Interessante Übernahmespekulation bei First Calgary: Gas in Algerien - 500 Beiträge pro Seite

[Cogni]

Nicht mehr billig, insbesondere weil noch kein Produzent, aber durch die grösse des Feldes nun eine nette Übernahmespekulation:

The Globe and Mail reports in its Thursday, Dec. 9, edition that First Calgary Petroleums announced another successful test of a well in Algeria, where it has discovered natural gas but has no production. The Globe`s Dave Ebner writes in the Business Ticker column that a production test of a well known as MZLS-1 showed flow of almost 20,000 barrels of oil equivalent a day, about two-thirds of which is gas and one-third is natural gas liquids. The company is conducting a corporate strategic review, helped by Lehman Brothers, a process that will probably result in the sale of the firm to a larger energy company. Some market players speculate the company could fetch as much as $30 a share, while others are not sure a bidder would pay much more than the current price because the valuation is already high. The stock has more than doubled in the past eight months. First Calgary stock climbed 18 cents to conclude Wednesday`s trading session on the Toronto Stock Exchange at $17.10.

[Kanzler-neu]

First Calgary Petroleum
Homepage: http://www.fcpl.ca/

Bei 75,6 Mio. Aktien und einem Kurs von 17,91 CAD liegt die Marktkapitalisierung bei stolzen 1,35 Mrd. CAD, also rund 1 Mrd. USD.

Aber bei einem Net Present Value der Reserven (siehe http://www.fcpl.ca/investor_relations/presentations/FCP_pres…)
von 1,377 Mrd. USD ist immer noch einiges an Kurspotential vorhanden, zumal bei Übernahmen oft Aufpreise auf den NAV gezahlt werden.

[Kanzler-neu]

E.ON Ruhrgas prüft Gebot für First Calgary

Evening Standard LONDON (Dow Jones-VWD)

Die E.ON Ruhrgas AG, Essen, prüft nach einem Pressebericht ein Gebot für die kanadische First Calgary, die sich für 1,7 Mrd GBP zum Verkauf gestellt haben soll. E.ON Ruhrgas sei vor kurzer Zeit in den Bieterprozess eingestiegen, berichtet der "Evening Standard" laut Internetseite http://thismoney.co.uk. Neben dem deutschen Unternehmen sei auch die BG Group plc an dem Öl- und Gasförderer interessiert, der über Reserven in der algerischen Wüste verfügen soll. Als weitere Interessenten werden unter anderen die Repsol-YPF SA und die Eni SpA genannt. E.ON Ruhrgas wollte den Pressebericht nicht kommentieren. Nach dem Bericht war auch die BG Group zu keiner Stellungnahme bereit.

Autor: TeleTrader News Room (© Teletrader),16:15 05.04.2005

[Kanzler-neu]

First Calgary Auction Seen Attracting Eight Bids

LONDON, Apr 13, 2005 (Dow Jones Commodities News via Comtex)
By Michael Wang Of DOW JONES NEWSWIRES

First Calgary Petroleums Ltd. (FCP.T) could receive about eight bids on Thursday for the GBP1.53 billion oil and natural gas exploration company, say bankers, making it one of the most eagerly contested auctions in the energy sector for some time.

The auction represents a rare opportunity to scoop up valuable oil and gas assets, and comes at a time when oil companies are looking at dwindling options to bolster their reserves - the lifeblood of the energy industry.

"It`s an opportunity that can`t be ignored," said Jason Kenney, an oil companies analyst with ING Financial Markets, in Edinburgh.

The auction will follow last week`s $16.4 billion agreed takeover of California-based Unocal Corp. by U.S. giant ChevronTexaco (CVX), the biggest energy deal so far this year.

First Calgary declined to comment on the auction.

M&A bankers say the strongest offers for First Calgary are likely to come from European oil companies that already have operations in Algeria, where the Canadian-based firm has development rights to two promising oil and gas blocks.

Spain`s Repsol YPF SA (REP), France`s Total SA (TOT) perhaps in partnership with Gaz de France (4774.FR), Norway`s Statoil ASA (STO) and Italy`s Eni SpA (E) are seen as front-runners in the race. Royal Dutch/Shell Group (RD, SC), which announced its reentry into Algeria last week, and U.K. gas company BG Group PLC (BRG), which is a major gas producer and exporter in nearby Egypt, are also considered contenders.

But, while First Calgary is aping Unocal by putting itself up for sale, it`s unlikely to garner the premium price paid by ChevronTexaco, say bankers and analysts.

