CALGARY, Aug. 30 /CNW/ - First Calgary Petroleums Ltd. (FCP or the
Company) announces that David Savage has joined FCP as interim Director of
Corporate Finance following the decision by John van der Welle to step down at
the end of August as the Company's Finance Director and CFO. John will become
Sector Head of Oil & Gas at the Royal Bank of Scotland, but will remain on the
Board of FCP as a non-executive Director.
David has over 30 years of international banking experience and was
formerly Executive VP and Global Head of Corporate Finance, Commerzbank AG,
with significant expertise in project finance and other structured finance and
advisory work, including in relation to the oil and gas industry. He is a
graduate of the Harvard Business School and University of Rochester. David
will principally work on the financing of FCP's MLE oil and gas development on
Block 405b in Algeria.
A process is underway to identify a new Finance Director/CFO for FCP.
Richard Anderson, President and CEO commented:
"Our ongoing work on financing for the MLE development continues to make
good progress, and we are delighted to have David Savage's extensive financing
experience available to us. FCP is making excellent progress on both the
development of the MLE field and the drilling programme where the Company is
achieving continued success. An operational update will be made in due
"On behalf of Management I would like to thank John van der Welle for the
excellent contribution he has made to FCP since he joined at the end of 2005.
I am delighted he will be remaining with the Company in a non-executive
capacity, as he will continue to provide the Board with valuable guidance on
financial and other matters."
First Calgary Petroleums Ltd. is an oil and gas exploration 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 UK
This news release includes statements about expected future events and
financial results that are forward looking in nature and subject to risks and
uncertainties. FCP cautions that actual performance may be affected by a
number of factors, many of which are beyond its control. Future events and
results may vary substantially from what First Calgary Petroleums Ltd.
For further information:
For further information: contact First Calgary Petroleums Ltd.: Richard
G. Anderson, President and CEO, Tel: (403) 264-6697; John van der Welle,
Finance Director and CFO, Tel: +44 (0) 20 3159 4010; Other Contacts: James
Henderson, Pelham Public Relations, Tel: +44 (0) 20 7743 6673; Carina Corbett,
4C - Burvale Limited, Tel: +44 (0) 20 7559 6710; Nominated Adviser: John
Wilkes, David Nabarro, Nabarro Wells & Co. Limited, Tel + 44 (0) 20 7710 7400