Investment Update

PressRelease by Xtract Energy plc

(Thomson Reuters ONE) - 24 September 2009AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") Investment Update - Wasabi Energy and Elko EnergyFurther to the announcement dated 14 September 2009, Xtract EnergyPlc ("Xtract") announces that it has exchanged its remaining holdingsin Wasabi Energy Ltd ("Wasabi") for a total of approximately £65,000in cash plus 1,775,000 shares in Elko Energy Inc ("Elko").Following completion of the arrangement, Xtract no longer holds anyinterest in Wasabi and has increased its holding in Elko to36,775,000 shares, representing approximately 36.8% of the issuedcapital of that company.Commenting on the transaction, Andy Morrison, CEO of Xtract said, "Weare pleased to conclude this arrangement which further simplifiesXtract's portfolio and increases focus on our core oil and gasinterests".Xtract Energy Andy Morrison, CEO +44 (0)20 3205 1148Smith & Williamson David Jones +44 (0)20 7131 4000Corporate Finance Azhic Basirov Barrie NewtonAbout Xtract EnergyXtract identifies and invests in a diversified portfolio of earlystage energy sector technologies and businesses with significantgrowth potential. The Company aims to work closely with theassociated management teams to achieve critical project milestones,to finance later development stages, and to build and crystallisevalue for all shareholders and partners.For further information on Xtract please visit www.xtractenergy.co.ukA short description of the principal assets of Xtract is set outbelow. These assets are either held directly or through wholly ownedsubsidiaries of the Company.Extrem Energy AS ("Extrem Energy")Extrem Energy is an exploration and production joint venture withMerty Energy of Turkey. The JV's aim is to create a new medium-sizedoil and gas exploration and production business, initially focused onTurkey where Merty Energy has particular experience and expertise.Extrem Energy has a portfolio of licence interests including the highpotential prospect at Candarli Bay in south-west Turkey. Xtract owns34% of the issued share capital of Extrem Energy.Elko Energy Inc. ("Elko")Elko is a Canadian registered oil & gas exploration company which hasinterests in exploration and production licences in the Danish andDutch North Sea. Its major asset is in the Danish North Sea; an 80%interest on 26 offshore blocks in a 5,400 sq km exploration andproduction licence close to the prolific Central Graben oil field.Technical work indicates the potential for significant reserves. Elkoalso holds a 60% operating interest in gas-bearing license blocks P1and P2 in the Dutch North Sea. Xtract owns approximately 36.8% ofElko's issued share capital.Zhibek Resources Ltd ("Zhibek Resources")Zhibek Resources is an oil and gas exploration and production companywhich has a 72% interest in the Tash Kumyr and Pishkoran explorationlicences in the Kyrgyz Republic. Xtract has entered a farm-outagreement to fund a seismic and drilling programme for 2008-09.Xtract owns 25.0% of the issued share capital of Zhibek Resources.Xtract Oil Ltd ("XOL")Xtract's wholly owned subsidiary, XOL, is focused on the developmentof the Company's oil shale resources in Australia and the technologyfor oil extraction from oil shale resources. Xtract has oil shaleexploration rights over mining tenements in the Julia Creek area ofQueensland. In addition to evaluating third party technologies, XOLhas been developing proprietary technology for the commercialextraction of liquid hydrocarbon products from oil shale.Xtract Energy (Oil Shale) Morocco SA ("XOSM")XOSM is a joint venture with Alraed Limited Investment HoldingCompany WLL, a company controlled by His Highness, Prince Bandar BinMohd. Bin Abdulrahman Al-Saud of Saudi Arabia. XOSM has signed aMemorandum of Understanding with the Office National desHydrocarbures et des Mines for the purposes of evaluation andpossible development of an oil shale deposit near Tarfaya, in thesouth west part of Morocco. Xtract currently holds 70% of the jointventure.---END OF MESSAGE------END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.

Kontakt-Informationen:
Firma: Xtract Energy plc
Stadt: London


Number of hits: 71

• Director/PDMR Shareholding
• Investment update
• Annual report and accounts and Notice of AGM
• Investment Update
• Investment Update
• Investment Update
• Investment Update
• Investment update
• Investment update
• Grant of options
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