That`s because First Calgary isn`t an easy valuation exercise. It`s an explorer, not a producer, of oil and gas, and almost two-thirds of its net discoveries are categorized as possible reserves - the least certain in terms of eventually bringing into production.

"They`ve drilled 12 wells into what looks like a huge resource," said one energy banker, who`s looking at the deal. "I`d think you`d need another 160 wells to be sure."

First Calgary declined to comment.

First Calgary`s oil and gas finds are located solely in Algeria, a country blessed with hydrocarbons, but currently short on pipeline capacity and prone to spasms of political instability.

Any buyer would also have to foot a bill of more than $1 billion to bring the reserves into production, bankers point out.

First Calgary`s reputation has also been tarred by one of its board members, Yury Shafranik, a former Russian energy minister and oil company executive, who was named by the U.S.`s Central Intelligence Agency as a top beneficiary of the Iraq oil-for-food program.

Those risks have clearly deterred some oil companies, bankers said, but not all. The chance to build reserves at a time of declining organic growth options is irresistible.

But, oil companies, flush with cash, are generally loathe to spend excessively on new assets, when their business models reflect a future of much lower oil and gas prices.

"Figuring out what First Calgary is worth is a real lesson for the industry," said Al Stanton, an oil companies analyst at Bridgewell Securities. "I just hope that whoever buys it, stands up and explains how they arrived at their valuation."

Few believe the company will be sold at the current market capitalization, let alone a premium.

One energy-sector analyst, who declined to be named, estimated First Calgary at 12%-32% below its current share price - or between 540 pence and 700 pence - depending on how the company`s more nebulous reserves are valued and what cost-of-capital discount is applied. The discount is the required return necessary to make an investment worthwhile. A standard discount rate is 8% or 10%, but if bidders reckon First Calgary`s assets are particularly risky, a higher discount may be applied.

Investment bank Lehman Brothers, which is advising First Calgary on its sale, declined to offer guidance on bid levels it expects.

The company`s shares - which are listed in Toronto and on London`s Alternative Investment Market - were trading at 798.5 pence midday Wednesday, but have gyrated between 1060 pence and 720 pence in recent weeks ahead of the April 14 bid deadline.

Arbitrageurs have been keen investors, betting on a bounce in the share price. Short-sellers of the stock have also cropped up on the belief that First Calgary is overpriced, brokers say. Short-selling is a tactic where an investor sells borrowed stock in the hope of buying the shares later at a lower price.

First Calgary put itself up for sale last October, after concluding it lacked the financial and technical wherewithal to develop and bring into production a promising set of natural gas discoveries in Algeria. Two blocks in eastern Algeria - Ledjmet 405b and Rhourde Yacoub 406a - are estimated to hold 13 trillion cubic feet of gas equivalent, roughly the same in size to Ormen Lange, the huge Norwegian offshore gas field.

First Calgary`s net economic interest in the bigger of the two finds, Ledjment, is about 16% on a proven, probable and possible reserves basis, according to data provided by the company. State oil company Sonatrach (SON.YY) holds the rest of the equity.

In recent weeks, more than a dozen international oil companies have been given access to First Calgary`s technical and reservoir data, bankers said. First Calgary`s shares jumped on the prospect of a bidding war, but many potential bidders have now walked away, grumbling that the company is overvalued given its risk profile.

The disenchanted, bankers said, prefer to buy an equity stake giving them operatorship, or management control, of the two blocks.

"There`s just a lot of built-in risk in this process," sums up Bridgewell`s Stanton.

Whatever the sale price, it will represent a handsome profit on the 52 pence a share investors paid when the company listed on AIM in July 2002.

First Calgary`s biggest shareholders are funds giant Fidelity at about 10%, Capital Research & Management Co. at 4.2% and Merrill Lynch Investment Managers at just over 2%.

[Kanzler-neu]

Hier die detaillierten Reservenschätzungen von DeGolyer and MacNaughton (Stand 31.10.2004):
http://www.fcpl.ca/operations/reserves.html

[Kanzler-neu]

Update on the Evaluation of Strategic Alternatives

http://www.fcpl.ca/investor_relations/2005news/FCP_Apr16_200…

CALGARY, April 16, 2005 - In October 2004, First Calgary Petroleums Ltd. (“FCP” or the “Company”) announced that it had initiated a process to seek and evaluate strategic alternatives for the Company. Those alternatives included the consideration of a number of transactions, including an outright sale of the Company or a strategic partnership for the development of FCP’s Algerian assets.

