OILEXCO INC. $6.76 (Toronto symbol OIL; SI Rating: Speculative) (403-262-5441; www.oilexco.com; Shares outstanding: 197.3 million; Market cap: $1.3 billion) is an oil and gas company focused on the UK North Sea.
As some of the biggest pools of oil in the North Sea are depleted, most major oil and gas companies, such as British Petroleum and RoyalDutch/Shell, have withdrawn from actively exploring the region. However, they have left behind significant quantities of oil and natural gas. The UK government is now encouraging smaller companies such as Oilexco to explore and exploit those pools of oil and gas.
Oilexco’s immediate promise now lies in the development of its 100%-owned Brenda and 70%-owned Nicol oil finds. Production from both fields is set to begin soon, with peak production rates expected to reach 35,000 barrels of oil per day.
The company is also exploring other blocks, where it has already discovered oil. Oilexco plans to spend a total of $410 million in 2007 on development and exploration.
Oilexco’s market capitalization of $1.3 billion discounts considerable cash flow from its exploration and production efforts. But we think the company has a good chance of success.
Oilexco is a buy for aggressive investors.
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