Oilexco Incorporated (

TSX The Toronto Stock Exchange (TSX; french: Bourse de Toronto) is a stock exchange located in Toronto, Ontario, Canada. It is the 10th largest exchange in the world and the third largest in North America based on market capitalization. Based in t ...

: OIL, LON: OIL) was an

oil An oil is any nonpolar chemical substance that is composed primarily of hydrocarbons and is hydrophobic (does not mix with water) & lipophilic (mixes with other oils). Oils are usually flammable and surface active. Most oils are unsaturated ...

and

gas Gas is one of the four fundamental states of matter (the others being solid, liquid, and plasma). A pure gas may be made up of individual atoms (e.g. a noble gas like neon), elemental molecules made from one type of atom (e.g. oxygen), or ...

exploration and production company. The company's producing properties and exploration activities were located in the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...

Central

North Sea The North Sea lies between Great Britain, Norway, Denmark, Germany, the Netherlands and Belgium. An epeiric sea, epeiric sea on the European continental shelf, it connects to the Atlantic Ocean through the English Channel in the south and the ...

, specifically in the Outer Moray Firth and Central Graben areas. In June 2007, oil production commenced from the company's first operated offshore field developments, the 100% owned Brenda Field and the 70% owned Nicol fields. The company had a wholly owned subsidiary, Oilexco North Sea Limited (ONSL), which is based in

Aberdeen Aberdeen (; sco, Aiberdeen ; gd, Obar Dheathain ; la, Aberdonia) is a city in North East Scotland, and is the third most populous city in the country. Aberdeen is one of Scotland's 32 local government council areas (as Aberdeen City), and ...

, Scotland. The company entered

administration Administration may refer to: Management of organizations * Management, the act of directing people towards accomplishing a goal ** Administrative Assistant, traditionally known as a Secretary, or also known as an administrative officer, admini ...

in early 2009 and ONSL was eventually bought over by independent British oil company

Premier Oil Premier is a title for the head of government in central governments, state governments and local governments of some countries. A second in command to a premier is designated as a deputy premier. A premier will normally be a head of governm ...

in June 2009.

History

Oilexco was founded in 1994 and currently trades on the over-the-counter exchange (OTCBB) under the symbol "OILXF". On 8 September 2006 Oilexco was added to the TSX Composite Index. Their first day of trading as part of the index was 18 September 2006. On 29 June 2007 their shares began trading on the main market of the LSE.

Problems at Oilexco North Sea Limited

On 7 January 2009, Oilexco North Sea Limited filed for administration due to financial constraints facing its North Sea operations. On 25 March 2009, it was announced that

has proposed an acquisition of Oilexco North Sea Limited for $505m (£346m), launching a

rights issue A rights issue or rights offer is a dividend of subscription rights to buy additional securities in a company made to the company's existing security holders. When the rights are for equity securities, such as shares, in a public company, it can b ...

for £171m and securing bank loans to fund the acquisition.

Saddam's oil vouchers

The company received 1 million barrels worth of oil vouchers in the United Nations

Oil-for-Food Programme The Oil-for-Food Programme (OIP), established by the United Nations in 1995 (under UN Security Council Resolution 986) was established to allow Iraq to sell oil on the world market in exchange for food, medicine, and other humanitarian needs f ...

, according to the paper ''"The Beneficiaries of Saddam's Oil Vouchers: The List of 270"''.

References

{{reflist

External links

Oilexco Incorporated Company Website
Defunct oil and gas companies of the United Kingdom Oil companies of the United Kingdom