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Oilexco said in a statement that OSNL is likely to file for administration as early as next week.
Oilexco agreed a $47.5 million bridge financing on December 17 with its banking syndicate, led by Royal Bank of Scotland. The bridge loan matures on January 31, 2009.
The company said in mid December that it was likely that incremental funding would be required in the short term in addition to the bridge loan.
Oilexco is retaining Morgan Stanley and Merrill Lynch to conduct a strategic review to seek funding alternatives or a possible sale of the company or its assets.
Oilexco said it remains solvent and committed to the strategic review process. Its shares plunged after the news was announced and at 1254 GMT were 60 percent lower at 20 pence.
The company tapped the loan market in October 2007 when it secured a $500 million loan from a syndicate of banks.
That financing was used to develop the Ptarmigan, Shelly and Huntington fields, for the completion of the Balmoral Floating Production Vessel acquisition and for general corporate purposes.
Oilexco's producing properties, exploration and development activities are located in the the UK's North Sea, specifically the Outer Moray Firth and Central Graben areas.
Oilexco shares are listed on the London Stock Exchange and the Toronto Stock Exchange.
(Editing by David Cowell) Keywords: OILEXCO INSOLVENCY
(alasdair.reilly@thomsonreuters.com; +44 20 7542 3197; Reuters Messaging: alasdair.reilly.reuters.com@reuters.net)
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