In connection with this process, FCP, through its advisers Lehman Brothers, contacted a number of companies to seek indications of interest in FCP. A majority of the companies contacted participated in an indepth study of FCP’s assets. As of Thursday, April 14, the Company had received a number of complex proposals for the Company or its assets. Over the next few weeks FCP and its advisers will be engaged in discussions with certain of theparticipants with a view towards reaching a conclusion to the process.

At this time, FCP will not comment on the forms of the proposals or the identities of the parties. There can be no
assurance that any transaction will be entered into or completed as a result of this process.

[Kanzler-neu]

FIRST CALGARY PETROLEUMS LTD, Börse Toronto

[Kanzler-neu]

First Calgary Petroleums Releases Statement About Asset Sale
First Calgary Petroleums Ltd. 5/12/2005

http://www.rigzone.com/news/article.asp?a_id=22479" target="_blank" rel="nofollow ugc noopener">http://www.rigzone.com/news/article.asp?a_id=22479

First Calgary Petroleums notes comments attributed to ONGC Videsh Ltd (`ONGC`) in the media.

On April 16th First Calgary announced that it had received a number of proposals for the company or its assets and that it would be engaged in discussions regarding these proposals over the next few weeks. This continues to be the case.

Contrary to comments attributed to ONGC, First Calgary is in discussion with a number of parties. These discussions are progressing well and First Calgary intends to make an update announcement within the next two weeks.

[Kanzler-neu]

First Calgary Petroleums Reports First Quarter Results
http://www.rigzone.com/news/article.asp?a_id=22506

[Kanzler-neu]

First Calgary Petroleums Confirms Talks with Repsol
First Calgary Petroleums 5/25/2005

http://www.rigzone.com/news/article.asp?a_id=22748" target="_blank" rel="nofollow ugc noopener">http://www.rigzone.com/news/article.asp?a_id=22748

First Calgary Petroleums notes recent media speculation regarding its current strategic discussions. On May 12, 2005, First Calgary announced it was in discussions with a number of parties which were progressing well. Since that time First Calgary has decided to focus on formal discussions with Repsol Exploration Argelia, S.A. regarding a potential joint venture transaction which it believes will be materially beneficial to the Company. The Company has therefore suspended talks with other parties in the interim. At this stage First Calgary is unable to comment on the exact nature of the discussions. The discussions are ongoing and a further announcement will be made as appropriate.

There can be no assurance that any transaction will be entered into or completed as a result of this process.

[Kanzler-neu]

First Calgary CEO Admits Attempted Algerian JV was Premature
Canadian Press 6/17/2005

http://www.rigzone.com/news/article.asp?a_id=23288" target="_blank" rel="nofollow ugc noopener">http://www.rigzone.com/news/article.asp?a_id=23288

First Calgary Petroleum`s chief executive acknowledged Thursday it took a misstep when the small Canadian energy explorer tried to sign a partner to help develop its prized Algerian oil and gas assets and vowed not to repeat its mistakes.

"In hindsight, I believe the process was premature, given the early stage of our development," Richard Anderson, First Calgary`s president and chief executive, told shareholders at their annual meeting Thursday.

Anderson`s comments come a day after First Calgary ended talks with Spanish energy company Repsol Exploration on a potential joint venture in Algeria. That followed a failed attempt to find a buyer for First Calgary.

Anderson told shareholders - many of who voiced their anger at the stock`s plunge in value in recent months - that First Calgary`s many suitors were unwilling to give the company credit for its future potential.

Though the company has drilled 12 highly successful oil and gas exploration wells in the Algerian desert, they are spaced wide apart. As a result, First Calgary believes its possible reserves are 13 times greater than current proven reserves.

"The advice we got from a number of advisers was: `You will get paid for the upside the way you`ve done it,` " Anderson said after the meeting. "When you step back and look at it, we didn`t get paid for the upside - at this point."

Anderson told shareholders that the $137 million in equity financing arranged this week would finance the company`s drilling program designed to exponentially grow its proved reserves.

And he said First Calgary will push ahead with plans for $2.6 billion US worth of development plans to produce its oil and gas reserves along with Algeria`s national oil company, Sonatrach.

Oil, which is easier to export than the natural gas, could be on stream within about two years, said Anderson, while gas could be flowing by 2008.

