Oilexco Company News

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Flexlife Completes Major Projects Using New Scanning Technology
Leading flexible pipe specialist flexlife has completed work in the North Sea for a number of operators using its breakthrough patented scanning technology.
8:00 PM EST | September 14, 2009
Oilexco Files Eighth Default Status Report
Oilexco received a court order on July 16th permitting it to liquidate its remaining assets and distribute the net proceeds to its creditors. The liquidation is expected to conclude by September 30, 2009.
8:00 PM EST | July 20, 2009
Oil's Move Could Fuel E&P Deals
With crude oil trading above $60 a barrel for the first time since November, the oil exploration and production sector looks ripe for a new wave of mergers and acquisitions.
8:00 PM EST | May 26, 2009
Oilexco Receives CCAA Extension
Oilexco received an extension of the court order for protection under the Companies' Creditors Arrangement Act.
8:00 PM EST | May 26, 2009
Oilexco Files Fourth Default Status Report
Oilexco provides its fourth bi-weekly Default Status Report as per National Policy 12-203 - Cease Trade Orders For Continuous Disclosure Defaults.
8:00 PM EST | May 25, 2009
Oilexco Completes Sale of Oilexco North Sea
Oilexco was advised by the Administrator for Oilexco North Sea Limited that the sale of ONSL, the discharge of the Administrative Order, and the implementation of the Company Voluntary Arrangement was completed today.
8:00 PM EST | May 20, 2009
Sevan, Premier Agree on Continued Use of Voyageur FPSO at Shelley Devt
Sevan has entered into a MOU with Premier for the continued provision and operation of the FPSO Sevan Voyageur by Sevan for the development of the Shelley field in the event that Premier purchases Oilexco or the Shelley field.
8:00 PM EST | April 13, 2009
Oilexco Files First Default Status Report
Oilexco Incorporated has filed its first default status report.
8:00 PM EST | April 13, 2009
Premier Proposes Takeover of Oilexco North Sea Limited
Premier has announced the proposed acquisition of Oilexco North Sea Limited for $505 million together with a rights issue of New Ordinary Shares
8:00 PM EST | March 24, 2009
Oilexco Says Premier's Price for ONSL Less Than Owed to Creditors
Oilexco understands Premier's sale price is less than the amount owed by ONSL to its creditors and that the total consideration payable to Oilexco under the Share Acquisition Agreement is $1.
8:00 PM EST | March 24, 2009
Oilexco's Shares Begin Trading on TSX Venture Exchange
Oilexco's shares began trading on the TSX Venture Exchange at the opening of Wednesday, February 18, 2009.
7:00 PM EST | February 17, 2009
Oilexco Increases 2P and 3P Reserves after Successful 2008 E&P Activities
Increases in Oilexco's 2P and 3P reserves were a result of successful exploration and appraisal activities undertaken by the Company in 2008.
7:00 PM EST | February 12, 2009
Oilexco Secures Court Order for Protection Against Creditors
Oilexco has obtained a court order for protection under the Companies' Creditors Arrangement Act (Canada).
7:00 PM EST | February 05, 2009
Oilexco Receives Demand Letters for Payment of North Sea Credit Facilities
Oilexco has received demand letters from creditors for immediate payment of all amounts outstanding in relation to Oilexco North Sea Ltd.
7:00 PM EST | February 04, 2009
Offshore Drillers Find It Harder to Float Above Sinking Demand
The oil market downturn has hit the shallow-water rig market hardest, as those drillers tend to work on smaller, older projects that are less profitable and easier to shut down when oil prices fall.
7:00 PM EST | January 21, 2009
E.ON Ruhrgas Assumes Operatorship of UK Huntington License
The non-operating partners of the Huntington field in the UK have unanimously decided to remove Oilexco as operator of the license and accepted E.ON Ruhrgas as the new operator of the license.
7:00 PM EST | January 11, 2009
Court-Appointed Administrators Take Over at Oilexco North Sea
Oilexco's North Sea subsidiary was subject to an order from the court appointing four administrators from Ernst and Young to take over the function of the Board of Directors.
