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<title>Proactiveinvestors United Kingdom Xtract Energy</title>
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<item>
<title><![CDATA[News - Xtract Energy expects P2-10 appraisal well results this summer ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42459/xtract-energy-expects-p2-10-appraisal-well-results-this-summer-42459.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said its near-term focus is the P2-10 appraisal well in the Netherlands which is currently being drilled by Chevron and for which it expects to receive results this summer.<br /><br />In its results statement for the full year to end-December, the company said that in the meantime, it is continuing its efforts to source and progress new assets in other areas. <br /><br />During the period under review, it successfully completed a re-admission to AIM, changing from an investment company to an operating company following the acquisition of the outstanding shares in Elko Energy Inc. which it did not already own. It also disposed of its interest in Extrem Energy AS for a royalty agreement.<br /><br />The company is currently not generating revenue. It posted a net loss of £4.31 million in the full year, compared with a loss of £1.39 million a year earlier. <br /><br />Its cash position at period-end stood at £4.49 million.<br /><br />Xtract is currently re-interpreting the seismic surrounding the unsuccessful Luna well in the Danish North Sea - the news was reported in March - to evaluate whether there is still a valid Rotliegendes play in the area. <br /><br />The company expects to finish this work in summer and then be in a position to determine how best to proceed with the Danish acreage and whether it has any value to the group.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 08 May 2012 10:29:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42459/xtract-energy-expects-p2-10-appraisal-well-results-this-summer-42459.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 08 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy exits Kyrgyzstan joint venture ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced it has pulled out of its joint venture in Kyrgyzstan, which will allow previously committed funds to be diverted to other investment opportunities.<br /><br />The company held 25 per cent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic via a majority interest in domestic group KNG Hydrocarbons.<br /><br />Xtract’s partner Santos International Holdings, which held the remainder of Zhibek Resources, decided to withdraw from the country.<br /><br />During the three and a half years since Santos acquired its interest in Zhibek Resources Ltd, KNG Hydrocarbons has acquired and processed approximately 100 kilometres of new 2D seismic, but no material prospects have been identified.<br /><br />Given this and the decision by Santos to exit the Kyrgyz Republic, Xtract has decided to withdraw from the venture.<br /><br />In order to be released from certain funding obligations under Xtract’s and Santos’s farm-in agreement, Santos has transferred a 10.5 per cent stake, 140 million shares, in oil producer and explorer Caspian Oil & Gas to Xtract.<br /><br />Chief executive Peter Moir said: "I am happy that this transaction has been executed such that any future funding of operational activities by Xtract has been terminated and, secondly, we become the beneficial owners of a substantial percentage of Caspian Oil & Gas Ltd (<a href="http://www.proactiveinvestors.co.uk/companies/overview/2237/caspian-oil-gas-limited-2237.html" class="companyPopupTrigger" rel="2237">ASX:CIG</a>), a company with operating assets and licences in the Kyrgyz Republic and elsewhere."<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 03 May 2012 07:54:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Update on Kyrgyz Republic assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 03 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operations Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 16 Apr 2012 09:08:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy: Luna well did not find hydrocarbons ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.</p>
<p>The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences. </p>
<p>On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.</p>
<p>In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties. </p>
<p>It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.</p>
<p>Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.</p>
</p> ]]></description>
<pubDate>Fri, 16 Mar 2012 15:36:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 16 Mar 2012 15:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</guid>
</item>
<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[16.03.12: -0.58, (1.20) Press: Xtract Energy fell after its Luna well in Denmark failed to find sought-after oil and gas. Source - Financial Times]]></description>
<pubDate>Fri, 16 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy draws down £292,500 on YA Global equity line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> PLC (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said it has drawn down £292,500 net of expenses on its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC.<br /><br />The SEDA was announced at the end of August 2011 and provides potential funding of up to £12.5 million.<br /><br />This draw down has been undertaken at a price of 2.051 pence per share and will result in the issue of 14,627,011 ordinary shares to Yorkville. The funding will be used as working capital.<br /><br />The high-impact Luna oil exploration well in Danish waters spudded in mid-February.<br /><br />The well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.</p> ]]></description>
<pubDate>Thu, 01 Mar 2012 07:21:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Drawdown on Equity Line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 01 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy: High-impact Luna oil exploration well gets underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced that the high-impact Luna oil exploration well in Danish waters spudded on Sunday.<br /><br />The Luna well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract announced last month that operator Chevron spudded the P2-10 well in the Dutch North Sea, targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />The company has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Xtract also said today it has received the technical study from Worley Parsons which looked at various technologies being used or developed around the world to extract hydrocarbons from oil shale, as applicable for the exploitation of Xtract’s Julia Creek tenements in Queensland, Australia and other oil shale resources.<br /><br />The study will assist Xtract to review the commercial options available for the exploitation of its oil shale resources.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Mon, 13 Feb 2012 09:53:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 13 Feb 2012 09:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy and Chevron spud P2-10 well in North Sea ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.<br /><br />The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.<br /><br />The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.<br /><br />The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.<br /><br />Xtract said that operator Noreco now expects the rig to be released on January 26.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.<br /><br />Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.</p> ]]></description>
<pubDate>Wed, 11 Jan 2012 09:42:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 11 Jan 2012 08:29:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</guid>
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<item>
<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 19 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</guid>
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<title><![CDATA[RNS press release - Grant of Options ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 12:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</guid>
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<item>
<title><![CDATA[News - Xtract Energy says Chevron waits for weather window to move rig to P2-10 well location ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> told investors today that operator of the P2 block in the North Sea Chevron is currently waiting for a suitable weather window to tow the rig to the P2-10 appraisal well location.<br /><br />The Noble Byron Welliver rig completed its previous work programme in the northern offshore sector of the Dutch North Sea waters on November 24 and is currently being prepared for towing to the P2-10 drilling location offshore the Netherlands.<br /><br />Chevron said it will move the rig to the drilling location as soon as conditions allow, while Xtract added there were no other reasons for the delay.<br /><br />The P2-10 appraisal well targets an existing gas discovery on the P2 block in the Duth North Sea. One of the main objectives of the well is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />In Denmark, Xtract and operator of the 01/11 license Noreco are preparing to drill the Luna well with the Maersk Resolve jack up drilling rig, which is currently drilling on contract to Maersk Oil and Gas in Denmark.<br /><br />“Whilst it is frustrating that the P2-10 well has not yet spudded, ‘waiting on weather’ is a very normal occurrence in the North Sea, particularly during winter months,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />As the rig is located just 70 kilometres away from the Noble Byron Welliver, it is experiencing similar weather conditions and, as a result, its connection to a specialist stimulation vessel necessary for well stimulation activities has been delayed.<br /><br />The rig move will require a suitable weather window to undertake the short tow to the Luna location and, accordingly, will be dependent on weather conditions at the time of the rig release by Maersk.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />“I am confident that both processes are on track, and look forward to updating the market in due course,” added Moir.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 13 Dec 2011 08:43:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
