CANADIAN oil firm Oilexco is believed to be coming under pressure from the Royal Bank of Scotland following the revelation that its Brenda field in the North Sea could hold only half as much oil as was previously claimed.
The company’s chief executive, Art Millholland, is in the final stages of talks with RBS over a £70m project loan for the field.
While he has repeatedly claimed that Brenda holds recoverable reserves of around 40 million barrels, a recent report by independent consultants RML indicates that the field holds just 20 million.
Scotsman.com
