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Share Name Share Symbol Market Type Share ISIN Share Description
Firstafrica Oil LSE:FAO London Ordinary Share GB00B020KB82 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 1.07p 0 05:00:01
Bid Price Offer Price High Price Low Price Open Price
0.00p 0.00p - - -
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Unknown 28.6

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Date Time Title Posts
12/3/200716:59FIRST AFRICA OIL PLC3,665
29/10/200611:28First Africa (with charts)11,147
26/10/200622:11First Africa with Charts & News-
15/2/200613:32"First Africa Oil ...New Mining Stock on Aim 8/2/05 ..Take a look"97

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steelwatch: Investorjon - Just came across this from Energem: Energem announces termination of Chad Vend-In to FirstAFrica Oil plc TSX: ENM VANCOUVER, Aug. 23 /CNW/ - Energem Resources Inc ("Energem" or "the Company") is pleased to advise that the option, as amended and extended, granted to FirstAfrica Oil plc ("FAO") in respect of Energem's Chad asset has lapsed as the conditions set by FAO and required for completion by August 21st, 2006 were not met and Energem would not grant a further extension. It had been intended to sell this asset to FAO under the terms of the Chad Option Agreement at a gross valuation, supported by two independent valuations, of approximately US$82 million. Subject to the terms of the Option Agreement, as amended and extended, FAO would have been entitled, inter alia, to a 20% discount to this valuation after deduction of a US$5 million option fee paid to Energem, resulting in a net purchase price to FAO of US$62 million. This would have been settled by issue of shares in FAO to Energem at (pnds stlg)0.06 (six pence Sterling) per FAO share. The FAO share is currently trading on the London Stock Exchange AIM at approximately (pnds stlg)0.03 (three pence Sterling) per share, considerably below the price level Energem would have received in the settlement. Energem, as a result of the lapsing of this option, is now at liberty to deal in the Chad asset as it deems fit and has begun discussion with a number of interested parties, including FAO, as to the future potential for this asset with a view to maximising value to Energem. Energem granted FAO the Chad Option in February 2005 and simultaneously received an option fee from FAO of US$5 million, settled by FAO by issue to Energem of 75 million ordinary shares in FAO. Energem will retain this non-refundable fee. In addition to these fees received for the Chad Option, Energem at the same time received a further similar non-refundable option fee in respect of the granting to FAO of an option over Energem's then up-stream oil rights in the Republic of Congo and in June 2006 Energem received in settlement for termination of its FAO management contract a further 16,666,666 FAO ordinary shares. FAO had, in terms of the terminated management contract, a right of first refusal over certain of Energem's up-stream oil assets, which is terminated. In the light of these changes and other recent developments relating to FAO, Energem, which has hitherto not recognised these receipts as income, may now regard the receipts referred to above as income accrued in its third quarter. The intended sale of Energem's interests in its Mali up-stream assets, Mali exploration blocks 12 and 13, to FAO for US$1 million has been terminated in view of the Mali Government decree withdrawing Energem's rights to these assets. The Company will likely write off its balance sheet carrying value of US$350,000 in respect of this asset. Nevertheless, Energem is pursuing the potential re-instatement of its rights in respect of the Mali assets which it expects is achievable by settlement of a sum due to the Mali authorities of approximately US$800,000 and which would otherwise have been settled by FAO had the sale transaction been concluded by them in the time period anticipated for the sale. Consequently, Energem continues to hold a 29% interest in FAO, remains its largest shareholder and has unfettered rights to its Chad and any other up-stream oil assets it may acquire or may have re-instated. This news release contains forward-looking statements which address future events and conditions which are subject to various risks and uncertainties. The actual results could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the costs and availability of fuel products; fluctuations in fuel product sale prices; currency fluctuations; changes in production costs; fluctuation in shipping costs; availability of shipping; general market and industry conditions; political and regulatory instability and risks associated with rights to title and ownership of fuel products. