Hi everyone. I started this thread as FDC - but the copmpany recently changed its name to First Africa Oil (FAO). For completeness (nay, posterity) I've copied the original thread here - only three posts, two by me. So, as you can see I haven't given up trying to let you know about this very interesting prospect in W. Africa on and off shore.

Recently there has been a good deal of very heavy buying and selling since the reverse takeover on 7th Feb by Canadian Minerals comapny Energem's oil interests of FAO, in particular the following RNS on 15th Feb:-

The Company was notified on 14 February 2005 by RAB Capital ("RAB") that, following an
acquisition of 144,930,638 ordinary shares of 0.1p each ("Ordinary Shares") on 8
February 2005, RAB currently holds a total of 144,930,638 Ordinary Shares
representing 9.76 per cent. of the Company's issued Ordinary Share capital.

Now RAB has significant positions in FOGL and FGML and I believe many other similar oils/minerals co's and is no fool when it comes to taking large chunks of highly speculative early ventures.

I've cut out a lot of this as now out of date, leaving just the first post and now, by special request from SWW, here is a weblink and a chart.

Good luck.

Stock Dog

http://www.firstafricaoil.com/index.asp



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Know nothing about them, smiler o. Sorry

Where's georgetrio ?

His little fish is about to be swollowed whole and shat out again.

I reckon Emergen may have some say in this before the dust settles, the question is, do they want the EVO expense or not?

They hold just a faiir propotion of FAO in paper at 6pence per share, so they wont want to sell that off for less imo.

Doubt any bid will be anywhere near that, so also imo this bid will fail as BLVN have cash but will not want to pay more than, say 2.5p per share as it stands.

SWW I was thinking that a few days ago wheres george gone, 11th Oct his last post ?? I still hold 20000 shares, lucky i sold 70% at 3p for some erx ??

I'll let you know about ERX, I have a few too(very few).

georgetrio had lots of little fishes as I recell, and most of them from what I see are not doing too well, till now perhaps.

You know Ihad some FAOand dumped out a while back, I can't say even this development would persuade me to come back, (if they were not curently suspended), no Emergen hold the trump card here, they may want to wind FAO up in which case they get EVO for a fraction of the net worth.

Okay it more compicated than that, but I have always suspected Emergens motives in setting up FAO in the first place.

SWW---2.5P That would be a nice recovery, just below the 2.6p I paid for them, I suspect georgetrio has trouble with his/her r's, what he/she really meant was that these little fishes would fry, not fly.
2517

Time will tell me thinks, I also hold BLR a small tic up this week ?? :)

CORRECTION BowLeven approaches FirstAfrica with 30.2 mln stg takeover offer
AFX


(Correcting figure in headline)

LONDON (AFX) - Oil and gas company BowLeven PLC said it has approached FirstAfrica Oil PLC with a potential takeover offer, valuing the company at about 30.2 mln stg.

FirstAfrica's board has, in principle, expressed its support for the offer, BowLeven said.

BowLeven, which currently focuses on Cameroon, is offering one of its own shares for every 190 FirstAfrica shares.

Based on BowLeven's closing share price of 214.5 pence yesterday, this values FirstAfrica at around 30.2 mln stg, equivalent to a premium of 25.4 pct on the target company's share price of 0.9 pence prior to its suspension from AIM on Nov 9, it said.

newsdesk@afxnews.com

abr



COPYRIGHT

Share Price (p) as of 09/11/06 1.00
Shares in Issue (Current) (m) 53480000


Value put on FAO is 30.2 MIL

My idea of doing these sums is never too good but I think that looks like Emergens 6p is taken care of.

I have to be wrong, it can't be that good, maybe I am missing a decimal in which case they are stealing it for .6 of a penny.

Anyone?

Yep its's .58 of a penny

But if you divide the total shares by 190 then x by 214.5 you get value of
603 761.04 for company so what am I doing wrong and will we actually get 6p per share? Sorry to be so thick!

You and me both maggie!

Where did you get your figures from?

Mine are from here in Company research

I took them of your post But have checked and TDW give no of shares as 2930.8m if you divide that by 190 and x by 2.145 it works out at 3.3m so we're not getting 6p per share, pity I would have got my money back!!!!!!!