7:00 PM EST | January 07, 2009
Sevan Meets with Oilexco's Admin, Prepares FPSO Voyageur for First Oil
Sevan has met with Oilexco North Sea's new administrators, and continues the final commissioning activities on FPSO Sevan Voyageur, preparing the unit for first oil on the Shelley field.
7:00 PM EST | January 07, 2009
Oilexco North Sea Faces Insolvency
Oilexco's subsidiary intends to file petitions for administration in the High Court in the United Kingdom as early as next week. Oilexco Limited, however, remains solvent and committed to its previously announced strategic review process.
7:00 PM EST | December 30, 2008
Oilexco Secures $47.5MM in Financing
Oilexco has secured financing of up to $47.5 million repayable of demand with a maturity date of January 31, 2009.
7:00 PM EST | December 17, 2008
Funding for Small Oil Cos in '09 Scarce, Costly
Funding for small to medium-sized oil and gas companies will remain scarce in 2009 and when capital does begin to flow it will be expensive, say senior energy bankers.
7:00 PM EST | December 02, 2008
Sevan Voyageur Sets Sail for Shelly Field Operations
The FPSO Sevan Voyageur has set sail for the Shelly Field in the Central UK North Sea where it will be deployed under a 5+5 year contract.
7:00 PM EST | November 30, 2008
Oilexco Cancels Offering, Appoints Advisor
Following a board meeting to review the proposed offering being led by Canaccord Adams of up to U.S. $150,000,000 of 15% Convertible Senior Unsecured Bonds and up to 20,000,000 Common Shares, Oilexco has decided to cancel the offering.
7:00 PM EST | November 19, 2008
Oilexco Files Amended Preliminary Prospectus
Oilexco filed an amended preliminary prospectus with securities regulators for an offering of Convertible Senior Unsecured Bonds and Common Shares.
7:00 PM EST | November 19, 2008
Low Oil Prices, Credit Woes Could Spell Trouble for UK North Sea
Even though the combination of falling oil prices and the credit crunch spells trouble for oil and gas production in the U.K. North Sea, it is not a "doomsday scenario" for the region, which still offers plenty of investment opportunities.
7:00 PM EST | November 13, 2008
Oilexco Reports Revenues of $95.3MM for Third Quarter
Oilexco has reported revenues of $95.3 million in the third quarter and $496.1 million for the first 9 months.
7:00 PM EST | November 12, 2008
FPSO Sevan Voyageur Financed and Ready for Shelley Field Ops
Sevan Marine advised that the Capital Markets group of GE Commercial Finance have completed the syndication of a US $300 million senior debt project finance facility for the FPSO Sevan Voyageur.
8:00 PM EST | October 28, 2008
Oilexco Expands Huntington Forties Pool in UK North Sea
Oilexco's wholly owned subsidiary, Oilexco North Sea Limited, has successfully identified an extension to the Huntington Forties Pool on Block 22/14a.
8:00 PM EST | October 26, 2008
Oil Majors Set to Gain As Smaller Rivals Struggle
Major international oil companies may emerge from the current financial turmoil and the sharp drop in oil prices strengthened as they cherry-pick reserves from smaller companies that run into trouble.
8:00 PM EST | October 22, 2008
Oilexco Underscores Refinancing Delays with Credit Facility
Oilexco signed an engagement letter with respect to refinancing the Company's current debt obligations and increasing Oilexco's total debt availability from US $700 million to US $1 billion.
8:00 PM EST | October 05, 2008
Oilexco Pushes Back Production Start-Up Date for Shelley Field
Oilexco has pushed back the timing for the first well from the Shelley field to begin production to December 2008 as a result of delays to the Sevan Voyager, which is now scheduled to be floated to location in mid-November 2008.
8:00 PM EST | October 05, 2008
Revus Farms-In to 2 UK Central North Sea Blocks
Revus entered into a farm-in agreement with EnCore Oil to earn a 20% interest in UK Central North Sea blocks 28/9 and 28/10c.
8:00 PM EST | September 28, 2008
Oilexco Enters LOI with Bluewater to Deploy FPSO at North Sea's Huntington
Oilexco, the Operator of the Huntington field in the UK, has entered into a letter of intent with Bluewater for deployment of the FPSO Glas Dowr at the Huntington field in the North Sea.