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<pubDate>Tue, 13 Dec 2011 07:00:00 +0000</pubDate>
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<title><![CDATA[News - Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.<br /><br />Chevron Corp (<a href="/companies/overview/9472/chevron-corporation-9472.html" class="companyPopupTrigger" rel="9472">NYSE:CVX</a>) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.<br /><br />Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.<br /><br />Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30. <br /><br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.<br /><br />Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 24 Nov 2011 07:45:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111124xtr6803s/</link>
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<pubDate>Thu, 24 Nov 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111124xtr6803s/</guid>
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"id" => "42459",
"title" => "News - Xtract Energy expects P2-10 appraisal well results this summer",
"pubdate" => "2012-05-08 10:29:00",
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"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said its near-term focus is the P2-10 appraisal well in the Netherlands which is currently being drilled by Chevron and for which it expects to receive results this summer.<br /><br />In its results statement for the full year to end-December, the company said that in the meantime, it is continuing its efforts to source and progress new assets in other areas. <br /><br />During the period under review, it successfully completed a re-admission to AIM, changing from an investment company to an operating company following the acquisition of the outstanding shares in Elko Energy Inc. which it did not already own. It also disposed of its interest in Extrem Energy AS for a royalty agreement.<br /><br />The company is currently not generating revenue. It posted a net loss of £4.31 million in the full year, compared with a loss of £1.39 million a year earlier. <br /><br />Its cash position at period-end stood at £4.49 million.<br /><br />Xtract is currently re-interpreting the seismic surrounding the unsuccessful Luna well in the Danish North Sea - the news was reported in March - to evaluate whether there is still a valid Rotliegendes play in the area. <br /><br />The company expects to finish this work in summer and then be in a position to determine how best to proceed with the Danish acreage and whether it has any value to the group.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
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"title" => "RNS press release - Final Results",
"pubdate" => "2012-05-08 07:01:00",
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"id" => "42302",
"title" => "News - Xtract Energy exits Kyrgyzstan joint venture ",
"pubdate" => "2012-05-03 07:54:00",
"seftitle" => "xtract-energy-exits-kyrgyzstan-joint-venture--42302.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced it has pulled out of its joint venture in Kyrgyzstan, which will allow previously committed funds to be diverted to other investment opportunities.<br /><br />The company held 25 per cent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic via a majority interest in domestic group KNG Hydrocarbons.<br /><br />Xtract’s partner Santos International Holdings, which held the remainder of Zhibek Resources, decided to withdraw from the country.<br /><br />During the three and a half years since Santos acquired its interest in Zhibek Resources Ltd, KNG Hydrocarbons has acquired and processed approximately 100 kilometres of new 2D seismic, but no material prospects have been identified.<br /><br />Given this and the decision by Santos to exit the Kyrgyz Republic, Xtract has decided to withdraw from the venture.<br /><br />In order to be released from certain funding obligations under Xtract’s and Santos’s farm-in agreement, Santos has transferred a 10.5 per cent stake, 140 million shares, in oil producer and explorer Caspian Oil & Gas to Xtract.<br /><br />Chief executive Peter Moir said: "I am happy that this transaction has been executed such that any future funding of operational activities by Xtract has been terminated and, secondly, we become the beneficial owners of a substantial percentage of Caspian Oil & Gas Ltd (<a href="http://www.proactiveinvestors.co.uk/companies/overview/2237/caspian-oil-gas-limited-2237.html" class="companyPopupTrigger" rel="2237">ASX:CIG</a>), a company with operating assets and licences in the Kyrgyz Republic and elsewhere."<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
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"title" => "RNS press release - Operations Update",
"pubdate" => "2012-04-16 09:08:00",
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"id" => "40366",
"title" => "News - Xtract Energy: Luna well did not find hydrocarbons",
"pubdate" => "2012-03-16 15:36:00",
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<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.</p>
<p>The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences. </p>
<p>On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.</p>
<p>In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties. </p>
<p>It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.</p>
<p>Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.</p>
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"description" => "16.03.12: -0.58, (1.20) Press: Xtract Energy fell after its Luna well in Denmark failed to find sought-after oil and gas. Source - Financial Times",
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"title" => "News - Xtract Energy draws down £292,500 on YA Global equity line",
"pubdate" => "2012-03-01 07:21:00",
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"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> PLC (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said it has drawn down £292,500 net of expenses on its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC.<br /><br />The SEDA was announced at the end of August 2011 and provides potential funding of up to £12.5 million.<br /><br />This draw down has been undertaken at a price of 2.051 pence per share and will result in the issue of 14,627,011 ordinary shares to Yorkville. The funding will be used as working capital.<br /><br />The high-impact Luna oil exploration well in Danish waters spudded in mid-February.<br /><br />The well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.</p> ",
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"id" => "120301xtr4214y",
"title" => "RNS press release - Drawdown on Equity Line",
"pubdate" => "2012-03-01 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/"
),
array(
"id" => "38902",
"title" => "News - Xtract Energy: High-impact Luna oil exploration well gets underway",
"pubdate" => "2012-02-13 09:53:00",
"seftitle" => "xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced that the high-impact Luna oil exploration well in Danish waters spudded on Sunday.<br /><br />The Luna well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract announced last month that operator Chevron spudded the P2-10 well in the Dutch North Sea, targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />The company has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Xtract also said today it has received the technical study from Worley Parsons which looked at various technologies being used or developed around the world to extract hydrocarbons from oil shale, as applicable for the exploitation of Xtract’s Julia Creek tenements in Queensland, Australia and other oil shale resources.<br /><br />The study will assist Xtract to review the commercial options available for the exploitation of its oil shale resources.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html"
),
array(
"id" => "120213xtr2640x",
"title" => "RNS press release - Operational Update",
"pubdate" => "2012-02-13 09:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/"
),
array(
"id" => "37684",
"title" => "News - Xtract Energy and Chevron spud P2-10 well in North Sea",
"pubdate" => "2012-01-11 09:42:00",
"seftitle" => "xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html",
"description" => "<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.<br /><br />The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.<br /><br />The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.<br /><br />The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.<br /><br />Xtract said that operator Noreco now expects the rig to be released on January 26.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.<br /><br />Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html"
),
array(
"id" => "120111xtr3612v",
"title" => "RNS press release - Operational Update",
"pubdate" => "2012-01-11 08:29:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/"
),
array(
"id" => "111219xtr1917u",
"title" => "RNS press release - Director/PDMR Shareholding",
"pubdate" => "2011-12-19 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/"
),
array(
"id" => "111213xtr8629t",
"title" => "RNS press release - Grant of Options",
"pubdate" => "2011-12-13 12:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/"
),
array(
"id" => "36898",
"title" => "News - Xtract Energy says Chevron waits for weather window to move rig to P2-10 well location",
"pubdate" => "2011-12-13 08:43:00",
"seftitle" => "xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html",
