On January 25, 2006, Oilexco Inc. of Calgary and its wholly owned subsidiary Oilexco North Sea Ltd. of Aberdeen, Scotland, entered into US$245 million project financing facilities with the Royal Bank of Scotland plc on a fully underwritten basis to fund the development of Oilexco's 100 per cent owned Brenda field and 70 per cent interest in the nearby Nicol field located in the UK North Sea. The facilities are comprised of a US$225 million five-year revolving facility to meet Oilexco's currently budgeted costs of developing both fields and for general corporate purposes thereafter, and a US$20 million contingent facility for unbudgeted field development cost overruns.
Oilexco was the most prolific oil company drilling in the North Sea in 2004 and 2005 and has had a spectacular three-year transition from a TSX Venture Exchange issuer with limited assets to an interlisting on the Alternative Investment Market of the London Stock Exchange and the TSX with significant assets in the North Sea, including the Brenda and Nichol fields discovered by Oilexco in 2004. In the course of 2005, Oilexco also raised £166.4 million (approximately C$215.6 million) in equity to finance its exploration drilling program.
Oilexco and Oilexco North Sea were represented by McCarthy Tétrault LLP with a team comprised of Robert Brant (business), Mark Frewin (finance) and Reena Modha (business, finance) in London, and by Bill Smith, Q.C., and Dan Sears (business, finance) and Michael Bennett and Autumn Howell (business) in Calgary.
The Royal Bank of Scotland was represented by Herbert Smith LLP with a team comprised of Jason Fox, Adrian Cheng, Olivia Caddy, Adam Berry, Richard Phillips and Simon Tysoe.
Oilexco was the most prolific oil company drilling in the North Sea in 2004 and 2005 and has had a spectacular three-year transition from a TSX Venture Exchange issuer with limited assets to an interlisting on the Alternative Investment Market of the London Stock Exchange and the TSX with significant assets in the North Sea, including the Brenda and Nichol fields discovered by Oilexco in 2004. In the course of 2005, Oilexco also raised £166.4 million (approximately C$215.6 million) in equity to finance its exploration drilling program.
Oilexco and Oilexco North Sea were represented by McCarthy Tétrault LLP with a team comprised of Robert Brant (business), Mark Frewin (finance) and Reena Modha (business, finance) in London, and by Bill Smith, Q.C., and Dan Sears (business, finance) and Michael Bennett and Autumn Howell (business) in Calgary.
The Royal Bank of Scotland was represented by Herbert Smith LLP with a team comprised of Jason Fox, Adrian Cheng, Olivia Caddy, Adam Berry, Richard Phillips and Simon Tysoe.
