Investment Update
(Thomson Reuters ONE) - 3 August 2009AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") INVESTMENT UPDATE - Extrem EnergyFurther to the announcement made on 17 July 2009, Xtract Energy Plc("Xtract") is pleased to announce that the production test wascompleted on 30 July 2009 and that the Sarikiz-2 well at Xtract'sTurkish joint venture Extrem Energy A.S. ("Extrem Energy") is beingshut in as a production well with commercial production expected tocommence in October. The rig is now being moved to the site of theformer East Sarikiz-1 well and will test the horizons from whichcommercial production is expected. If successful Extrem Energy willhave two commercial wells on stream in the fourth quarter.The results of the production test at Sarikiz-2 indicated atheoretical production potential of 690 bbl/day from the tested zonesand a potential of up to 450 bbl/day more from untested zones. Notall levels can in practice be produced at once due to productiontechniques. Four levels have been selected for initial production.After the results of testing, Extrem Energy has decided to apply anoptimised value of initial 350 bbl/day of production in order tomaximise the field life and the amount of recoverable oil throughtime.The pressure and other logging data from the production test will nowbe processed, which will enable an improved estimate of field size.This will be combined with the results of a recently completedgeochemical survey over the wider field area. The information will beused for field development and the site selection for follow-onwells. The process for registering Sarikiz-2 as a discovery well isalready under way with the Turkish authorities and the well resultswill be used to generate the applicable reserve categorisation.Further updates will be provided as appropriate.In addition to progress at Sarikiz, Extrem Energy continues toadvance its interests in other licence areas. A short additionalprogramme of seismic acquisition over the Edirne licence in theThrace Basin in western Turkey was commenced in the second half ofJuly. As at 30 July 2009, the 75.76km project was 40% completed. Theresults will be used to firm up drilling targets in thispredominantly gas-bearing region. A geochemical study onAdana-Siraseki licence has also been completed and sent foranalysis.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.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.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.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 2.4% of MEO's issued sharecapital.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.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 12.6% of the issued share capital of Wasabi.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 03.08.2009 - 11:17 Uhr
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