The Canaccord Capital Corporation plans to increase its current equity offering to First Calgary Petroleums (FCP) by an additional 15 million Canadian dollars ($9.8 million). Net proceeds of the offering will be used for exploration expenditures in Algeria in which the Corporation holds an interest and for working capital purposes.
The full 14,893,620 common shares will be sold at a price of CDN 2.35 each, resulting in gross proceeds to the company of CDN 35 million. The transaction is subject to normal regulatory approval and is being offered in certain provinces by way of a short form prospectus and on a private placement basis elsewhere.
Earlier this month, FCP made a gas discovery at its 100 percent held Ledjmet Block in Algeria. Production liner was set to a total depth of 4,390 meters in the MLE-2 discovery well. The MLE-2 well has in excess of 140 meters of net pay in six zones, as compared to 60 meters of net pay in the nearby MLE-1 gas well. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
