type oilexco into the search box and proceed to page 2, then click on 6. Sixth Report of the Monitor, dated July 6, 2009
6. Sixth Report of the Monitor, dated July 6, 2009
This is what it says. Quoted from Arts Affidavit, July 6,2009 - page 2 points 5 and 6. 5) "if the material creditors(RBC, Sevan and Diamond Offshore)are all of the mind that they do not wish to receive anything other than a pure cash distribution, then Oilexco will seek an order to put a liquidating plan of arrangement to its creditors on or before August 31, 2009....." 6) One benefit of liquidating of CCAA application, as opposed to a bankrutpsy, will be that the capital losses in the approximate amount of $423 million and non-capital losses in the approximate amount of $49.2 million WILL BE PRESERVED FOR THE BENEFIT OF OILEXCO ON A GO FORWARD BASIS. MOREOVER, THE PUBLIC SHARE STRUCTURE OF OILEXCO WILL BE PRESERVED. Oilexco wil then be able to attempt to raise financing to utilize the PUBLIC SHELL in an attempt to resume its business operations of drilling and exploring in the UK North Sea.
Hi all, i have been digging around and discovered this link, pay close attention to point 6. Oilexco are playing a high risk strategy here but it does offer us hope, lets watch the next 6 weeks closely. http://documentcentre.eycan.com/eycm_library/Oilexco/English/Affidavits/7.%20Affidavit%20of%20Arthur%20Millholland,%20sworn%20July%206,%202009/Affidavit%20of%20Arthur%20Millholland,%20sworn%20July%206,%202009.pdf
Where did you find the info on talks of a rights issue?
Oilexco Inc. intends to issue the next default status report on July 6, 2009 if the year end regulatory documents are not filed before this date. They haven't done this so i would expect to see them relist the stock tomorrow. Any thoughts anyone?
if you look back at previous posts from paulinsa you will be more enlightened, we are now waiting for events to unfold on july 7th (court hearing) but things are now more in our favour.
Could this be us? http://www.offshore247.com/news/art.aspx?id=13886
http://www.offshore247.com/news/art.aspx?id=13829 Having read this article, i am convinced that the RBS are desperate to make as much quick money as possible, it is my understanding that they are 70% owned by the government and can repay their debt at current market value. RBS shares are currently 39p. Come their year end (not sure when that is) they will buy back as much of their company as cheaply as is possible. After their results are published their share price will rocket and they will have to do at all again but will need to meet the new inflated market price. RBS are just trying to asset strip us for their own gain. If they suceed against us and get oilexco shut down we could all hedge our bets and buy loads of RBS shares. Somehow however, things seem to be moving in our favour, brent crude is now 62$ a barrel and China has start ed stock piling vast quantities of the black stuff. I have to say i am still opamistic about the future of oilexco, we now know for certain that they still hold North sea lic.ences
have a look at this link and see what you think http://www.stockhouse.com/Community-News/2008/November/13/Oilexco-shares-tumble-after-licence-announcement
oilexco definately have a plan, they have a legal duty to act in our best interest, they haven't said much because the restructuring is complex, i know that being left in the dark is frustrating but we must be patient, something big is going to happen soon, you can tell by the way the board have gone about its business. What is key is what is left in the pot for us, relax, from here on in it is all good news.
I think ONSL has been sacrificed to save bigger assets (see Paulinsa post on Tuesday) $505 million for 13000 barrel a day, very cheap when you consider Oranje Nassau paid $860 million for 7000 barrels a day . One thing is for certain, we are going to find out very soon
Looks like i was wrong about the 25th. http://www.oilexco.com/upload/news/248/01/05-20-09-pr-interim-cfo-oilexco.pdf
sorry about that, you will need to persue this link through the disclaimer and onto the news dated 19th May
Hi each, just a bit more news here to suggest we are getting very close now. http://www.premier-oil.no/render.aspx?siteID=1&navIDs=19,312,327,706,727
Hi all, it seems the there is a general sense of opinion that Oilexco will be back on the 25th May, (lets hope so). This would make sense as it will coincide with the Premier Oil deal. With a bit of luck this price should start moving up.
This is the response I got from Oilexco: I do not know when Oilexco's stock will be re-listed on the LSE. Oilexco's shares continue to trade on the TSX Venture Exchange in Canada, and the shares are fully fungible between the UK and Canada. Kind regards, Rob Elgie Oilexco Inc.
Thanks for the regular updates, like you i am optimistic about this stock.
oilexco just emailed me 10 minutes ago, no new news but if you go on their website you can request 2 weekly updates.