CALGARY (CP) -- International oil and gas explorer First Calgary Petroleums Ltd. [TSX:FCP; AIM:FPL] needs an experienced leader to bring a massive Algerian natural gas asset onstream, says a longtime Russian shareholder pushing to remove chief executive Richard Anderson.
A dissident investor group represented by London-based Waterford Finance and Investment Ltd. and Midocean Holdings Ltd. put forward a motion in December calling for Anderson to step down, which will be voted on at First Calgary's annual meeting on April 8.
"In the early days Rick Anderson was great. He secured the deal, he drilled the wells, he proved up the reserves," Waterford director Michael Kroupeev said Monday in an interview from London.
"It's a different set of skills from exploring to commercializing something and delivering cash flow and results."
It is not clear how much of an ownership stake the dissident group represents, but Kroupeev said Waterford owns less than 10% of First Calgary.
First Calgary shares traded at about C$24 about three years ago when takeover rumours were swirling around the company, but traded Monday afternoon at C$2.81 in Toronto, off 13 cents on the day, with a 52-week high and low of C$6.13 and C$1.80.
The dissidents intend to shake up First Calgary's board, which would then choose a new chief executive who "has fire in his gut to deliver the results and make money for the shareholders," said Kroupeev.
"My preference would be a strong candidate, who has done this type of development in time and on budget."
First Calgary spokesman Jeff Angel said it's "potentially very destructive" to remove Anderson at a crucial time for the company, which has been developing the North African gas properties in partnership with Algeria's state-owned oil company, Sonatrach.
Production is not expected for another two years from the properties in the Berkine basin in the Sahara desert, about 2,000 kilometres south of Algeria's Mediterranean coast.
"Calling for Rick Anderson's removal is kind of like pulling a pitcher in the bottom of the eighth in the middle of a no-hitter," said Angel.
"He has spent over a decade nurturing the very key relationships that are necessary to doing business in Algeria."
On a shoestring budget, Anderson was able to raise money and find the Algerian asset, which is estimated to contain 600 million barrels of oil equivalent, said Angel.
"Let's put it in perspective: that's a big find if you're Exxon Mobil," he said.
"We are laser focused on getting to production as quickly as we can and also looking at getting back to our exploration and development routes."
The dissident shareholders have not put forward any plans for the company other than the removal of its chief executive - something that makes Angel suspicious of their motives.
"If they are trying to get control of First Calgary without paying a premium, that is not in the best interest of the shareholders."
(c) The Canadian Press 2008