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Energem Resources Inc. is a natural resources company listed on the Toronto Stock Exchange with projects in the energy and mining sectors in a number of African countries. Energem is committed to developing niche high margin natural resource projects in Africa and is currently active in 16 countries. Ventures encompass diamond mining and mineral exploration, mid- and up-stream oil and gas projects, energy and mining related manufacturing, trading and trade finance businesses operating off a common logistics platform and infrastructure. The company has offices and/or logistics and support infrastructure in Johannesburg, London, Beijing and a number of African countries. %SEDAR: 00002462E For further information: Rob Rainey in Johannesburg at telephone +27 11 372-3300, Fax +27 11 454-1673 or email:; The F.I.R.M. in Toronto at telephone (905) 681-9199, Fax (905) 681-2711,;; Refer to our website:
ihavenoclue: IJ ... i understand that but for me i already have a LOT tied up in FAO and i am wary about putting all my eggs in one basket (the old sayings are the best). I feel both MTA and FAO have good futures. With FAO my only big worry disappeared when the Chad deal was dropped even though it seems to have had a very negative effect on the share price I feel that FAO will have no problems getting funding and will be producing oil sometime in Q1 2007. My only concern, and it is a small one, is that installation has been put back from Q4 2006 to Q1 2006. ANY delay, no matter how small, will worry the market. I am unhappy with my 3.5p average even though quite a few have a higher average than that in here but even if i used all my spare cash to top up i could only average down to 3.4p so i do not feel it is worth it. If FAO do as i feel they will do and start producing Q1 next year then any worries i have will have disappeared by then. For me i have a lot of money in FAO and stand to make a good profit. With MTA i have a LOT less invested but i feel they have less constraints on the share price than FAO when good news comes. They have a issued share holding of one tenth that FAO has and i kinda like that aspect. MTA's share price was taken down to the bare bones when thier test well was a duster and if not for one piece of news i would have sold my MTA shares. The news i am refering to is the appointment of an exploration manager who has had a LOT of success in finding oil and gas. I feel there are good quantities of oil and gas in the Inke consession area and that combined with a guy who knows how to find it makes MTA a very good bet at its current level. It is currently at 3p where as the placing for the institutions was at 5p. I feel MTA can come good by the end of this year, and with less constraints on its share price as far as share issue, it has a higher chance of a better share price rise. Well that is how i stand at current and MTA 65/35 over FAO. This is all in my own opinion and i am sorry if i bored anyone LOL IHNC P.S. Don't buy any MTA ... i want to get in cheap in a few days LOL
mfp2: vavoom - i think they need minimum of $20 million, and maybe a bit more for extra working capital. if they get it via loans it will be more than likely they will be convertible loan stock. if they get it via shares the funding will cost around an additional $2 million due to expenses. in either case it will be discounted to the market by around 0.25-0.5p, or even more if they approach a few of the same people who funded it last time. the +$20million works out to be around +500 million shares equivalent, assuming a 0.25 discount. how will this translate into share price? - the price might fall from this level, but actually the key for an investor is the effect all this fundraising is having on fao's market cap. heres the mathematics of it all.... in may, a 3p share price would have translated into a market cap of £40-45 million. following all this fundraising, 3p in new money will be worth perhaps £90-100 million in market cap. so say back in may when the price was about 3p, and you expected the share price to triple to 9p this would have put fao's market cap at around £120-£130 million. if fao does reach this value following a new placing it only needs to rise by 20-30% i.e to 3.6-3.9p in new money. this means that a 300% rise in mays share price would now calculate into just a 20-30% rise in the new share price following a placing, and something people need to understand and consider.
