We all need a couple of oilies in our portfolio - this one's not without it's risks but still plenty potential upside.

http://www.kbcpeelhunt.com/pdfs/mmeetings/NEOilGas9Aug05.pdf

Oilexco (BUY) looks a stand-out cheap stock. This is partly a reflection of its high asset concentration, with effectively all the value in the UK North Sea Brenda field. While it is not without risk in terms of reservoir performance, the field has been thoroughly appraised and with the key contracts having been signed, delivery of first oil mid-2006 looks fairly secure. Forthcoming exploration and appraisal drilling on 3-4 other North Sea prospects and fields provide a few shots at significant value upside as well.

DEADLINE SET FOR OILEXCO SOLUTION

North sea oil company Oilexco announced on Wednesday that its banking syndicate and the Royal Bank of Scotland had agreed to provide up to 47.5 million dollars until January 31 to meet its financing needs, in return for cash fees of up to 37.5 million dollars and an equity fee that could amount to a 24.9 per cent stake in the company if it succeeds in brokering a deal that returns any money to shareholders. Oilexco shares have lost 93 per cent of their value in the past six months and fell to 59 pence on Thursday. The announcement follows Oilexco's decision to abandon plans to raise up to 186 million dollars in bonds and shares.

18.5p now.

looks like the first producing oily to go to the knackers yard or should we say RBS's bad debts portfolio?

Lucky that I did not get some in my Isa...what a disaster !.

Always a shady outfit IMO. Some of their early releases were complete rocking horse poo!

Interesting to hear that point of view from you Big Al, (as always).

Strange how some have the answers, hindsight fashion?
cyril

I'm in for a few today worth 20p imo.