share price people can put their money else where for a better return for the time being.
Also this fall out with major share holders and the board, this is not good, i don't know why or what the reason is for this but, even if they do get rid of the board will the new board get production any quicker,?

All this i believe could push the share price down, i do have some dates i have worked out that the share price could fall.
Posted at 13/12/2007 12:30 by bobobob5
captain: this doesn't surprise me at all, in fact I've been expecting a move of this sort. The non-executive board quite recently gained another 'Emeraldian' i.e. the chairman of Burren, which made three of them. These things do not imo happen by chance, there is always a human mind behind them. The FPL share price performance has been a disaster; take a look back at the Evening Standard's "Puts sparkle into Emerald" article and it's very apparent that this current sort of level was *not* why MK and YS got involved. The roubles have, since that article, gone up at Emerald, and down at FPL. The potential sale to Repsol was imo totally mishandled. In my personl view, they should have made this move ages ago. I don't like the instability in Algeria, bombs and gas seems like a pretty dangerous combination to me. bob

imho DYOR etc as always
First Calgary Petroleums share price data is direct from the London Stock Exchange

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