Directorate change
(Thomson Reuters ONE) -
31 March 2010
AIM: XTR
XTRACT ENERGY PLC
CHANGE OF DIRECTOR
Xtract Energy Plc ("Xtract" or the "Company") announces that with effect from
31 March 2010, John Conlon has stepped down as Non-executive director of the
Company. The Board would like to thank Mr Conlon for his valuable contribution
to the development of the Company and for his loyal service since joining the
Board in January 2007.
Mr Conlon remains a director of major shareholder, Western Coal Corp. His
replacement on the Board of Xtract will be the subject of a future announcement.
Enquiries please contact:
Xtract Energy Andy Morrison, CEO +44 (0)20 3205 1148
Smith & Williamson David Jones +44 (0)20 7131 4000
Corporate Finance Azhic Basirov
Barrie Newton
About Xtract Energy
Xtract identifies and invests in a diversified portfolio of early stage energy
sector technologies and businesses with significant growth potential. The
Company aims to work closely with the associated management teams to achieve
critical project milestones, to finance later development stages, and to build
and crystallise value for all shareholders and partners.
For further information on Xtract please visit www.xtractenergy.co.uk
A short description of the principal assets of Xtract is set out below. These
assets are either held directly or through wholly owned subsidiaries of the
Company.
Extrem Energy AS ("Extrem Energy")
Extrem Energy is an exploration and production joint venture with Merty Energy
of Turkey. The JV's aim is to create a new medium-sized oil and gas exploration
and production business, initially focused on Turkey where Merty Energy has
particular experience and expertise. Extrem Energy has a portfolio of licence
interests including the high potential prospect at Candarli Bay in south-west
Turkey. Xtract owns 50% of the issued share capital of Extrem Energy.
Elko Energy Inc. ("Elko")
Elko is a Canadian registered oil & gas exploration company which has interests
in exploration and production licences in the Danish and Dutch 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 and production licence close to the prolific Central
Graben oil field. Technical work indicates the potential for significant
reserves. Elko also holds a 60% operating interest in gas-bearing license blocks
P1 and P2 in the Dutch North Sea. Xtract owns approximately 50.0% of Elko's
issued share capital.
Zhibek Resources Ltd ("Zhibek Resources")
Zhibek Resources is an oil and gas exploration and production company which has
a 72% interest in the Tash Kumyr exploration licence in the Kyrgyz Republic.
Xtract has entered a farm-out agreement to fund a seismic and drilling programme
for 2008-10. 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 development of the
Company's oil shale resources in Australia and the technology for oil extraction
from oil shale resources. Xtract has oil shale exploration rights over mining
tenements in the Julia Creek area of Queensland. In addition to evaluating third
party technologies, XOL has been developing proprietary technology for the
commercial extraction of liquid hydrocarbon products from oil shale.
Xtract Energy (Oil Shale) Morocco SA ("XOSM")
XOSM is a joint venture with Alraed Limited Investment Holding Company WLL, a
company controlled by His Highness, Prince Bandar Bin Mohd. Bin Abdulrahman
Al-Saud of Saudi Arabia. XOSM has signed a Memorandum of Understanding with the
Office National des Hydrocarbures et des Mines for the purposes of evaluation
and possible development of an oil shale deposit near Tarfaya, in the south west
part of Morocco. Xtract currently holds 70% of the joint venture.
[HUG#1399290]
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Datum: 31.03.2010 - 03:00 Uhr
Sprache: Deutsch
News-ID 1012281
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