Investment update
(Thomson Reuters ONE) - 27 August 2009AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") Investment update - Extrem EnergyXtract Energy Plc ("Xtract") is pleased to provide the followingupdate on operations and development plans at its Turkish jointventure Extrem Energy A.S. ("Extrem Energy").Alasehir/Sarikiz Licence (Extrem Energy 80%)As previously announced, the Sarikiz-2 well has been shut in as afuture production well, with commercial production expected tocommence in October, once the construction of the necessary surfacefacilities has been completed.Following the successful production test, the new well data has beenanalysed together with seismic data, logs from the former EastSarikiz-1 well and GORE geochemical analysis over the licence area.On the basis of this analysis, the estimated (P50) total oil in placewithin the greater Sarikiz structures has been revised upwards to 371mbbl ("Development pending - Contingent resources" according to SPEclassification). Using a 20% recovery factor (the more conservativeend of the previously announced range), the total recoverable oil inthe Sarikiz field is now estimated (P50) to be 74 mbbl.In addition to the re-entry of East Sarikiz-1 which was alreadyannounced, analysis of seismic and well logs at the former Alasehir-1well in the same licence area have also indicated the presence ofcommercial oil. It has therefore been decided to re-enter this wellin order to establish production from the Alasehir field. The forwardproduction drilling programme is now expected to be as follows:1) Alasehir-1 (re-entry)2) East Sarikiz-1 (re-entry)3) Sarikiz-3 (new well)Upon mobilization of the required drilling equipment the aboveprogramme is expected to commence in early September and continuethrough to the end of December 2009.An estimate of the total oil in place on the Alasehir field will bemade following the production test. Figures for Alasehir will be inaddition to the above estimates.Formal field development plans and reserve categorisation will befinalized once commercial production has been established. Productionperformance from the initial wells will be analysed to determine theoptimal well configuration to drain the structures over a reasonablefield life of 20-25 years.Siraseki Licence (Extrem Energy 100%)The results from seismic and GORE geochemical surveys over theSiraseki licence area near the Syrian border have now been processedand have given rise to a new prospect called Menekselik. Thesandstone structure is a fault bounded anticline with an estimatedarea of 11.2 square km and an expected pay thickness of 30m. If thestructure contains natural gas, the recoverable gas in place isestimated to be 94 bcf using a 70% recovery factor. Extrem Energyintends to drill the prospect in early 2010 following completion ofSarikiz-3.Edirne Licence (Extrem Energy 100%)The additional seismic programme mentioned in the announcement of 3August was completed on 9 August. The acquisition of GORE geochemicaldata commenced on 19 August and is ongoing. The seismic andgeochemical data will be analysed together to identify drillingtargets in this gas-bearing zone. If successful, these targets willbe drill-ready by early 2010. The area is close to existingdownstream infrastructure, so production can be established quicklyin the event of success.Extrem Energy is also working on plans to appraise and exploit itsoff-shore licences in Candarli Bay and the Sea of Marmara.All operations are controlled and operated by Merty Energy, Xtract'sjoint venture partner in Extrem Energy. Xtract holds 34% of ExtremEnergy.The information above relating to resource estimates has beenprovided using the SPE standards and includes the following terms:"mbbl" (million barrels); "bcf" (billion cubic feet); "P50" (midcasescenario in relation to reserve expectations)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 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 35.0% 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.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: 27.08.2009 - 08:01 Uhr
Sprache: Deutsch
News-ID 5149
Anzahl Zeichen: 0
contact information:
Town:
London
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 478 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Investment update"
steht unter der journalistisch-redaktionellen Verantwortung von
Xtract Energy plc (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
