Drilling Update>
Drilling Update
(Thomson Reuters ONE) - 6 July 2009AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") DRILLING UPDATE - Extrem EnergyFurther to the announcement made on 1 July 2009, Xtract Energy Plc("Xtract") is pleased to provide the following update on the progressof the production test being carried out at Sarikiz-2 by its Turkishjoint venture Extrem Energy A.S. ("Extrem Energy").Following the test of the interval at 1728-1733m which was found toproduce associated carbon dioxide, further technical interpretationwas carried out. This revealed the existence of a minor fault whichwas causing carbon dioxide from deep levels to penetrate the deeperoil reservoirs. The fault did not appear to extend further upwards.The new interpretation has been validated by the test of the intervalbetween 1710-1715m which was completed on 6 July 2009. After recoveryof the drilling fluids, the production test flowed oil withoutassociated carbon dioxide. Initial indications are that a pumped oilflow rate of approximately 180bbl/day could be achieved from thatinterval alone.With the benefit of the new interpretation, the number of intervalsstill to test has been increased to eight, representing a further57.5m of reservoir thickness compared with 6.5m of thickness in theinterval just tested. The remaining sandstone intervals lie in astructure between the depth range 1483m to 1697m.Log indications are favourable for the remaining intervals but theability to produce from them will remain unknown until they aretested. At this time, it is reasonable to expect that the totalproduction flow rate from the well will meet or exceed the pre-drillestimate of 500bbl/day.Further progress updates will be provided as appropriate.All operations are controlled and operated by Merty Energy, Xtract'sjoint venture partner in Extrem Energy.Xtract holds 27% of Extrem Energy and has the option of increasingits shareholding to 34% by contributing a further investment ofUS$1.75m before 5 August 2009.The above information has been reviewed and approved by OngunYoldemir, Managing Director of Extrem Energy, who has a mastersdegree in geological engineering and worked as an explorationist inthe oil and gas sector in the Middle East, Kazakhstan, Azerbaijan,and North Sea, has over 28 years' experience in the resource andenergy sector and is a member of the American Association ofPetroleum Geologists, European Association of Geologists andEngineers, the Society of Exploration Geophysicists and severalrelated Turkish institutions.Enquiries please contact: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.MEO Australia Ltd ("MEO")MEO (ASX: MEO) aims to become an integrated Australian Gas-to-Liquids("GTL") company. In 2008, MEO made significant gas discoveries in theAustralian Timor Sea, in an area of shallow water known as TassieShoal. Early commercialisation of these discoveries is plannedthrough construction of Liquified Natural Gas ("LNG") and Methanolplants and export terminals on the off-shore Tassie Shoal. MEO hasalready secured Australian Government environmental approvals for twolarge scale (1.8 Mtpa) methanol plants and a 3 Mtpa LNG plant onTassie Shoal. Xtract owns approximately 6.0% of MEO's issued sharecapital.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 35.0% ofElko's issued share capital.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 owns27% of the issued share capital of Extrem Energy and has the optionof increasing its shareholding to 34% before 5 August 2009.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.Wasabi Energy Ltd ("Wasabi")Wasabi (ASX: WAS) is a diversified investor in traditional andrenewable energy technologies. Amongst its listed assets it holdsapproximately 38% of Rum Jungle Uranium Ltd (ASX: RUM) which hasinterests in uranium exploration licenses covering some 4,150 sq kmof Australia's Northern Territory and approximately 12.5% ofGreenearth Energy Ltd (ASX:GER) which aims to explore and developgeothermal resources in Australia and the wider Pacific Rim. Xtractowns approximately 17.4% of the issued share capital of Wasabi.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.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 06.07.2009 - 18:21 Uhr
Sprache: Deutsch
News-ID 3272
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