ihavenoclue: As i have said before the only thing i saw as a major stumbling block to FAO was buying Chad and then having to raise a much larger amount of which more than half was to be spent on an unknown that would have further diluted an already diluted share. I feel they will have no problems through to production. Hey i may be wrong but it is MY money on the line so anyone i see just quoting flimsy figures and basing a whole long post on those figures, rz for example, i will filter. I have been in shares before when it was all doom and gloom and the share price was low and the share was rated as junk only to panic sell and then watch it rise. The share price is where it is for a reason, the market is wary of FAO. It is wary of FAO not due to the oil but how it dragged out funding, the never ending loan note conversions and then the Chad issue. That is covering up the benefits if the EVO field and may do for a few months to come. I still have faith they will start production Q1 2007 and i will see my FAO shares slightly green just before that stage. bob, you just overtook my FAO share holding - i have 370,000 and i am more than happy to hold, i will keep a check on them this week and IF they stay at these levels i will buy another 30,000 to average down a little on my average 3.5p price. I do feel on tuesday it will jump back to the 2.9p - 3p level but IF it goes down to 2.5p i will be waiting. The positive i see is the spare cash that FAO have from not buying the Mali assets at the moment - reducing the $9 million required to first income of oil is a great sign for me. The only thing worrying me is that EVO 7 news has not yet arrived BUT even if it is bad the other wells will still make a tidy profit. IJ ... small correction .... the institutions paid 3.25p at the placing .. if it were 3.5p i would feel a LOT more happier LOL Good luck to all FAO holders - see through the current smoke screen and see the EVO field for the gem it truely is. A message to the current flock of derampers - say whatever you want - i am holding my FAO shares for the LONG term and i am more than happy to do so.
mfp2: bobdown2 - it seems odd to me that because some people think that the current share price is overpriced they get attacked by people who are actually clearly ramping this share for their own benefit. most of the arguements in why people think the share is over priced has been based on, 1) proven reserve levels. currently only 10.5 million barrels. 2) looking at the costs of capex (capital expenditure) and opex (operating expenditure) per barrel which runs in at $30 per barrel as stated by fao themselves. 3) the costs of the current production sharing agreement with the state, of which around 55% of revenue will be taken by the state in royalties etc.. 4) the high market multiples of the current market cap of fao, compared with the oil industry as a whole, which suggests it is overpriced at this level. 5) analysing how current revenue estimates and npv should translate into fao's share price. then for the people who have been on this board a long time already, ramping this share, all they talk about is 1) i "think" fao will make +$25 per barrel of oil when in fact the mathematics of it indicates that they clearly wont. 2) quick, buy now, this company will be worth £500 million soon 3) this share will be worth 15p soon. 4) i have a feeling that a positive rns will happen tomorrow, maybe next week. 5) fao has an unrisked estimate of 421 million barrels, when in fact "unrisked estimate" doesnt mean anything tangible whatsoever. 6) share price falls are due to tree shakes, and shorters. if the share price is falling, todays price isnt actually the correct price, it is only down to people depressing the share price artificially. tell me, which group is being objective and which group isnt? i dont understand why somone thinking that a share is overpriced is such a hard concept to follow. were not saying fao is a bad company, just that its overpriced based on analysing the figures.
ihavenoclue: phil the markets hate uncertainty and FAO is giving it that in spades. by saying if due diligence is not completed in august it will just be put back again they are saying "this will go ahead come hell or high water" i no longer even slightly believe that FAO are acting in the best interest of FAO but for the best interests of Energem. Saying that Energem can't vote is pointless when Energem's chairman is also chairman of FAO. He will push it through for the sake of his Energem shareholders. Maybe best to sell FAO shares and buy Energem shares ??? I feel the share price was yanked lower by the MM's but with a greater possibility of production not actually happening, FAO share being diluted heavily by Chad and THEN having to raise ANOTHER $20 million ($5 million of that to pay Energem for a payment they made to the Chad government even though they are charging FAO $65 million for something they bought for £1 million) certainly adds to worry. I am sure the institutions won't be happy either at paying 3.25p for thier placing and then FAO to be at these levels and they are the institutions FAO need to get the next placing at $20 million. May explain why the possibility of pumping oil in 6 months isn't even reflected in the share price All the talk of the amount FAO will be producing in 6 months time will come to nothing if they take Chad on board then have to find the extra $20 million. I find it disgusting that Energem buy something for $1 million, pay a $5 million loyalty payment to the Chad government and then make FAO pay $65 million for it and expect them to pay Energem the $5 million back on top of that. Energem will have offloaded a $1 million asset for $33 million in FAO shares ( 590 million @ 3p) and ON TOP OF that get $5 million when FAO are forced to dilute themselves even more to finance a deal that Energem engineered so that every outcome is best for Energem. On top of that Energem will have a far greater percentage of a company that HOPEFULLY will be producing oil in 6 months. It's amazing what $1 million can get you these days !!! How this can be legal is beyond me !!! IHNC
phil0001: Conversely, if we pull out of Chad FAO share price will probably rise and Energem would be better off due to their large stake. P1
ihavenoclue: Can anyone explain to me why FAO share price is effected so much by Energem's share price ? The crash today happened just after the Canadian stock market opened and Energem share dropped down further.
