Investment Update
(Thomson Reuters ONE) - 21 September 2009AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") Investment Update - Extrem EnergyXtract Energy Plc ("Xtract") is pleased to provide the followingupdate on operations at its Turkish joint venture Extrem Energy A.S.("Extrem Energy") in connection with the re-entry and completion ofthe Alasehir-1 well on the Alasehir licence area.The required drilling equipment mentioned in the announcement dated27 August 2009 was received and the rig was mobilised to the wellsite, arriving on station on 17 September. The well was re-entered on19 September. During operations, flammable gas from the perforationintervals made during former operations in 1999 was observed andburned at the surface. Today, it is planned that those zones will besealed by a bridge plug. After their isolation CBL-VDL logging willbe undertaken to check the integrity of the pre-existing casing andthe cement bond. Depending on the results of the logs, some minorrepairs to the casing will be carried out. Once this is complete,perforation and flow testing will commence.According to the work programme, five intervals have been selectedfor testing ranging in depth from 1573m to 1802m. If commercial oilflow rates are confirmed, Extrem Energy intends to combine productionwith that planned from Sarikiz-2 well, using the surface facilitiesthat are being prepared at that site. The Sarikiz-2 site is expectedto become the hub for development of both the Alasehir and Sarikizoil fields. The total duration of production testing and wellcompletion is estimated to be 30 days.An estimate of the total oil in place in the Alasehir field will bemade following the production test.Further updates will be provided as appropriate.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 2.9% 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: 21.09.2009 - 10:49 Uhr
Sprache: Deutsch
News-ID 6016
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