Canadian oil exploration firm First Calgary managed to raise £16.6m for its Aim listing through broker Canaccord. This is not a bad feat in the current market, although expenses ran to more than £1m. The reasons for such investor enthusiasm, and what is a high market cap for an exploration play, centre on the group's interests in Algeria, which are held jointly with state oil company Sonatrach. The most important of these is a 49% stake in the Yacoub block, where it is estimated there are 4bn barrels of oil in lieu. First Calgary is responsible for all of the costs of the $12.8m seismic evaluation and drilling programme there, and intends to drill its first exploratory well later this year. It has other, relatively minor, interests in Algeria and Yemen.

First Calgary Petroleums	AIM	0pm	p	p
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