cantremeberthis: Well according to my crude estimates, what we are seeing is small PIs getting out (sub 200k) at either at a loss, break even or tiny profit. This is down to the way the market has reacted, for once I am glad to they are slowly going, some have been locked in @3.5p-3.65p as well. MMs dont need the shares, transactions and volume levels are low. The only inspiration we need from FAO at the moment is Chad to be out the way, be it with 590m shares or not snapped up. I think RNs on FPSO and EOV-7 may firm the price and get some buyers in. This is lacking volume and regardless of bullish beliefs, MMs know the score ;) IHNC ride it out if you can, otherwise just assess where this could be in a months time ;) For those who think EGM and FAO share price doesnt track one another, plot them against each other and the relative movements are uncanny, EGM is literally down and out, they need to produce some news to sort out their own trading issues. When one or the other sees a sustained rise - recovery will be a dead cert! LMAO with this bean 11:17 3.20p 441 £14 Sell AT BTW - Charts, yeah forget about it, you cant ride this on anything, Williams %R shows oversold, MACD was trending towards +ve territory, moving averages all over the place, RSI boring, candlesticks boring, this is being driven by the MMs and market sentiment not on fundamentals, news etc - Shame ;) From RNS:- "As the option now expires on 21 July 2006 the due diligence must be satisfactorily completed and a circular posted to shareholders by 5 July 2006 latest." Does this mean due dillienge should be completed by 5th July 06 or only relates to the circular to be posted?
investorjon: multi: Blue blue blue...FAO even with all the gripes is way undervalued, and not because I hold a few. The pathetic way the company and Energem have handled things have ensured it is way oversold... If you look back it was what 4.5p in anticipation of the EOV result, and where machanical problems etc. etc. So now we have a definite 4,000bopd just from the one well so far...and the share price is basically pathetic, and all down to FAO and Energem Board and their PR team, who should be sacked instantly. The rot set in at the time of Energem's shares being suspended. I contacted FAO many many times, along with Energem. Eventualy I persuaded them (or so i was told) about the merits of issuing an RNS just to confirm that there were no liquidity problems with Energem, which would have supported the FAO price, and the chances are we would have been at 4p prior to the EOV-5 and over 6p now, which is where we should be, and ready to take off. Instead they totally fouled up, and not for the first time, depressing the share price terribly, and I would imagine frightening off potential farm ins, as would you have much faith in a company whose shares had just been suspended! Would you have much faith in FAO knowing that Energem were at least 51% majority shareholders and couldn't be bothered to issue an RNS, or FAO to explain and reassure the situation....No and nor did many others. FAO are trading at a silly price, for a company who have struck oil and in not insignificant amounts, and where if even 2 more wells match the EOV 5 which is more than possibly and where they could flow at far higher than the 4,000+, we would have approx 13,000bopd, which is not a minnow and where that equates to approximately SIX MILLION DOLLARS A WEEK IN CASHFLOW (based on 65 dollars barrel)! There are exploration stocks out there that haven't even got a license, let alone oil, at more than the share price of FAO and others with as many shares who are pleased at the thought of producing 200bopd!
Firstafrica Oil share price data is direct from the London Stock Exchange
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