The company's producing properties and exploration activities were located in the United Kingdom Central North Sea, specifically in the Outer Moray Firth and Central Graben areas.
The company had a wholly owned subsidiary, Oilexco North Sea Limited (ONSL), which is based in Aberdeen, Scotland.
[citation needed] Oilexco was founded in 1994 and currently trades on the over-the-counter exchange (OTCBB) under the symbol "OILXF".
[1] On 25 March 2009, it was announced that Premier Oil has proposed an acquisition of Oilexco North Sea Limited for $505m (£346m), launching a rights issue for £171m and securing bank loans to fund the acquisition.
[2] The company received 1 million barrels worth of oil vouchers in the United Nations Oil-for-Food Programme, according to the paper "The Beneficiaries of Saddam's Oil Vouchers: The List of 270".