Oilexco Awarded Multiple New Licenses in UK North Sea
07:19 EST Thursday, November 13, 2008
CALGARY, ALBERTA--(Marketwire - Nov. 13, 2008) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX:OIL)(LSE:OIL) is pleased to announce that it has been awarded 8 new licenses in the 25th UK Offshore Licensing Round by the Department of Energy and Climate Change. Five of the blocks were awarded to Oilexco 100%, and for the remaining three blocks the Company was awarded 50% interests.
Arthur Millholland, President and CEO commented, "This particular licensing round was considered by many in the industry to have the most desirable properties available in the last number of years. We are extremely pleased that we were able to obtain so many of the Licences we bid on, and our reputation as being the most active driller in the UK since 2004 no doubt assisted our efforts."
The blocks awarded to Oilexco have a number of qualities consistent with the Company's overall strategy including ones containing previous oil discoveries, close proximity to existing Company properties (Bugle and Kildare for example), and availability of 3D seismic. The specific blocks are listed in the table below:
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Block Equity Interest
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14/30b 50%
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15/23e 50%
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29/1c 50%
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15/26e 100%
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15/30b 100%
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21/24b 100%
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23/26c 100%
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29/7b 100%
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About the Company
Oilexco is an oil and gas exploration and production company active in the United Kingdom. Oilexco's producing properties, exploration and development activities are located in the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. Oilexco operates in the United Kingdom through its wholly owned subsidiary, Oilexco North Sea, a company registered under the laws of England and Wales. Oilexco shares are listed for trading on the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX) under the symbol "OIL".
Oilexco Provides Financing Update
15:05 EST Wednesday, November 12, 2008
CALGARY, ALBERTA--(Marketwire - Nov. 12, 2008) - Oilexco Incorporated ("Oilexco" or "the Company") (TSX:OIL) (LSE:OIL) is pleased to advise that Oilexco North Sea Limited has been able to negotiate an extension of Pounds Sterling 70 million of its Pounds Sterling 100 million Pre-Development Facility from the current repayment date of January 31, 2009 to November 30, 2009. This facility, provided by The Royal Bank of Scotland, is subject to certain conditions, including the repayment of at least the balance of Pounds Sterling 30 million of the facility on or before January 31, 2009.
Arthur Millholland, President and CEO stated, "We are pleased to be able to announce this extension with the Royal Bank of Scotland as we continue our financing activity in this very difficult market, demonstrating their continued support for the Company. Oilexco will provide a further update on good progress being made on other fronts in due course, and we continue to drive forward our operational programme alongside this process."
About the Company
Oilexco is an oil and gas exploration and production company active in the United Kingdom. Oilexco's producing properties, exploration and development activities are located in the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. Oilexco operates in the United Kingdom through its wholly owned subsidiary, Oilexco North Sea, a company registered under the laws of England and Wales. Oilexco shares are listed for trading on the London Stock Exchange (LSE) and the Toronto Stock Exchange (TSX) under the symbol "OIL".
Plus
NP says Oilexco able to finance production internally
2008-11-06 08:27 ET - In the News
The National Post reports in its Wednesday, Nov. 5, edition that Marquest Asset Management founding partners Gerry Brockelsby and Andrew Cook see opportunity in Oilexco. The Post's Sonita Horvitch writes in the Buy & Sell column that Oilexco stock finished Tuesday on the TSX Venture Exchange up 46 cents at $5.66.
The stock has a one-year range of $3.25 to $19.50. This Calgary-based company explores for and produces oil and gas primarily in the North Sea of the United Kingdom. This company, says Mr. Brockelsby, is able to finance its existing production internally, but will need external financing to grow its production levels. Investor concerns about the financing risk attached to its production growth have taken the stock down sharply, he says, and have not taken into account the fact that Oilexco is able to fully finance its existing production internally.
The result, he says, is that the stock now trades at 2.5 times cash flow per share estimates for 2009 based on an oil price of $65 (U.S.) per barrel. Mr. Brockelsby said Oilexco was an excellent growth stock in the Buy & Sell column on July 30. It was then trading at $15.67.