Anderson also said the fiscal terms offered by Repsol "were very attractive", but what the company wouldn`t provide was a clear development plan.

"What we wanted was some performance hurdles," said Anderson.

"When you hand over your asset to someone else and you become the non-operator, you want to have their hands tied so tight you know what they`re doing every two hours of the day, and we could not get them to give us clarification."

But many shareholders were unhappy with the company`s decisions and the plunge in share value.

Before Thursday`s shareholder meeting, shares in First Calgary (TSX:FCP) rose 17 cents to close at $8.67 amid heavy trading of 3.9 million shares on the Toronto Stock Exchange.

However, First Calgary`s share value has slid by about two-thirds since February when it peaked at $24.90. It hit a 52-week low of $8.07 last week.

One shareholder, who bought the stock when it was worth twice its current price, called the episode "a disaster."

Private investor John Imrie said "without a doubt," First Calgary management should have waited longer before pursuing a deal.

"I`m glad they stepped away. I think the joint venture was a bad mistake and I think it was the last kick at the cat. I`m happy that we`re back drilling."

Anderson, while apologizing for the decreasing value of First Calgary`s stock, said he was certain the small exploration company can recover its share value.

"We went elephant hunting eight years ago in the middle of the Sahara Desert and we found one," Anderson said.

One energy analyst said prior to the annual meeting that First Calgary has had "a tremendous record" in terms of drilling but that the company will have to transform itself if it wants to go alone in developing its oil and gas finds.

"If they really are going to go to full development, they have to dramatically change the face of the company," Peters & Co. analyst Wilf Gobert said Thursday.

[Kanzler-neu]

First Calgary Petroleum: May Abandon Algerian Oil Block
http://www.rigzone.com/news/article.asp?a_id=26977" target="_blank" rel="nofollow ugc noopener">http://www.rigzone.com/news/article.asp?a_id=26977

CALGARY, NOV 15 Dow Jones Commodities News Select via Comtex -By Norval Scott, Dow Jones Newswires

First Calgary Petroleum (FCP.T) may turn its back on an Algerian oil block with estimated reserves of 100 million barrels of crude if it`s not given more time to appraise it, the company has said.

In addition, although the company has enough working capital to fund its planned 2006 capital program, it will need `significant` external funding to bring its oil and gas reserves in Algeria through to commercial production, it said in a press release last week.

First Calgary`s exploration contract in Algeria`s Yacoub Block 406a, which the company said earlier this year could contain 100 million barrels of crude, ended on Nov. 10, but it`s been granted a three-month extension to complete the appraisal of the results of its ZCH-2 well there.

However, that extension may not give the company enough time to complete its plans, and it may have to cease operations if another extension isn`t granted, First Calgary said in a press release.

"The three-month extension may not allow sufficient time to fully appraise the discovery and assess its commercial viability," it said.

"(First Calgary) will request additional time to complete the ZCH assessment. In the event additional time is not granted, the company may decide to cease further activity on the ZCH discovery," it said.

The block was expected to provide approximately 10% of the company`s estimated future net revenue, the company added. Earlier this year, First Calgary President and CEO Richard Anderson said that the block had estimated reserves of approximately 100 million barrels, and outlined a US$300-500 million, 18-24 month plan to bring the crude onstream.

First Calgary spokesman James Henderson told Dow Jones Newswires that the company had applied for a new extension for Block 406a, and denied suggestions that the company was walking away from the block.

"They haven`t given up on it," he said.

Aside from the Yacoub crude, First Calgary is now looking to bring its gas reserves from Ledjmet Block 405b onstream, with first production targeted for 2008. The development of the block`s total reserves could cost US$2 billion, the company said.

Earlier this year, CEO Anderson said that gas from Ledjmet would be brought onstream in tranches, with production initially at 350 million cubic geet per day, rising to 1.2-1.3 MMcfd.

First Calgary will need to attract additional funding to fulfil these ambitions. Although it can meet its 2006 obligations, "the company will require additional capital to fund future operations and capital spending," it said.

"In addition, the development of the company`s reserves through to commercial production will require significant funding," it added. Spokesman Henderson said that that funding would likely come through attracting project finance.

It`s been a torrid year for First Calgary, which attempted, and failed, to secure a strategic partner or buyer earlier in 2005, as interested suitors balked at the company`s asking price. The company`s share price on the Toronto Stock Exchange has fallen 75% from its February peak of $24.90 a share, to $6.00 a share today.