"description" => "<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> told investors today that operator of the P2 block in the North Sea Chevron is currently waiting for a suitable weather window to tow the rig to the P2-10 appraisal well location.<br /><br />The Noble Byron Welliver rig completed its previous work programme in the northern offshore sector of the Dutch North Sea waters on November 24 and is currently being prepared for towing to the P2-10 drilling location offshore the Netherlands.<br /><br />Chevron said it will move the rig to the drilling location as soon as conditions allow, while Xtract added there were no other reasons for the delay.<br /><br />The P2-10 appraisal well targets an existing gas discovery on the P2 block in the Duth North Sea. One of the main objectives of the well is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />In Denmark, Xtract and operator of the 01/11 license Noreco are preparing to drill the Luna well with the Maersk Resolve jack up drilling rig, which is currently drilling on contract to Maersk Oil and Gas in Denmark.<br /><br />“Whilst it is frustrating that the P2-10 well has not yet spudded, ‘waiting on weather’ is a very normal occurrence in the North Sea, particularly during winter months,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />As the rig is located just 70 kilometres away from the Noble Byron Welliver, it is experiencing similar weather conditions and, as a result, its connection to a specialist stimulation vessel necessary for well stimulation activities has been delayed.<br /><br />The rig move will require a suitable weather window to undertake the short tow to the Luna location and, accordingly, will be dependent on weather conditions at the time of the rig release by Maersk.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />“I am confident that both processes are on track, and look forward to updating the market in due course,” added Moir.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html"
),
array(
"id" => "111213xtr8198t",
"title" => "RNS press release - Operational Update",
"pubdate" => "2011-12-13 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/"
),
array(
"id" => "36061",
"title" => "News - Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December",
"pubdate" => "2011-11-24 07:45:00",
"seftitle" => "xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.<br /><br />Chevron Corp (<a href="/companies/overview/9472/chevron-corporation-9472.html" class="companyPopupTrigger" rel="9472">NYSE:CVX</a>) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.<br /><br />Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.<br /><br />Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30. <br /><br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.<br /><br />Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html"
),
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"title" => "RNS press release - Operational Update",
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"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111124xtr6803s/"
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<title><![CDATA[News - Xtract Energy expects P2-10 appraisal well results this summer ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42459/xtract-energy-expects-p2-10-appraisal-well-results-this-summer-42459.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said its near-term focus is the P2-10 appraisal well in the Netherlands which is currently being drilled by Chevron and for which it expects to receive results this summer.<br /><br />In its results statement for the full year to end-December, the company said that in the meantime, it is continuing its efforts to source and progress new assets in other areas. <br /><br />During the period under review, it successfully completed a re-admission to AIM, changing from an investment company to an operating company following the acquisition of the outstanding shares in Elko Energy Inc. which it did not already own. It also disposed of its interest in Extrem Energy AS for a royalty agreement.<br /><br />The company is currently not generating revenue. It posted a net loss of £4.31 million in the full year, compared with a loss of £1.39 million a year earlier. <br /><br />Its cash position at period-end stood at £4.49 million.<br /><br />Xtract is currently re-interpreting the seismic surrounding the unsuccessful Luna well in the Danish North Sea - the news was reported in March - to evaluate whether there is still a valid Rotliegendes play in the area. <br /><br />The company expects to finish this work in summer and then be in a position to determine how best to proceed with the Danish acreage and whether it has any value to the group.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 08 May 2012 10:29:00 +0100</pubDate>
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</item>
<item>
<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 08 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy exits Kyrgyzstan joint venture ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced it has pulled out of its joint venture in Kyrgyzstan, which will allow previously committed funds to be diverted to other investment opportunities.<br /><br />The company held 25 per cent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic via a majority interest in domestic group KNG Hydrocarbons.<br /><br />Xtract’s partner Santos International Holdings, which held the remainder of Zhibek Resources, decided to withdraw from the country.<br /><br />During the three and a half years since Santos acquired its interest in Zhibek Resources Ltd, KNG Hydrocarbons has acquired and processed approximately 100 kilometres of new 2D seismic, but no material prospects have been identified.<br /><br />Given this and the decision by Santos to exit the Kyrgyz Republic, Xtract has decided to withdraw from the venture.<br /><br />In order to be released from certain funding obligations under Xtract’s and Santos’s farm-in agreement, Santos has transferred a 10.5 per cent stake, 140 million shares, in oil producer and explorer Caspian Oil & Gas to Xtract.<br /><br />Chief executive Peter Moir said: "I am happy that this transaction has been executed such that any future funding of operational activities by Xtract has been terminated and, secondly, we become the beneficial owners of a substantial percentage of Caspian Oil & Gas Ltd (<a href="http://www.proactiveinvestors.co.uk/companies/overview/2237/caspian-oil-gas-limited-2237.html" class="companyPopupTrigger" rel="2237">ASX:CIG</a>), a company with operating assets and licences in the Kyrgyz Republic and elsewhere."<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 03 May 2012 07:54:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Update on Kyrgyz Republic assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 03 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operations Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 16 Apr 2012 09:08:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy: Luna well did not find hydrocarbons ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.</p>
<p>The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences. </p>
<p>On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.</p>
<p>In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties. </p>
<p>It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.</p>
<p>Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.</p>
</p> ]]></description>
<pubDate>Fri, 16 Mar 2012 15:36:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</guid>
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<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 16 Mar 2012 15:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</guid>
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<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[16.03.12: -0.58, (1.20) Press: Xtract Energy fell after its Luna well in Denmark failed to find sought-after oil and gas. Source - Financial Times]]></description>
<pubDate>Fri, 16 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy draws down £292,500 on YA Global equity line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> PLC (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said it has drawn down £292,500 net of expenses on its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC.<br /><br />The SEDA was announced at the end of August 2011 and provides potential funding of up to £12.5 million.<br /><br />This draw down has been undertaken at a price of 2.051 pence per share and will result in the issue of 14,627,011 ordinary shares to Yorkville. The funding will be used as working capital.<br /><br />The high-impact Luna oil exploration well in Danish waters spudded in mid-February.<br /><br />The well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.</p> ]]></description>
<pubDate>Thu, 01 Mar 2012 07:21:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Drawdown on Equity Line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</link>
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<pubDate>Thu, 01 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</guid>
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<title><![CDATA[News - Xtract Energy: High-impact Luna oil exploration well gets underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced that the high-impact Luna oil exploration well in Danish waters spudded on Sunday.<br /><br />The Luna well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract announced last month that operator Chevron spudded the P2-10 well in the Dutch North Sea, targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />The company has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Xtract also said today it has received the technical study from Worley Parsons which looked at various technologies being used or developed around the world to extract hydrocarbons from oil shale, as applicable for the exploitation of Xtract’s Julia Creek tenements in Queensland, Australia and other oil shale resources.<br /><br />The study will assist Xtract to review the commercial options available for the exploitation of its oil shale resources.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Mon, 13 Feb 2012 09:53:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 13 Feb 2012 09:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</guid>
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<title><![CDATA[News - Xtract Energy and Chevron spud P2-10 well in North Sea ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.<br /><br />The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.<br /><br />The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.<br /><br />The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.<br /><br />Xtract said that operator Noreco now expects the rig to be released on January 26.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.<br /><br />Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.</p> ]]></description>
