Scotland-based Oilexco North Sea Ltd. (ONSL) has confirmed that it will file for bankruptcy protection.
Scotland-based Oilexco North Sea Ltd. (ONSL) has confirmed that it will file for bankruptcy protection by next week, reports said.
ONSL, the subsidiary of Canada's Oilexco Incorporated, has since 2002 been involved in the exploration, development and production of crude oil in the UK's Central North Sea.
Oilexco Inc. has been quoted saying ONSL will file for administration in the UK High Court ?as soon as reasonably practicable.?
The parent itself ?is considering its options in light of this development, but at this time, remains solvent,? said Oilexco.
The move to file for bankruptcy reportedly came on the back of advisories from the Royal Bank of Scotland that it has stopped cash facilities to ONSL.
According to Oilexco ?several parties have indicated significant interest in acquiring ONSL or all or substantially all of its assets.?