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Gold/Mining/Energy : First Calgary Petroleums, Ltd (FCP.T) -- Ignore unavailable to you. Want to Upgrade?

To: Cal Gary who wrote (574)	5/12/2005 11:56:00 AM
From: Cal Gary	Respond to of 603

rigzone.com ONGC Videsh Bids for Canadian Firm with Algerian Interests BBC Monitoring South Asia Monday, May 09, 2005 India's state-owned Oil and Natural Gas Corp has bid for acquiring Canadian oil and gas firm First Calgary Petroleums Ltd [FCP], which owns high potential oil and gas blocks in Algeria. ONGC, through its overseas arm ONGC Videsh Ltd [OVL], has made out two bids - one for acquiring Calgary-based FCP as a whole and the other for acquiring its interest in Ledjmet and Yacoub exploration blocks in Algeria's Berkine Basin, industry sources Related Products D & D Standard Oil Abbreviator, 5th Edition Decision Analysis for Petroleum Exploration, 2nd Ed. said. FCP is listed on the London and Toronto Stock Exchanges. OVL faces competition from European and Chinese firms. At least two European majors have also bid. A top company official confirmed having bid for FCP but refused to give details. "All I can confirm is that we have put in our bid." As on October 31, 2004, independent engineering firm DeGolyer and MacNaughton has estimated the gross proved, probable and possible recoverable reserves to be approximately 13.5 trillion cubic feet of natural gas equivalent (TCFe), consisting of 8.4 trillion cubic feet of natural gas and 860m barrels of oil, condensate and LPG. The reserves are attributed to the Ledjmet 405b and Rhourde Yacoub 406a blocks located in Algeria's Berkine Basin. Sources said FCP would be OVL's second largest investment overseas after the 1.7bn dollar investment in taking 20 per cent stake in Russia's Sakhlain-1 oil and gas fields. OVL, which is on an acquisition spree as demand outpaces domestic oil and gas output, has interests in oil and gas properties in Russia, Sudan, Vietnam, Egypt, Qatar, Yemen, Iran, Iraq, Myanmar, Australia, Ivory Coast and Syria. FCP holds 49 per cent stake in the two blocks with the remaining 51 per cent held by Algerian national oil firm Sonatrach. (C) 2005 BBC Monitoring South Asia. via ProQuest Information and Learning Company; All Rights Reserved