<pubDate>Wed, 11 Jan 2012 09:42:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 11 Jan 2012 08:29:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 19 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</guid>
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<item>
<title><![CDATA[RNS press release - Grant of Options ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 12:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</guid>
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<item>
<title><![CDATA[News - Xtract Energy says Chevron waits for weather window to move rig to P2-10 well location ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> told investors today that operator of the P2 block in the North Sea Chevron is currently waiting for a suitable weather window to tow the rig to the P2-10 appraisal well location.<br /><br />The Noble Byron Welliver rig completed its previous work programme in the northern offshore sector of the Dutch North Sea waters on November 24 and is currently being prepared for towing to the P2-10 drilling location offshore the Netherlands.<br /><br />Chevron said it will move the rig to the drilling location as soon as conditions allow, while Xtract added there were no other reasons for the delay.<br /><br />The P2-10 appraisal well targets an existing gas discovery on the P2 block in the Duth North Sea. One of the main objectives of the well is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />In Denmark, Xtract and operator of the 01/11 license Noreco are preparing to drill the Luna well with the Maersk Resolve jack up drilling rig, which is currently drilling on contract to Maersk Oil and Gas in Denmark.<br /><br />“Whilst it is frustrating that the P2-10 well has not yet spudded, ‘waiting on weather’ is a very normal occurrence in the North Sea, particularly during winter months,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />As the rig is located just 70 kilometres away from the Noble Byron Welliver, it is experiencing similar weather conditions and, as a result, its connection to a specialist stimulation vessel necessary for well stimulation activities has been delayed.<br /><br />The rig move will require a suitable weather window to undertake the short tow to the Luna location and, accordingly, will be dependent on weather conditions at the time of the rig release by Maersk.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />“I am confident that both processes are on track, and look forward to updating the market in due course,” added Moir.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 13 Dec 2011 08:43:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</guid>
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<item>
<title><![CDATA[News - Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.<br /><br />Chevron Corp (<a href="/companies/overview/9472/chevron-corporation-9472.html" class="companyPopupTrigger" rel="9472">NYSE:CVX</a>) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.<br /><br />Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.<br /><br />Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30. <br /><br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.<br /><br />Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 24 Nov 2011 07:45:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111124xtr6803s/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 24 Nov 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111124xtr6803s/</guid>
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<title>Proactiveinvestors United Kingdom Xtract Energy</title>
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<pubDate>Thu, 24 May 2012 15:08:08 +0100</pubDate>
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<item>
<title><![CDATA[News - Xtract Energy expects P2-10 appraisal well results this summer ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42459/xtract-energy-expects-p2-10-appraisal-well-results-this-summer-42459.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said its near-term focus is the P2-10 appraisal well in the Netherlands which is currently being drilled by Chevron and for which it expects to receive results this summer.<br /><br />In its results statement for the full year to end-December, the company said that in the meantime, it is continuing its efforts to source and progress new assets in other areas. <br /><br />During the period under review, it successfully completed a re-admission to AIM, changing from an investment company to an operating company following the acquisition of the outstanding shares in Elko Energy Inc. which it did not already own. It also disposed of its interest in Extrem Energy AS for a royalty agreement.<br /><br />The company is currently not generating revenue. It posted a net loss of £4.31 million in the full year, compared with a loss of £1.39 million a year earlier. <br /><br />Its cash position at period-end stood at £4.49 million.<br /><br />Xtract is currently re-interpreting the seismic surrounding the unsuccessful Luna well in the Danish North Sea - the news was reported in March - to evaluate whether there is still a valid Rotliegendes play in the area. <br /><br />The company expects to finish this work in summer and then be in a position to determine how best to proceed with the Danish acreage and whether it has any value to the group.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 08 May 2012 10:29:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42459/xtract-energy-expects-p2-10-appraisal-well-results-this-summer-42459.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 08 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy exits Kyrgyzstan joint venture ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced it has pulled out of its joint venture in Kyrgyzstan, which will allow previously committed funds to be diverted to other investment opportunities.<br /><br />The company held 25 per cent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic via a majority interest in domestic group KNG Hydrocarbons.<br /><br />Xtract’s partner Santos International Holdings, which held the remainder of Zhibek Resources, decided to withdraw from the country.<br /><br />During the three and a half years since Santos acquired its interest in Zhibek Resources Ltd, KNG Hydrocarbons has acquired and processed approximately 100 kilometres of new 2D seismic, but no material prospects have been identified.<br /><br />Given this and the decision by Santos to exit the Kyrgyz Republic, Xtract has decided to withdraw from the venture.<br /><br />In order to be released from certain funding obligations under Xtract’s and Santos’s farm-in agreement, Santos has transferred a 10.5 per cent stake, 140 million shares, in oil producer and explorer Caspian Oil & Gas to Xtract.<br /><br />Chief executive Peter Moir said: "I am happy that this transaction has been executed such that any future funding of operational activities by Xtract has been terminated and, secondly, we become the beneficial owners of a substantial percentage of Caspian Oil & Gas Ltd (<a href="http://www.proactiveinvestors.co.uk/companies/overview/2237/caspian-oil-gas-limited-2237.html" class="companyPopupTrigger" rel="2237">ASX:CIG</a>), a company with operating assets and licences in the Kyrgyz Republic and elsewhere."<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 03 May 2012 07:54:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Update on Kyrgyz Republic assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 03 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operations Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 16 Apr 2012 09:08:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy: Luna well did not find hydrocarbons ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.</p>
<p>The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences. </p>
<p>On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.</p>
<p>In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties. </p>
<p>It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.</p>
<p>Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.</p>
</p> ]]></description>
<pubDate>Fri, 16 Mar 2012 15:36:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 16 Mar 2012 15:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</guid>
</item>
<item>
<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[16.03.12: -0.58, (1.20) Press: Xtract Energy fell after its Luna well in Denmark failed to find sought-after oil and gas. Source - Financial Times]]></description>
<pubDate>Fri, 16 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy draws down £292,500 on YA Global equity line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> PLC (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said it has drawn down £292,500 net of expenses on its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC.<br /><br />The SEDA was announced at the end of August 2011 and provides potential funding of up to £12.5 million.<br /><br />This draw down has been undertaken at a price of 2.051 pence per share and will result in the issue of 14,627,011 ordinary shares to Yorkville. The funding will be used as working capital.<br /><br />The high-impact Luna oil exploration well in Danish waters spudded in mid-February.<br /><br />The well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.</p> ]]></description>
