New Projects and good prospects. will be the winner in 2004. IMO
25p in early 2004

PCI presenting at Oilbarrel on April 3.

Not surprising Craven and O'Cathain are attending Oilbarrel!!!

First Calgary unveils defence against rebels
By Jonathan Sibun
Last Updated: 12:24am GMT 23/03/2008



The beleaguered chief executive of First Calgary Petroleums, the Aim-listed gas exploration group, has refused to rule out a takeover of the company as he fights efforts by dissident shareholders to oust him.

Richard Anderson, who joined First Calgary in 1998 after it discovered natural gas deposits in Algeria, has come under attack from UK-based shareholder Waterford Finance and Investments which has claimed the chief executive's "leadership style" is damaging the company.

Speaking to The Sunday Telegraph, Anderson said First Calgary had received takeover inquiries but said that while the company was open to "legitimate approaches", in light of the depressed share price it would not "waste time with a bunch of tyre kickers".

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In a counter-attack to be launched this week, Anderson and other top directors are to meet with shareholders to try to quell their concerns and undermine Waterford's campaign.

The activist investor last week sent a proxy circular to First Calgary shareholders calling for Anderson and other executives to be ousted. The circular claims Anderson's pay doubled between 2005 and 2007 while the company's share price fell 85 per cent.

Waterford, which is backed by Russian investors, said: "Waterford believes the responsibility for this debacle, and the inability of First Calgary to recover since, rests firmly on the CEO."

First Calgary's board has already underlined its intention to vote against Waterford's proposal. In a series of meetings with shareholders in London, the US and Canada ahead of the annual general meeting on April 8, Anderson will outline why he should remain in charge.

on 28th November, Hermana said, "post that inane comment in 3 months time" ..... well here it is! ...... "ima(rrogant)o, PCI is another crap mini-minnow which is best avoided, as are 95% of such companies" ..... for the record, sp was then about 8p (i think), and today languishes at 7p

cynic,mea culpa. These markets are in a sick state. Still expect PCI to turnaround by Q3,2008 but how the markets in general will be....

promise i was only having a little tease .... by the way, what's all the crap about first calgary? ..... any relevance to pci?

cynic,only that it is struggling to get Algerian production into place!

Anybody here attending Oilbarrel Conference this Thursday,April 3?

The rigor mortis rumours are exagerrated! Signs of life seeping back here.

if you want to see why backing mini-minnow E&P oilies is so often a crap gamble, have a look at the charts of this (PCI), ELP and EEL ..... shame i did not have the foresight and balls to short!

.

cynic,that ship has sailed...

closer to sunk is nearer the mark in all three cases

cynic,glass half empty person?

nope .... just a purveyor of reality to those under "pixy dust" delusions

Word is results out Thursday.

Coffee flask and potty out for AM start.

i gave up on this share.....its making a comeback

scot,never give up on Baldy Craven.

Anybody any idea what will be revealed on Monday? Late 2008 Algerian drills is my guess

JV with Sonatrach and a european utility hopefully,there could be life in the old dog yet.