First OIL PLC (SC191745): administration
- Status
- Administration ended
- Administration began
- 2016-02-24
- Administrators
- Blair Carnegie Nimmo, Richard James Beard, James Robert Tucker
- Administrators' firm
- KPMG
- Formerly
- Caskieben Limited
- Incorporated
- 1998-12-07
- Location
- Edinburgh
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The company was incorporated on 7 December 1998 in the name of Caskieben Limited. It changed its name to First Oil Limited on 7 April 1999 and was renamed First Oil Plc on 30 November 2000. The company is a holding company and has certain subsidiaries which are engaged in oil and gas exploration and production. The company accounts are reported on a group basis. For the year ending 30 April 2014 the Group reported a turnover of £138.1 million and made a loss before tax of £17.6 million.
The Joint Administrators were also appointed to FOEL, a trading entity within the group, on 19 February 2016.
The ultimate parent company of FOPLC is First Capital Developments Limited whose sole shareholder is lan Suttie.
Administrators' statement of proposals (2016-04-21) · Companies House register