First Calgary Petroleums Ltd. (FCP or the Company) announces that David Savage has joined FCP as interim Director of Corporate Finance, following the decision by John van der Welle to step down at the end of August as the Company’s Finance Director and CFO. John will become Sector Head of Oil & Gas at the Royal Bank of Scotland, but will remain on the Board of FCP as a non-executive Director.
David has over 30 years of international banking experience and was formerly Executive VP and Global Head of Corporate Finance, Commerzbank AG, with significant expertise in project finance and other structured finance and advisory work, including in relation to the oil and gas industry. He is a graduate of the Harvard Business School and University of Rochester. David will principally work on the financing of FCP’s MLE oil and gas development on Block 405b in Algeria.
A process is underway to identify a new Finance Director/CFO for FCP.
Richard Anderson, President and CEO commented:
“Our ongoing work on financing for the MLE development continues to make good progress, and we are delighted to have David Savage’s extensive financing experience available to us. FCP is making excellent progress on both the development of the MLE field and the drilling programme where the Company is achieving continued success. An operational update will be made in due course.”
“On behalf of Management I would like to thank John van der Welle for the excellent contribution he has made to FCP since he joined at the end of 2005. I am delighted he will be remaining with the Company in a non-executive capacity.”