First OIL Expro Limited (01021486): administration
- Status
- Administration ended
- Administration began
- 2016-02-19
- Administrators
- Blair Carnegie Nimmo, James Robert Tucker
- Administrators' firm
- KPMG
- Formerly
- Tuskar Expro Limited; Shenandoah Expro Limited; Highland Exploration Ltd; Lochiel Exploration (U.K.) Limited
- Incorporated
- 1971-08-18
- Location
- London
- Industry
- 06100 Extraction of crude petroleum
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 18 August 1971 in the name of Keithcourt Limited FOEL 1s a trading entity within the First Oil Plc group of entities (the “Group”) The Company has changed name a number of times and was renamed FOEL on 19 May 1999 The principal activities of the Company are oil and gas exploration and production For the year ending 30 April 2014 the Company reported a turnover of £60 1 million and made a loss before tax of £70 1 million The Company has one employee
The operations of the Company are regulated by the Oil and Gas Authority ("OGA"), an executive agency sponsored by the Department of Energy and Climate Change FOEL holds licenses issued by the OGA in relation to Its interests in oil and gas fields
The Company has a financial interest in 21 oil and gas field assets These assets are split between producing, development and exploration fields The Company is an operator in respect of one of its exploration assets On the other 20 fields, the Company ts not an operator but Is a party to a joint operating agreement with other entities
Administrators' statement of proposals (2016-03-30) · Companies House register