The new board of Canadian independent First Calgary, fresh from a dissident shareholder move which forced a chief executive out of his job, said it will approach European lenders in the quarter for “acceptable terms” on financing for its MLE project in Algeria.

Company net loss had reportedly widened to $12 million ahead of production from the giant field.

New chief exec, Shane O’Leary, said operations continued apace ahead of finding the money to pay a big contractor after chosign one in second-half 2008. Ten bids received to build a gas gathering system and export system for line pipe boded well for first gas by second-half 2010.

O’Leary reported his new board consists of five previous directors of FCP, including Gar Emerson as chairman, and four new independent directors with strength in the oil and gas sector.

Gas compressor and turbo-expander orders are to be issued in the second quarter of 2008.

Tags: First Calgary Petroleums