<pubDate>Thu, 01 Mar 2012 07:21:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Drawdown on Equity Line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 01 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy: High-impact Luna oil exploration well gets underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced that the high-impact Luna oil exploration well in Danish waters spudded on Sunday.<br /><br />The Luna well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract announced last month that operator Chevron spudded the P2-10 well in the Dutch North Sea, targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />The company has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Xtract also said today it has received the technical study from Worley Parsons which looked at various technologies being used or developed around the world to extract hydrocarbons from oil shale, as applicable for the exploitation of Xtract’s Julia Creek tenements in Queensland, Australia and other oil shale resources.<br /><br />The study will assist Xtract to review the commercial options available for the exploitation of its oil shale resources.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Mon, 13 Feb 2012 09:53:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 13 Feb 2012 09:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy and Chevron spud P2-10 well in North Sea ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.<br /><br />The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.<br /><br />The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.<br /><br />The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.<br /><br />Xtract said that operator Noreco now expects the rig to be released on January 26.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.<br /><br />Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.</p> ]]></description>
<pubDate>Wed, 11 Jan 2012 09:42:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 11 Jan 2012 08:29:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 19 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Grant of Options ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 12:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy says Chevron waits for weather window to move rig to P2-10 well location ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> told investors today that operator of the P2 block in the North Sea Chevron is currently waiting for a suitable weather window to tow the rig to the P2-10 appraisal well location.<br /><br />The Noble Byron Welliver rig completed its previous work programme in the northern offshore sector of the Dutch North Sea waters on November 24 and is currently being prepared for towing to the P2-10 drilling location offshore the Netherlands.<br /><br />Chevron said it will move the rig to the drilling location as soon as conditions allow, while Xtract added there were no other reasons for the delay.<br /><br />The P2-10 appraisal well targets an existing gas discovery on the P2 block in the Duth North Sea. One of the main objectives of the well is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />In Denmark, Xtract and operator of the 01/11 license Noreco are preparing to drill the Luna well with the Maersk Resolve jack up drilling rig, which is currently drilling on contract to Maersk Oil and Gas in Denmark.<br /><br />“Whilst it is frustrating that the P2-10 well has not yet spudded, ‘waiting on weather’ is a very normal occurrence in the North Sea, particularly during winter months,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />As the rig is located just 70 kilometres away from the Noble Byron Welliver, it is experiencing similar weather conditions and, as a result, its connection to a specialist stimulation vessel necessary for well stimulation activities has been delayed.<br /><br />The rig move will require a suitable weather window to undertake the short tow to the Luna location and, accordingly, will be dependent on weather conditions at the time of the rig release by Maersk.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />“I am confident that both processes are on track, and look forward to updating the market in due course,” added Moir.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 13 Dec 2011 08:43:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.<br /><br />Chevron Corp (<a href="/companies/overview/9472/chevron-corporation-9472.html" class="companyPopupTrigger" rel="9472">NYSE:CVX</a>) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.<br /><br />Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.<br /><br />Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30. <br /><br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.<br /><br />Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 24 Nov 2011 07:45:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
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<pubDate>Thu, 24 Nov 2011 07:00:00 +0000</pubDate>
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"title" => "News - Xtract Energy expects P2-10 appraisal well results this summer",
"pubdate" => "2012-05-08 10:29:00",
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"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said its near-term focus is the P2-10 appraisal well in the Netherlands which is currently being drilled by Chevron and for which it expects to receive results this summer.<br /><br />In its results statement for the full year to end-December, the company said that in the meantime, it is continuing its efforts to source and progress new assets in other areas. <br /><br />During the period under review, it successfully completed a re-admission to AIM, changing from an investment company to an operating company following the acquisition of the outstanding shares in Elko Energy Inc. which it did not already own. It also disposed of its interest in Extrem Energy AS for a royalty agreement.<br /><br />The company is currently not generating revenue. It posted a net loss of £4.31 million in the full year, compared with a loss of £1.39 million a year earlier. <br /><br />Its cash position at period-end stood at £4.49 million.<br /><br />Xtract is currently re-interpreting the seismic surrounding the unsuccessful Luna well in the Danish North Sea - the news was reported in March - to evaluate whether there is still a valid Rotliegendes play in the area. <br /><br />The company expects to finish this work in summer and then be in a position to determine how best to proceed with the Danish acreage and whether it has any value to the group.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
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"title" => "News - Xtract Energy exits Kyrgyzstan joint venture ",
"pubdate" => "2012-05-03 07:54:00",
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"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced it has pulled out of its joint venture in Kyrgyzstan, which will allow previously committed funds to be diverted to other investment opportunities.<br /><br />The company held 25 per cent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic via a majority interest in domestic group KNG Hydrocarbons.<br /><br />Xtract’s partner Santos International Holdings, which held the remainder of Zhibek Resources, decided to withdraw from the country.<br /><br />During the three and a half years since Santos acquired its interest in Zhibek Resources Ltd, KNG Hydrocarbons has acquired and processed approximately 100 kilometres of new 2D seismic, but no material prospects have been identified.<br /><br />Given this and the decision by Santos to exit the Kyrgyz Republic, Xtract has decided to withdraw from the venture.<br /><br />In order to be released from certain funding obligations under Xtract’s and Santos’s farm-in agreement, Santos has transferred a 10.5 per cent stake, 140 million shares, in oil producer and explorer Caspian Oil & Gas to Xtract.<br /><br />Chief executive Peter Moir said: "I am happy that this transaction has been executed such that any future funding of operational activities by Xtract has been terminated and, secondly, we become the beneficial owners of a substantial percentage of Caspian Oil & Gas Ltd (<a href="http://www.proactiveinvestors.co.uk/companies/overview/2237/caspian-oil-gas-limited-2237.html" class="companyPopupTrigger" rel="2237">ASX:CIG</a>), a company with operating assets and licences in the Kyrgyz Republic and elsewhere."<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
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"title" => "News - Xtract Energy: Luna well did not find hydrocarbons",
"pubdate" => "2012-03-16 15:36:00",
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<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.</p>
<p>The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences. </p>
<p>On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.</p>
<p>In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties. </p>
<p>It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.</p>
<p>Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.</p>
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"title" => "News - Xtract Energy draws down £292,500 on YA Global equity line",
"pubdate" => "2012-03-01 07:21:00",
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"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> PLC (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said it has drawn down £292,500 net of expenses on its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC.<br /><br />The SEDA was announced at the end of August 2011 and provides potential funding of up to £12.5 million.<br /><br />This draw down has been undertaken at a price of 2.051 pence per share and will result in the issue of 14,627,011 ordinary shares to Yorkville. The funding will be used as working capital.<br /><br />The high-impact Luna oil exploration well in Danish waters spudded in mid-February.<br /><br />The well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.</p> ",
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"title" => "News - Xtract Energy: High-impact Luna oil exploration well gets underway",
"pubdate" => "2012-02-13 09:53:00",
"seftitle" => "xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced that the high-impact Luna oil exploration well in Danish waters spudded on Sunday.<br /><br />The Luna well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract announced last month that operator Chevron spudded the P2-10 well in the Dutch North Sea, targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />The company has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Xtract also said today it has received the technical study from Worley Parsons which looked at various technologies being used or developed around the world to extract hydrocarbons from oil shale, as applicable for the exploitation of Xtract’s Julia Creek tenements in Queensland, Australia and other oil shale resources.<br /><br />The study will assist Xtract to review the commercial options available for the exploitation of its oil shale resources.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
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"id" => "37684",
