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I've cut out a lot of this as now out of date, leaving just the first post and now, by special request from SWW, here is a weblink and a chart.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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up 15.62% and looking strong, check it out!!
Dexter

morning all,
i think today will bring a real slow down in trades, looking at yesterdays trades it really slowed down after the rns, IMO it was more of a tree shake than anything else. the rns said no deal was imminent, well that is all they could say otherwise it would have been an rns saying the deal was done or not!. a dael could or could not be done at any time, and we won`t know until we get an rns one way or another.what does anyone else think ?
regards,
Dexter

Looks good value at this price !

the rns we have been waiting for!

FirstAfrica Oil PLC
16 January 2006



16 January 2006

Commencement of Drilling

FirstAfrica Oil plc (AIM: FAO) ('FirstAfrica' or 'the Company'), the upstream
African oil and gas company, is pleased to announce the spud of its first well
in the East Orovinyare Oil Field ('EOV Field') offshore Gabon. Further to the
announcement dated 10 January 2006, the Company confirms that the Global Santa
Fe Adriatic IX jack-up rig is on location and commenced drilling of the EOV-4
appraisal/development well on Saturday, 14 January 2006. The Company expects
drilling and testing of EOV-4 to be completed by late February.

EOV-4 will be followed by three additional development wells to be drilled by
the Global Santa Fe Adriatic VI jack-up rig which is due to arrive in the field
in April 2006. Production is scheduled to commence in the 4th Quarter of 2006.
The Company expects to soon announce details relating to the financing of the
drilling programme.

ENDS

For further information, please contact:

FirstAfrica Oil plc
Robert Kirchner, Chief Executive
Tel: +44 (0)207 908 6280

M:Communications
Stuart Leasor
Tel: +44 (0) 207 153 1527



This information is provided by RNS
The company news service from the London Stock Exchange

Going to be a big day tomorrow.

"The Company expects to soon announce details relating to the financing of the
drilling programme"

Except this indicates a share placing.

Otherwise very promising.

I'll dip my toe........

I'm afraid I'm already up to my ankles - in since 10p on early re-listing after changing its nature to an oiler. So here's hoping my tenacity will pay off.

sd

I'm in for a few more from the off too.

So whats holding the price down?certainly better then nop's sandhills misadventure, when nop shot to over a pound.

Hi all
SAW - I think whats holding the price down is because there have been more sellers than buyers today, which I found strange (maybe I'm still missing something?)
But according to what I have managed to dig out:
instead of FAO just digging (like most other small ish companies) looking for the oil, their RNS of 31/08/05 stated that after having the technical data further analysed by an independent oil/gas consultant (ECL) - this led to an increase of 30% in resources, with 2p reserve now at 11.45 mln barrels, if not significant at least we know unlike some other companies just digging to find an empty well !??
I've taken a punt, in the believe that come end of year when the production have started and oil WILL be digged up, there will be only one direction for the sp (north). DYOR.

If you check there website the potential,which is what the share price should reflect is alot higher.They have some juicy licences.gilli10, on the17 there were more buys then sells.

It's concern about the fundraising that is keeping it down.

Thks guys, yes that is a very hefty $68mln they're looking at to raise - very ambious indeed, but does that not also indicate it's 'bigger' potential perhaps?
For me, it's a gamble I'm willing to take, having just re-entered again (I made some profit from them last year when it went above 10p).

Some nice buys going through.

The more buys we get the lower we drift.

Someone getting in on the cheap ?

Worth a look at this price.

moneyman - what's your view as to what's going in with FAO? Is the Chinese deal ever going to happen or is it dead in the water? Will the drilling lift the SP back to where it was (assuming some oil shows up!)? Still haven't really worked out the drift down from 10p to 4p. I'm losing interest in this one - should I stick it out?

sd

Well if you have stuck it out this long then why not wait for an update on the spuds. I notice we have some very rich and influential Board memebers so I am now wondering if we will get a farm out or JV.

Well I'm out of this one as of yesterday - couldn't hang around any longer. Whoever would have thought you could lose so much money on an oil stock in 2005???!!

If the SP shows sign of life, I might try and catch a bit of momentum - just to get my own back - later in the year.

Good luck to all who remain in board - feeels funny jumping ship from a thread I started, but there you go.

sd