17 August 2009
AIM: XTR
XTRACT ENERGY PLC
("Xtract" or the "Company")
Investment update - MEO Australia Limited
Further to the announcement made on 3 July 2009, Xtract advises that
it has now sold all of its remaining shares in MEO Australia Limited
("MEO"), amounting in total to a further 14,375,629 MEO shares, for
an aggregate consideration of A$7,072,912. The proceeds of the sales
will be used to support the growth of the other investments within
the Company's portfolio and provide working capital. As a result of
the sales, Xtract no longer has any interest in MEO.
For the year ended 30 June 2008, MEO made a loss of approximately
A$1.9 million and as at 31 December 2008 its unaudited net asset
value was approximately A$167.1 million.
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
34% 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 35.0% 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 and Pishkoran exploration
licences in the Kyrgyz Republic. Xtract has entered a farm-out
agreement 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 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.
Wasabi Energy Ltd ("Wasabi")
Wasabi (ASX: WAS) is a diversified investor in traditional and
renewable energy technologies. Amongst its listed assets it holds
approximately 38% of Rum Jungle Uranium Ltd (ASX: RUM) which has
interests in uranium exploration licenses covering some 4,150 sq km
of Australia's Northern Territory and approximately 12.5% of
Greenearth Energy Ltd (ASX:GER) which aims to explore and develop
geothermal resources in Australia and the wider Pacific Rim. Xtract
owns approximately 12.6% of the issued share capital of Wasabi.
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