"title" => "News - Xtract Energy and Chevron spud P2-10 well in North Sea",
"pubdate" => "2012-01-11 09:42:00",
"seftitle" => "xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html",
"description" => "<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.<br /><br />The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.<br /><br />The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.<br /><br />The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.<br /><br />Xtract said that operator Noreco now expects the rig to be released on January 26.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.<br /><br />Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html"
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"title" => "RNS press release - Operational Update",
"pubdate" => "2012-01-11 08:29:00",
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"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/"
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array(
"id" => "111219xtr1917u",
"title" => "RNS press release - Director/PDMR Shareholding",
"pubdate" => "2011-12-19 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/"
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array(
"id" => "111213xtr8629t",
"title" => "RNS press release - Grant of Options",
"pubdate" => "2011-12-13 12:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/"
),
array(
"id" => "36898",
"title" => "News - Xtract Energy says Chevron waits for weather window to move rig to P2-10 well location",
"pubdate" => "2011-12-13 08:43:00",
"seftitle" => "xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html",
"description" => "<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> told investors today that operator of the P2 block in the North Sea Chevron is currently waiting for a suitable weather window to tow the rig to the P2-10 appraisal well location.<br /><br />The Noble Byron Welliver rig completed its previous work programme in the northern offshore sector of the Dutch North Sea waters on November 24 and is currently being prepared for towing to the P2-10 drilling location offshore the Netherlands.<br /><br />Chevron said it will move the rig to the drilling location as soon as conditions allow, while Xtract added there were no other reasons for the delay.<br /><br />The P2-10 appraisal well targets an existing gas discovery on the P2 block in the Duth North Sea. One of the main objectives of the well is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />In Denmark, Xtract and operator of the 01/11 license Noreco are preparing to drill the Luna well with the Maersk Resolve jack up drilling rig, which is currently drilling on contract to Maersk Oil and Gas in Denmark.<br /><br />“Whilst it is frustrating that the P2-10 well has not yet spudded, ‘waiting on weather’ is a very normal occurrence in the North Sea, particularly during winter months,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />As the rig is located just 70 kilometres away from the Noble Byron Welliver, it is experiencing similar weather conditions and, as a result, its connection to a specialist stimulation vessel necessary for well stimulation activities has been delayed.<br /><br />The rig move will require a suitable weather window to undertake the short tow to the Luna location and, accordingly, will be dependent on weather conditions at the time of the rig release by Maersk.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />“I am confident that both processes are on track, and look forward to updating the market in due course,” added Moir.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html"
),
array(
"id" => "111213xtr8198t",
"title" => "RNS press release - Operational Update",
"pubdate" => "2011-12-13 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/"
),
array(
"id" => "36061",
"title" => "News - Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December",
"pubdate" => "2011-11-24 07:45:00",
"seftitle" => "xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.<br /><br />Chevron Corp (<a href="/companies/overview/9472/chevron-corporation-9472.html" class="companyPopupTrigger" rel="9472">NYSE:CVX</a>) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.<br /><br />Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.<br /><br />Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30. <br /><br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.<br /><br />Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html"
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"title" => "RNS press release - Operational Update",
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<title><![CDATA[News - Xtract Energy expects P2-10 appraisal well results this summer ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42459/xtract-energy-expects-p2-10-appraisal-well-results-this-summer-42459.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said its near-term focus is the P2-10 appraisal well in the Netherlands which is currently being drilled by Chevron and for which it expects to receive results this summer.<br /><br />In its results statement for the full year to end-December, the company said that in the meantime, it is continuing its efforts to source and progress new assets in other areas. <br /><br />During the period under review, it successfully completed a re-admission to AIM, changing from an investment company to an operating company following the acquisition of the outstanding shares in Elko Energy Inc. which it did not already own. It also disposed of its interest in Extrem Energy AS for a royalty agreement.<br /><br />The company is currently not generating revenue. It posted a net loss of £4.31 million in the full year, compared with a loss of £1.39 million a year earlier. <br /><br />Its cash position at period-end stood at £4.49 million.<br /><br />Xtract is currently re-interpreting the seismic surrounding the unsuccessful Luna well in the Danish North Sea - the news was reported in March - to evaluate whether there is still a valid Rotliegendes play in the area. <br /><br />The company expects to finish this work in summer and then be in a position to determine how best to proceed with the Danish acreage and whether it has any value to the group.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 08 May 2012 10:29:00 +0100</pubDate>
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</item>
<item>
<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 08 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy exits Kyrgyzstan joint venture ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced it has pulled out of its joint venture in Kyrgyzstan, which will allow previously committed funds to be diverted to other investment opportunities.<br /><br />The company held 25 per cent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic via a majority interest in domestic group KNG Hydrocarbons.<br /><br />Xtract’s partner Santos International Holdings, which held the remainder of Zhibek Resources, decided to withdraw from the country.<br /><br />During the three and a half years since Santos acquired its interest in Zhibek Resources Ltd, KNG Hydrocarbons has acquired and processed approximately 100 kilometres of new 2D seismic, but no material prospects have been identified.<br /><br />Given this and the decision by Santos to exit the Kyrgyz Republic, Xtract has decided to withdraw from the venture.<br /><br />In order to be released from certain funding obligations under Xtract’s and Santos’s farm-in agreement, Santos has transferred a 10.5 per cent stake, 140 million shares, in oil producer and explorer Caspian Oil & Gas to Xtract.<br /><br />Chief executive Peter Moir said: "I am happy that this transaction has been executed such that any future funding of operational activities by Xtract has been terminated and, secondly, we become the beneficial owners of a substantial percentage of Caspian Oil & Gas Ltd (<a href="http://www.proactiveinvestors.co.uk/companies/overview/2237/caspian-oil-gas-limited-2237.html" class="companyPopupTrigger" rel="2237">ASX:CIG</a>), a company with operating assets and licences in the Kyrgyz Republic and elsewhere."<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 03 May 2012 07:54:00 +0100</pubDate>
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</item>
<item>
<title><![CDATA[RNS press release - Update on Kyrgyz Republic assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 03 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operations Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 16 Apr 2012 09:08:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy: Luna well did not find hydrocarbons ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.</p>
<p>The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences. </p>
<p>On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.</p>
<p>In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties. </p>
<p>It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.</p>
<p>Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.</p>
</p> ]]></description>
<pubDate>Fri, 16 Mar 2012 15:36:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 16 Mar 2012 15:00:00 +0000</pubDate>
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<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[16.03.12: -0.58, (1.20) Press: Xtract Energy fell after its Luna well in Denmark failed to find sought-after oil and gas. Source - Financial Times]]></description>
<pubDate>Fri, 16 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy draws down £292,500 on YA Global equity line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> PLC (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said it has drawn down £292,500 net of expenses on its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC.<br /><br />The SEDA was announced at the end of August 2011 and provides potential funding of up to £12.5 million.<br /><br />This draw down has been undertaken at a price of 2.051 pence per share and will result in the issue of 14,627,011 ordinary shares to Yorkville. The funding will be used as working capital.<br /><br />The high-impact Luna oil exploration well in Danish waters spudded in mid-February.<br /><br />The well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.</p> ]]></description>
