FDC Financial Dev

RNS Number:0698I
AIM
01 February 2005


          ANNOUNCEMENT TO BE MADE BY AIM APPLICANT AT LEAST 10 BUSINESS 
                             DAYS PRIOR TO ADMISSION

ALL APPLICANTS MUST COMPLETE THE FOLLOWING:


COMPANY NAME:

Financial Development Corporation plc (Changing name to FirstAfrica Oil plc)


COMPANY ADDRESS:

14 Kinnerton Place South, London (changing to 2nd Floor, 1 Cavendish Place, 
London)


COMPANY POSTCODE:
SW1X 8EH (changing to W1G 0QD)


COUNTRY OF INCORPORATION:
England & Wales


COMPANY BUSINESS:

FirstAfrica Oil will have a specific focus on the acquisition and development of
discovered reserve opportunities in the form of marginal oil fields and
exploration opportunities in Africa that have commercial potential.


DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares,
nominal value and issue price):

1,122,481,110 Ordinary shares of 0.1 pence each Currently there are 361,365,823
ordinary shares of 0.1 pence each admitted to AIM

CAPITAL TO BE RAISED ON ADMISSION:

N/a


FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:

Current Directors

Gordon James Hall, Executive Chairman
Paul Andrew Peter Foulger, Finance Director

Proposed Directors

Brian Michael Menell, Executive Chairman
Gordon James Hall, Non-Executive Director
His Highness Sheikh Maktoum Hasher Maktoum
Al Maktoum, Deputy Non-Executive Chairman
Michael Joseph Jones, Chief Executive Officer
Robert Gordon Rainey, Chief Financial Officer
Alain Rufin Mizelle, Director of Exploration
Dr Anthony Marsh, Non-Executive Director


PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A
PERCENTAGE OF THE ISSUED COMMON SHARE CAPITAL STATING WHETHER BEFORE OR AFTER
ADMISSION:

Please see Table 1 at end of this document.


NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE
2, PARAGRAPH (G) OF THE AIM RULES.

N/A


ANTICIPATED ACCOUNTING REFERENCE DATE:

29 February


EXPECTED ADMISSION DATE:

8 January 2005


NAME AND ADDRESS OF NOMINATED ADVISER:

Evolution Securities Limited, 9th Floor, 100 Wood Street, London EC2V 7AN


NAME AND ADDRESS OF BROKER:

Evolution Securities Limited, 9th Floor, 100 Wood Street, London EC2V 7AN


DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE
AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE
APPLICANT AND THE ADMISSION OF ITS SECURITIES.

Evolution Securities Limited, 9th Floor, 100 Wood Street, London EC2V 7AN


DATE OF NOTIFICATION:

1 February 2005


NEW/ UPDATE (see note):

New


LISTED APPLICANTS MUST ALSO COMPLETE THE FOLLOWING:


DETAILS OF THE APPLICANT'S STRATEGY FOLLOWING ADMISSION INCLUDING, IN THE CASE
OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY

The Company will continue to fund its exploration and development of its
upstream oil prospects in Gabon and through its service agreement with Energem
consider other upstream oil opportunities in Africa. In addition, the Company
may choose to exercise its options over interests in Chad and Congo
(Brazzaville)


A DESCRIPTION OF ANY SIGNIFICANT CHANGE IN FINANCIAL OR TRADING POSITION OF THE
APPLICANT, WHICH HAS OCCURRED SINCE THE END OF THE LAST FINANCIAL PERIOD FOR
WHICH AUDITED STATEMENTS HAVE BEEN PUBLISHED OR AN APPROPRIATE NEGATIVE
STATEMENT

There has been no significant change in the financial or trading position of
Financial Development Corporation since 29 February 2004, being the date to
which the latest audited results of the Company were prepared, save as disclosed
in the unaudited interim results for the 6 months ended 31 August 2004 announced
on 27 September 2004.


A STATEMENT THAT THE DIRECTORS OF THE APPLICANT HAVE NO REASON TO BELIEVE THAT
ITS WORKING CAPITAL WILL BE INSUFFICIENT FOR AT LEAST TWELVE MONTHS FROM THE
DATE OF ITS ADMISSION

The Directors are of the opinion, having made due and careful enquiry, that the
working capital available to the Enlarged Group will, from the time of
Admission, be sufficient for its present requirements, that is for at least the
12 months following the date of Admission.


DETAILS OF ANY LOCK-IN ARRANGEMENTS PURSUANT TO RULE 7 OF THE AIM RULES.

Certain of the proposed holders of the Consideration Shares representing in
aggregate a total of 51.00 per cent. of the Enlarged Issued Share Capital have
entered into Lock-in Deeds. Under the terms of such Lock-in Deeds they have
agreed with Evolution Securities that they will not dispose of any Ordinary
Shares or interests therein (save in limited circumstances) for the Lock-in
Period. Gordon Hall and Dr Anthony Marsh have each entered into a Lock-in Deed
in respect of their respective Bonus Shares, under the terms of which they will
not, for the duration of the Lock-in Period (and subject to certain exceptions)
dispose of such shares or any interest in them.

                                    Post-Admission holding and percentage
                                       of Enlarged Issued Share Capital

                                    Number of Ordinary     Percentage of issued
                                      Shares following  share capital following
                                             Admission                admission

Energem Petroleum                           75,187,942                     5.07
Gartmore Investment Limited                 60,033,333                     4.05
GGPC Montreal                              681,573,993                    45.93
Meridian Natural Resources Fund             51,372,906                     3.46
RAB Energy Fund Limited                    119,452,901                     8.05
UK Dynamic Fund                            102,745,813                     6.92



                      This information is provided by RNS
            The company news service from the London Stock Exchange
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