More time: granted from TSX for Oilexco
Oilexco gets extra time on TSX
Oilexco has received an extension on delisting of its shares by the Toronto Stock Exchange and is exploring several options for its shares to continue trading in Canada.
The company said in a statement that the stock exchange now agreed to delay the previously announced delisting date to 17 February, while Oilexco pursues listing on a different stock exchange in Canada.
The Calgary, Alberta-based oil explorer on 5 February had said it obtained bankruptcy protection under Canadian laws following its move in January to put its British assets under creditor protection.
The company had said on 7 January that it placed its Oilexco North Sea unit under administration and continued to pursue the sale of the assets of the North Sea company.
Several Canadian companies, including North America's biggest telephone equipment maker Nortel Networks and Canadian locomotive builder Railpower Technologies are on the verge of delisting from the Toronto Stock Exchange after seeking protection from creditors in a tumbling market.
Oilexco's Canada-listed shares plunged more than 95% over the second half of last year as the company ran into funding troubles.
Oilexco shares closed at 14.5 Canadian cents yesterday on the Toronto Stock Exchange.