<pubDate>Thu, 01 Mar 2012 07:21:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Drawdown on Equity Line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 01 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy: High-impact Luna oil exploration well gets underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced that the high-impact Luna oil exploration well in Danish waters spudded on Sunday.<br /><br />The Luna well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract announced last month that operator Chevron spudded the P2-10 well in the Dutch North Sea, targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />The company has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Xtract also said today it has received the technical study from Worley Parsons which looked at various technologies being used or developed around the world to extract hydrocarbons from oil shale, as applicable for the exploitation of Xtract’s Julia Creek tenements in Queensland, Australia and other oil shale resources.<br /><br />The study will assist Xtract to review the commercial options available for the exploitation of its oil shale resources.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Mon, 13 Feb 2012 09:53:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</link>
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<pubDate>Mon, 13 Feb 2012 09:00:00 +0000</pubDate>
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<title><![CDATA[News - Xtract Energy and Chevron spud P2-10 well in North Sea ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.<br /><br />The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.<br /><br />The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.<br /><br />The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.<br /><br />Xtract said that operator Noreco now expects the rig to be released on January 26.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.<br /><br />Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.</p> ]]></description>
<pubDate>Wed, 11 Jan 2012 09:42:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</link>
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<pubDate>Wed, 11 Jan 2012 08:29:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</guid>
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<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</link>
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<pubDate>Mon, 19 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</guid>
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<title><![CDATA[RNS press release - Grant of Options ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 12:00:00 +0000</pubDate>
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<title><![CDATA[News - Xtract Energy says Chevron waits for weather window to move rig to P2-10 well location ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> told investors today that operator of the P2 block in the North Sea Chevron is currently waiting for a suitable weather window to tow the rig to the P2-10 appraisal well location.<br /><br />The Noble Byron Welliver rig completed its previous work programme in the northern offshore sector of the Dutch North Sea waters on November 24 and is currently being prepared for towing to the P2-10 drilling location offshore the Netherlands.<br /><br />Chevron said it will move the rig to the drilling location as soon as conditions allow, while Xtract added there were no other reasons for the delay.<br /><br />The P2-10 appraisal well targets an existing gas discovery on the P2 block in the Duth North Sea. One of the main objectives of the well is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />In Denmark, Xtract and operator of the 01/11 license Noreco are preparing to drill the Luna well with the Maersk Resolve jack up drilling rig, which is currently drilling on contract to Maersk Oil and Gas in Denmark.<br /><br />“Whilst it is frustrating that the P2-10 well has not yet spudded, ‘waiting on weather’ is a very normal occurrence in the North Sea, particularly during winter months,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />As the rig is located just 70 kilometres away from the Noble Byron Welliver, it is experiencing similar weather conditions and, as a result, its connection to a specialist stimulation vessel necessary for well stimulation activities has been delayed.<br /><br />The rig move will require a suitable weather window to undertake the short tow to the Luna location and, accordingly, will be dependent on weather conditions at the time of the rig release by Maersk.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />“I am confident that both processes are on track, and look forward to updating the market in due course,” added Moir.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 13 Dec 2011 08:43:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</link>
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<pubDate>Tue, 13 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</guid>
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<title><![CDATA[News - Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.<br /><br />Chevron Corp (<a href="/companies/overview/9472/chevron-corporation-9472.html" class="companyPopupTrigger" rel="9472">NYSE:CVX</a>) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.<br /><br />Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.<br /><br />Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30. <br /><br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.<br /><br />Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 24 Nov 2011 07:45:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111124xtr6803s/</link>
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<pubDate>Thu, 24 Nov 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111124xtr6803s/</guid>
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<title><![CDATA[News - Xtract Energy expects P2-10 appraisal well results this summer ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42459/xtract-energy-expects-p2-10-appraisal-well-results-this-summer-42459.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said its near-term focus is the P2-10 appraisal well in the Netherlands which is currently being drilled by Chevron and for which it expects to receive results this summer.<br /><br />In its results statement for the full year to end-December, the company said that in the meantime, it is continuing its efforts to source and progress new assets in other areas. <br /><br />During the period under review, it successfully completed a re-admission to AIM, changing from an investment company to an operating company following the acquisition of the outstanding shares in Elko Energy Inc. which it did not already own. It also disposed of its interest in Extrem Energy AS for a royalty agreement.<br /><br />The company is currently not generating revenue. It posted a net loss of £4.31 million in the full year, compared with a loss of £1.39 million a year earlier. <br /><br />Its cash position at period-end stood at £4.49 million.<br /><br />Xtract is currently re-interpreting the seismic surrounding the unsuccessful Luna well in the Danish North Sea - the news was reported in March - to evaluate whether there is still a valid Rotliegendes play in the area. <br /><br />The company expects to finish this work in summer and then be in a position to determine how best to proceed with the Danish acreage and whether it has any value to the group.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 08 May 2012 10:29:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42459/xtract-energy-expects-p2-10-appraisal-well-results-this-summer-42459.html</guid>
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<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 08 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</guid>
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<title><![CDATA[News - Xtract Energy exits Kyrgyzstan joint venture ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced it has pulled out of its joint venture in Kyrgyzstan, which will allow previously committed funds to be diverted to other investment opportunities.<br /><br />The company held 25 per cent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic via a majority interest in domestic group KNG Hydrocarbons.<br /><br />Xtract’s partner Santos International Holdings, which held the remainder of Zhibek Resources, decided to withdraw from the country.<br /><br />During the three and a half years since Santos acquired its interest in Zhibek Resources Ltd, KNG Hydrocarbons has acquired and processed approximately 100 kilometres of new 2D seismic, but no material prospects have been identified.<br /><br />Given this and the decision by Santos to exit the Kyrgyz Republic, Xtract has decided to withdraw from the venture.<br /><br />In order to be released from certain funding obligations under Xtract’s and Santos’s farm-in agreement, Santos has transferred a 10.5 per cent stake, 140 million shares, in oil producer and explorer Caspian Oil & Gas to Xtract.<br /><br />Chief executive Peter Moir said: "I am happy that this transaction has been executed such that any future funding of operational activities by Xtract has been terminated and, secondly, we become the beneficial owners of a substantial percentage of Caspian Oil & Gas Ltd (<a href="http://www.proactiveinvestors.co.uk/companies/overview/2237/caspian-oil-gas-limited-2237.html" class="companyPopupTrigger" rel="2237">ASX:CIG</a>), a company with operating assets and licences in the Kyrgyz Republic and elsewhere."<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 03 May 2012 07:54:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</guid>
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<title><![CDATA[RNS press release - Update on Kyrgyz Republic assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 03 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</guid>
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<title><![CDATA[RNS press release - Operations Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 16 Apr 2012 09:08:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</guid>
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<title><![CDATA[News - Xtract Energy: Luna well did not find hydrocarbons ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.</p>