8:00 PM EST | August 26, 2008
TWMA Bags $46.6MM in Drilling Services Contracts
TWMA announced contract wins of GBP 25 million secured within the last quarter. The new contracts include handling the cuttings that are a by-product of the drilling industry both on and offshore, using thermal technology.
8:00 PM EST | August 18, 2008
Oilexco Rolls Out $228.5MM in Revenues for Second Quarter
Oilexco noted that its second quarter revenues were $228.5 million and total first half revenues were $400.9 million, compared to $40.7 million and $42.7 million, respectively.
8:00 PM EST | August 13, 2008
Oilexco Confirms Dual Zone Oil, Gas-Condensate at Moth Discovery
Oilexco successfully flow tested gas-condensate at significant rates from its Moth discovery, confirming a significant dual zone oil and gas-condensate discovery at Moth, located in Block 23/21 in the UK Central North Sea.
8:00 PM EST | July 21, 2008
Oilexco Flies High with Moth Discovery
Located in the UK Central North Sea in Block 23/21, Moth is a significant dual zone oil and gas-condensate discovery.
8:00 PM EST | June 26, 2008
Excelsior's North Sea Subsidiary Closes Financing, Appoints New Board
Excelsior Energy Limited has closed a $1 million private placement in its North Sea subsidiary, NorthseaCo. NorthseaCo has appointed a new board of directors.
8:00 PM EST | June 08, 2008
Oilexco Announces First Quarter Results
Oilexco announces the company's results for the three months ending March 31, 2008.
8:00 PM EST | May 13, 2008
Technip Wins N. Sea Subsea Contract from Oilexco
Technip has been awarded a frame agreement by Oilexco North Sea Ltd for subsea services in the UK North Sea. Under the terms of this contract, which is potentially worth approximately €190 million, Technip will provide these services for three years.
8:00 PM EST | May 13, 2008
Sevan Signs Agreement for $300 Million Bank Facility
The FPSO Sevan Voyageur, the third unit in its class, is expected to be installed on the Shelley Field in the UK's central North Sea during the fourth quarter of this year.
8:00 PM EST | May 05, 2008
GE Energy et al Boost Production 30,000 Barrels
GE Energy et al to deploy an innovative cylindrical floating oil production, storage and offloading unit that can process 30,000 barrels of crude oil per day and store 300,000 barrels.
8:00 PM EST | May 04, 2008
Oilexco Closes Deal for Svenska UK Interests
Oilexco Incorporated announces that it closed the deal on April 30, 2008 for Svenska Petroleum Exploration UK Limited's interests for US $25 million in cash.
8:00 PM EST | May 01, 2008
Oilexco Encourages Approval of Stock Option Plan
If this resolution is voted down, then the Company will not have the ability to issue stock options to new employees.
8:00 PM EST | April 28, 2008
Oilexco Appoints New Non-Executive Director
The Board of Oilexco Incorporated announces the appointment of Anne Marie Cannon as a non-executive director with immediate effect.
8:00 PM EST | March 17, 2008
Premier Completes UK Block 23/22b Farmout
Joining with Oilexco and BG, Premier expects to spud a new well in the Palaeocene Sparrow prospect imminently. The prospect holds between 25 to 40 mmbbls of oil.
7:00 PM EST | March 04, 2008
Tests Positive for Huntington, Oilexco Moves for Fast-Track Development
Results suggest a minimum 452-foot oil column is present in the Huntington Fulmar oil accumulation. Tests also indicate that oil accumulations at Mallory and Huntington are possibly common.
7:00 PM EST | February 10, 2008
Oilexco Approves $707 Million 2008 Budget
Oilexco has revealed a $707 million 2008 capital budget for exploration, appraisal and development, and production activities.
7:00 PM EST | December 13, 2007
Oilexco Expects UK Wells to be Completed by January
Oilexco is using the Ocean Guardian to run exploration operations southwest of the Huntington oil discovery.
7:00 PM EST | December 13, 2007
Oilexco Appraisal and Development of Huntington Nets Oil Accumulation
Oilexco's testing of wells in Huntington oil find reveal a maximum flow rate of 5,208 bbl/d.
7:00 PM EST | December 13, 2007