The company`s now not publicly looking for a bidder and has said it`s looking to develop its Algerian assets on a stand-alone basis. Spokesman Henderson wouldn`t comment on whether the company would accept a takeover offer if one was made today.

(C) 2005 FWN Select. All Rights Reserved

[MaatMod]

Zur aktuellen Diskussion öffnen wir diesen Thread.

MfG MaatMOD

[gold_for_you]

High Leute, wer von euch kennt das Unternehmen ??

[Underworld187]

Antwort auf Beitrag Nr.: 34.564.067 von gold_for_you am 22.07.08 20:48:15

Hallo !

Bin durch eine Email heute aufmerksam geworden, bin durch ein
niederländisches Forum auf die Aktie gestoßen.

Der Vertrag mit Sonatrach klingt sehr gut, der Laden hat einen sehr guten Ruf und ist kein kleiner in der Branche...

Bist Du schon eingestiegen oder hast Du vor einzusteigen ???

Ich selber beobachte noch ein wenig...scheint bei 2 US Dollar einen Boden gebildet zu haben.

[gold_for_you]

Antwort auf Beitrag Nr.: 34.564.194 von Underworld187 am 22.07.08 21:02:47

Sei gegrüßt, bin auch durch ne Werbemail und Recherche darauf gekommen dass der Laden wohl stark ist, ja ich hab ne kleine Posi schon gekauft, könnte ein Renner werden.

[KNORPEL]

[Broker_Hans]

Wenn Kanzler-neu den Tread eröffnet hat laßt bloss die Finger von der Aktie.Nur Beispiel Rolling Thunder größter betrug aller Zeiten.Aktie vorher San Telmo

[Broker_Hans]

Antwort auf Beitrag Nr.: 34.574.212 von Broker_Hans am 24.07.08 00:29:28

Die haben auch ihr Oil vom Aldi geholt.Wo angeblich Oil sein sollte war Bauerhof und leere Fässer.Aber Googlt mal und schaut selbst

[Broker_Hans]

Antwort auf Beitrag Nr.: 16.929.766 von Kanzler-neu am 19.06.05 17:34:57

Kanzler-neu sag nur unglaublich,steckst du mit denen unter einer Decke?????

[gold_for_you]

Antwort auf Beitrag Nr.: 34.574.431 von Broker_Hans am 24.07.08 06:29:33

High "Broker", warum bist du so negativ für den Wert ??
Den Thread hab ich wieder "aktivieren" lassen, weil die Story spannend aussieht haste die (Werbemail von Wilhelmi nicht gelesen)da scheint´s um FCP zu gehn ??

[gold_for_you]

Antwort auf Beitrag Nr.: 34.564.194 von Underworld187 am 22.07.08 21:02:47

High Underworld, schätze die Leute springen über Pari von Kanada jetzt erst mal drauf, in Kanada z. zt. = 2,57 = 1,60 Euronen, so 1,48-1,6 sind eigentlich die "Wahren Kurse" z.Zt. ohne "Empfehlungsaufschlag" !!

[james-bond-007]

Iss´n interessanter Wert, ein BB sieht "Super-Aussichten" wegen Übernahme-Fantasie, vom Kurspotential will ich gar nicht reden (riesig), vor allem aber Provitabel !! - hab hier mal ein Bein reingestellt, der Wert scheint ein "muss" zu sein !!

[snoopie]

weiß jemand was zum Trading Halt ?

[mrfriendly]

hat jemand mal ein paar Infos...
tolle Performance diese Woche

[Sillak]

Antwort auf Beitrag Nr.: 35.003.214 von mrfriendly am 05.09.08 21:19:34

MILAN, Sept 8 (Reuters) - Italian oil giant Eni SpA (ENI.MI: Quote, Profile, Research) said on Monday it had agreed to buy Canada's First Calgary Petroleums Ltd (FCP.TO: Quote, Profile, Research) in a deal worth C$923 million.

Sil

[liebgeld]

Antwort auf Beitrag Nr.: 35.020.715 von Sillak am 08.09.08 08:55:45

ja, die wollen zu 3,60 cad übernehemen. Aber ist damit die show nicht schon gelaufen?

[a09876]

Habe über 300 Aktien (Dax, Dow, Nasd. u. a.) auf der Watchlist (sehr viele verschiedene Branchen), die ich jetzt seit 1 Jahr beobachte. Sieger mit immerhin 10% Vorsprung ist First Calgary. In diesen Zeiten finde ich das sehr beeindruckend.