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I've cut out a lot of this as now out of date, leaving just the first post and now, by special request from SWW, here is a weblink and a chart.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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That will be another one lined up against the wall then?

FirstAfrica Oil PLC
15 November 2006


15 November 2006

FirstAfrica Oil PLC ('FirstAfrica' or 'the Company')

NSAI Reserves Report

Further to the announcements made on 26 October 2006 and 9 November 2006,
FirstAfrica announces the finalisation of the reserve audit carried out by
Netherland, Sewell & Associates ('NSAI') on the East Orovinyare Oil Field ('EOV
Field'), offshore Gabon.

Oil Volumes

Following the completion of the drilling programme in the EOV Field, NSAI
conducted an audit of the Company's reserves. NSAI, which finalised its audit
report on 13 November, conducted a full review of the reservoir structure and
drilling results and calculated production profiles for each of the wells. Due
to time limitations however, NSAI did not develop a full economic model and so
have produced results citing the SPE definition of 'Contingent Reserves' as
follows:

Level STOIIP Unrisked Gross Estimated
(MBBL) (100 Percent Recovery Factor
Contingent Oil (pct)
Resources
(MBBL)
Low Estimate 16,352 4,096 25.0
Best Estimate 23,590 7,394 31.3
High Estimate 30,647 12,371 40.4


The 'Best Estimate' resource figure of 7.4 million barrels compares with the
previously estimated 10.5 million barrels (2P) reserves. NSAI's estimated
barrels of oil reflects the following:

The adoption by NSAI of a slightly lower STOIIP volume as the basis of
their estimate; and
The application by NSAI of a lower recovery factor.

The board believes that the economics as stated in the circular to shareholders
of 3 October 2006 are not supported by the revised resource figures provided by
NSAI stated above. The Board is therefore carrying out a re-appraisal of the
best way of developing the EOV Field and is actively pursuing a number of
different options for financing the company's activities going forward.

FirstAfrica's ordinary shares remain suspended on AIM. Further announcements
will be made in due course.

OF Interest


15 November 2006
European stocks dip on high oil prices
Reuters

European shares eased yesterday as rising oil prices weighed and investors cashed in recent gains from the nearly completed earnings reporting season, amid scepticism that markets will move higher.

"For the first time since early 2004, more investors now see equities as overvalued as opposed to undervalued," Merrill Lynch said in a summary of a global fund manager survey.

Among few notable gainers was Spanish telecoms firm Telefonica, which advanced 1.2 per cent after raising its 2006 forecasts following solid earnings in the first nine months. The pan-European FTSEurofirst 300 index fell 0.4 per cent to 1,461.48 points, mirroring activity on Wall Street where the Dow Jones industrial average fell 0.3 per cent.

Despite yesterday's dip, the index of leading European shares is up nearly 14 per cent so far this year on a boom in takeovers and solid earnings. It hit a 5-1/2 year high of 1,473.4 last week.

Across Europe, the FTSE 100 index fell 0.1 per cent, Paris's CAC 40 was down 0.3 per cent, and Frankfurt's DAX lost 0.1 per cent. A drop in US core producer prices and a smaller-than-expected decline in US retail sales briefly eased inflation worries but failed to provide a lift as many investors are growing sceptical about whether equity markets will move much higher.

"Investors continue to struggle to see how corporate profits can surprise positively over the coming year," Merrill Lynch said.

"With equities up almost 10 per cent over the past three months, valuations have taken the strain," the bank added.

Analysts said high oil prices, up 0.4 per cent to $58.83 a barrel, also weighed on markets.

Swiss drug maker Novartis fell 1.9 per cent, extending a loss on Monday after it reported a delay for its key diabetes drug Galvus.

Deutsche Boerse was down 1.8 per cent after sources close to the Frankfurt stock exchange operator told Reuters it was seriously considering dropping its bid for pan-Europan rival Euronext.

BowLeven Plc
15 November 2006


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO
AUSTRALIA, CANADA, JAPAN OR THE UNITED STATES


15 November 2006


Possible Recommended Offer by BowLeven plc ('BowLeven') for FirstAfrica Oil plc
('FirstAfrica')


BowLeven announces that it has approached the Board of FirstAfrica with the
outline terms of a possible offer for the entire issued and to be issued
ordinary share capital of FirstAfrica (the 'Proposed Offer'). The Board of
FirstAfrica has indicated its support for the principles of the Proposed Offer.
The suspension of FirstAfrica's ordinary shares from trading on AIM was
announced on 9 November 2006 pending clarification of FirstAfrica's financial
position.


BowLeven believes the Proposed Offer offers attractive value for FirstAfrica
shareholders.


BowLeven holds interests in three blocks offshore Cameroon, one of the most
attractive oil and gas exploration areas in West Africa, and has substantial
experience within its management team of developing offshore upstream oil and
gas projects. There is clear logic in combining the asset portfolios of
BowLeven and FirstAfrica and using BowLeven's existing financial resources and
additional financing to be raised by BowLeven to bring, in particular,
FirstAfrica's East Orovinyare Oil Field offshore Gabon into production.


The Proposed Offer


Subject to the satisfaction or waiver of the pre-conditions set out below, and
on the terms and conditions to be set out in any firm offer announcement,
BowLeven is prepared to make an offer of one BowLeven ordinary share for every
190 ordinary FirstAfrica shares.


The Proposed Offer values the existing issued share capital of FirstAfrica at
approximately 30.2 million based on the closing price of 214.5 pence per
BowLeven share on 14 November 2006.


This represents a premium of 25.4 per cent. to the price of 0.9 pence per
FirstAfrica share at the point the ordinary shares of FirstAfrica were suspended
from trading on AIM on 9 November 2006 and a premium of 21.4 per cent. to the
average closing price of 0.93 pence per FirstAfrica share for the 30 calendar
days ending on 9 November 2006.


Pre-conditions


The pre-conditions to the Proposed Offer include:


completion of confirmatory due diligence to the satisfaction of BowLeven;
BowLeven raising the appropriate financing for the enlarged group; and
the formal recommendation of the Proposed Offer by the FirstAfrica Board.


BowLeven reserves the right to waive, in whole or in part, any of the above
pre-conditions at its discretion. In the event that BowLeven were to acquire
FirstAfrica it would assume its assets and liabilities at completion.


Other matters


BowLeven also intends to make appropriate offers to the holders of options.


This announcement does not constitute an announcement of a firm intention to
make an offer under Rule 2.5 of the City Code on Takeovers and Mergers (the
'Code'). Accordingly, there can be no certainty that any offer will ultimately
be made, even if the pre-conditions to the Proposed Offer are satisfied or
waived.

BLVN showing real worth of FAO?

;-)))

sad but true BIG Al !! :)

This is the flip side of all this oil speculation IMO. It ain't all up, up and away, folks!

As ever, it's the punters that get taken for a ride - usually downwards.

Big Al whats your thoughts on BLR ?

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!!!!!!!