Sorry maggie, but was I close? or did they not say.

Thought 6p was toooooooo good to be true I don't have that luck but maybe the insts will drag it up for us anyway advise seems be be to take the shares.

FirstAfrica Oil CEO Robert Kirchner resigns
AFX


LONDON (AFX) - FirstAfrica Oil PLC said Robert Kirchner has resigned as chief executive officer with immediate effect.

His duties will, for the foreseeable future, be carried out by John Bentley, executive chairman.

The company asked to have its shares suspended on Nov 9 pending clarification of its financial position. On Nov 15, FirstAfrica received

notification from BowLeven plc of a possible offer for its entire issued share

capital. It said today that further details on the company's future will be announced shortly.

is not BowLeven under a cloud at best? ...... if so, is this not a bit like the dead asking for a brain transplant?

Sums it up I think.

Their reasons for going for FAO is to build a production platform on the cheap imo.

Emergen may have other ideas, and it won't be to outbid them.

FAO owe Emergen, plus Emergen have quite a large holding in the Company.

I will be surprised if this goes to BLVN.

BowLeven plc

for

FirstAfrica Oil plc


Summary of the Offer:


The Boards of BowLeven and FirstAfrica are today pleased to announce
that they have reached agreement on the terms of a recommended all share
offer to be made by Jefferies International on behalf of BowLeven for the
whole of the issued and to be issued share capital of FirstAfrica.

Under the terms of the Offer, FirstAfrica Shareholders will be entitled
to receive 1 New BowLeven Share for every 190 FirstAfrica Shares. There will
be no cash alternative.

The Offer values the entire existing issued share capital of FirstAfrica
at approximately 30.1 million (involving the issue of up to 14,082,602 New
BowLeven Shares) and each FirstAfrica Share at approximately 1.13 pence,
based on the Closing Price of 213.75 pence per BowLeven Share on 22 November
2006, being the last Business Day prior to the date of this Announcement.

The Offer, based on the Closing Price of 213.75 pence per BowLeven share
on 22 November 2006, represents a premium of:

- 25.0 per cent. to the Closing Price of 0.9 pence per FirstAfrica Share
on 9 November 2006, being the date on which FirstAfrica Shares were
suspended from trading on AIM; and

- 21.0 per cent. to the average Closing Price of 0.93 pence per FirstAfrica
Share for the 30 calendar days ended 9 November 2006.

The BowLeven Directors believe the Offer represents an excellent
opportunity for BowLeven in that:

- the combination of BowLeven's and FirstAfrica's respective asset
portfolios creates a significant, operated and focused West Africa
position;

- it will diversify BowLeven's single country exposure whilst maintaining
regional focus;

- BowLeven's management has considerable experience in developing
offshore upstream projects to apply to the development of the EOV Field
in particular;

- BowLeven intends to revise and optimise the field development plan for
the EOV Field;

- BowLeven's existing financial resources and additional financing can be
used to bring the EOV Field into production;

- the EOV Field should provide an opportunity for mid/near term cash flow
with first oil anticipated in the second half of 2008; and

- FirstAfrica's exploration potential augments BowLeven's existing 100
per cent. operated acreage position.

Irrevocable undertakings to accept, or procure acceptance of, the Offer
representing approximately 29.0 per cent. of FirstAfrica's existing issued
share capital have been received by BowLeven........


http://moneyam.uk-wire.com/cgi-bin/articles/200611230700525712M.html

How will they pay?

BowLeven plc ('BowLeven' or the 'Company')


THIS ANNOUNCEMENT, INCLUDING THE APPENDIX, IS NOT FOR RELEASE, OR PUBLICATION OR
DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
CANADA, AUSTRALIA OR JAPAN


23 November 2006


Proposed placing of 20,863,637 new Ordinary Shares of 10p each at a price of
220p per Ordinary Share to raise approximately 45.9 million and grant of option
to Suntera Resources Limited to subscribe, by way of private placement, for
5,500,000 new Ordinary Shares of 10p each at a price of 220p per Ordinary Share.............

http://moneyam.uk-wire.com/cgi-bin/articles/200611230700565713M.html

Values............each FirstAfrica Share at approximately 1.13 pence