Buchanan secures FirstAfrica Oil brief

Canadian oil and gas exploration company Energem Resources has expanded its relationship with Buchanan Communications for the AIM listing of its new cash shell FirstAfrica Oil.

Buchanan, which has handled relations with Toronto-listed Energem’s UK shareholders for the past 18 months, is now also handling financial comms for FirstAfrica, which listed on AIM last Wednesday.

FirstAfrica was created by the sale of Energem’s upstream assets in Gabon, Chad and Congo Brazzaville to Financial Development Corporation, which was subsequently renamed FirstAfrica. The company’s AIM listing is the largest London listing so far this year, valuing FirstAfrica at around £117m. FDC was previously the PR group Hansard.

Energem retains a stake of just under 50 per cent in FirstAfrica, which is to focus on the acquisition and development of discovered reserves in marginal oil fields and exploration opportunities in Africa.

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