Investment update>
Investment update
(Thomson Reuters ONE) - 1 July 2009AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") INVESTMENT UPDATE - Extrem EnergyFurther to the announcement made on 22 June 2009, Xtract Energy Plc("Xtract") is pleased to confirm that on 30 June 2009, it increasedits investment in its Turkish joint venture Extrem Energy A.S.("Extrem Energy") through the subscription of US$1,750,000 for anadditional 7% equity in the business, bringing its total holding inExtrem Energy to 27%. The remaining half of the optional subscriptionis expected to be completed on or before 5 August 2009 upon thesatisfactory completion of certain conditions relating to the ongoingproduction test at Sarikiz-2 and the completion of administrativeprocedures in connection with the additional share issue.The additional subscription is an important vote of confidence in theprospects for Extrem Energy in its current operations at Sarikiz-2and in the development of its promising licence portfolio in Turkey.Sarikiz-2 Production TestThe Production Test is continuing.Test oil production from the interval between 1741m and 1746m wasfound to be associated with a volume of carbon dioxide. Whilstproduction could be established from this level, it is believed thatother levels will not have the same association and will therefore begiven preference for early production. A further 7 intervals atdepths between 1545m and 1733m remain to be tested. The nextperforation is expected to take place today.Further progress updates will be provided as appropriate.Other Portfolio DevelopmentsExtrem Energy holds a portfolio of seven license interests in Turkey.Following recent processing and interpretation of seismic surveys atEdirne in north-west Turkey and at Siraseki in the south-east of thecountry, a number of promising oil and gas prospects have beenidentified. Together with the development of Sarikiz and theneighbouring Alasehir fields, Extrem Energy is building a verypromising pipeline of drill-ready targets.All operations are controlled and operated by Merty Energy, Xtract'sjoint venture partner in Extrem Energy.Xtract now holds 27% of Extrem Energy and has the option ofincreasing its shareholding to 34% by contributing a furtherinvestment of US$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: 01.07.2009 - 02:00 Uhr
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