<p>The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences. </p>
<p>On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.</p>
<p>In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties. </p>
<p>It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.</p>
<p>Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.</p>
</p> ]]></description>
<pubDate>Fri, 16 Mar 2012 15:36:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 16 Mar 2012 15:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</guid>
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<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[16.03.12: -0.58, (1.20) Press: Xtract Energy fell after its Luna well in Denmark failed to find sought-after oil and gas. Source - Financial Times]]></description>
<pubDate>Fri, 16 Mar 2012 00:00:00 +0000</pubDate>
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<title><![CDATA[News - Xtract Energy draws down £292,500 on YA Global equity line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> PLC (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said it has drawn down £292,500 net of expenses on its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC.<br /><br />The SEDA was announced at the end of August 2011 and provides potential funding of up to £12.5 million.<br /><br />This draw down has been undertaken at a price of 2.051 pence per share and will result in the issue of 14,627,011 ordinary shares to Yorkville. The funding will be used as working capital.<br /><br />The high-impact Luna oil exploration well in Danish waters spudded in mid-February.<br /><br />The well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.</p> ]]></description>
<pubDate>Thu, 01 Mar 2012 07:21:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</guid>
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<title><![CDATA[RNS press release - Drawdown on Equity Line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 01 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</guid>
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<title><![CDATA[News - Xtract Energy: High-impact Luna oil exploration well gets underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced that the high-impact Luna oil exploration well in Danish waters spudded on Sunday.<br /><br />The Luna well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract announced last month that operator Chevron spudded the P2-10 well in the Dutch North Sea, targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />The company has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Xtract also said today it has received the technical study from Worley Parsons which looked at various technologies being used or developed around the world to extract hydrocarbons from oil shale, as applicable for the exploitation of Xtract’s Julia Creek tenements in Queensland, Australia and other oil shale resources.<br /><br />The study will assist Xtract to review the commercial options available for the exploitation of its oil shale resources.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Mon, 13 Feb 2012 09:53:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 13 Feb 2012 09:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</guid>
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<title><![CDATA[News - Xtract Energy and Chevron spud P2-10 well in North Sea ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.<br /><br />The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.<br /><br />The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.<br /><br />The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.<br /><br />Xtract said that operator Noreco now expects the rig to be released on January 26.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.<br /><br />Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.</p> ]]></description>
<pubDate>Wed, 11 Jan 2012 09:42:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 11 Jan 2012 08:29:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</guid>
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<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 19 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</guid>
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<title><![CDATA[RNS press release - Grant of Options ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 12:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</guid>
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<title><![CDATA[News - Xtract Energy says Chevron waits for weather window to move rig to P2-10 well location ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> told investors today that operator of the P2 block in the North Sea Chevron is currently waiting for a suitable weather window to tow the rig to the P2-10 appraisal well location.<br /><br />The Noble Byron Welliver rig completed its previous work programme in the northern offshore sector of the Dutch North Sea waters on November 24 and is currently being prepared for towing to the P2-10 drilling location offshore the Netherlands.<br /><br />Chevron said it will move the rig to the drilling location as soon as conditions allow, while Xtract added there were no other reasons for the delay.<br /><br />The P2-10 appraisal well targets an existing gas discovery on the P2 block in the Duth North Sea. One of the main objectives of the well is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />In Denmark, Xtract and operator of the 01/11 license Noreco are preparing to drill the Luna well with the Maersk Resolve jack up drilling rig, which is currently drilling on contract to Maersk Oil and Gas in Denmark.<br /><br />“Whilst it is frustrating that the P2-10 well has not yet spudded, ‘waiting on weather’ is a very normal occurrence in the North Sea, particularly during winter months,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />As the rig is located just 70 kilometres away from the Noble Byron Welliver, it is experiencing similar weather conditions and, as a result, its connection to a specialist stimulation vessel necessary for well stimulation activities has been delayed.<br /><br />The rig move will require a suitable weather window to undertake the short tow to the Luna location and, accordingly, will be dependent on weather conditions at the time of the rig release by Maersk.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />“I am confident that both processes are on track, and look forward to updating the market in due course,” added Moir.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 13 Dec 2011 08:43:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</guid>
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<title><![CDATA[News - Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.<br /><br />Chevron Corp (<a href="/companies/overview/9472/chevron-corporation-9472.html" class="companyPopupTrigger" rel="9472">NYSE:CVX</a>) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.<br /><br />Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.<br /><br />Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30. <br /><br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.<br /><br />Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 24 Nov 2011 07:45:00 +0000</pubDate>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
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<pubDate>Thu, 24 Nov 2011 07:00:00 +0000</pubDate>
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"title" => "News - Xtract Energy expects P2-10 appraisal well results this summer",
"pubdate" => "2012-05-08 10:29:00",
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"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said its near-term focus is the P2-10 appraisal well in the Netherlands which is currently being drilled by Chevron and for which it expects to receive results this summer.<br /><br />In its results statement for the full year to end-December, the company said that in the meantime, it is continuing its efforts to source and progress new assets in other areas. <br /><br />During the period under review, it successfully completed a re-admission to AIM, changing from an investment company to an operating company following the acquisition of the outstanding shares in Elko Energy Inc. which it did not already own. It also disposed of its interest in Extrem Energy AS for a royalty agreement.<br /><br />The company is currently not generating revenue. It posted a net loss of £4.31 million in the full year, compared with a loss of £1.39 million a year earlier. <br /><br />Its cash position at period-end stood at £4.49 million.<br /><br />Xtract is currently re-interpreting the seismic surrounding the unsuccessful Luna well in the Danish North Sea - the news was reported in March - to evaluate whether there is still a valid Rotliegendes play in the area. <br /><br />The company expects to finish this work in summer and then be in a position to determine how best to proceed with the Danish acreage and whether it has any value to the group.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
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"title" => "News - Xtract Energy exits Kyrgyzstan joint venture ",
"pubdate" => "2012-05-03 07:54:00",
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"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced it has pulled out of its joint venture in Kyrgyzstan, which will allow previously committed funds to be diverted to other investment opportunities.<br /><br />The company held 25 per cent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic via a majority interest in domestic group KNG Hydrocarbons.<br /><br />Xtract’s partner Santos International Holdings, which held the remainder of Zhibek Resources, decided to withdraw from the country.<br /><br />During the three and a half years since Santos acquired its interest in Zhibek Resources Ltd, KNG Hydrocarbons has acquired and processed approximately 100 kilometres of new 2D seismic, but no material prospects have been identified.<br /><br />Given this and the decision by Santos to exit the Kyrgyz Republic, Xtract has decided to withdraw from the venture.<br /><br />In order to be released from certain funding obligations under Xtract’s and Santos’s farm-in agreement, Santos has transferred a 10.5 per cent stake, 140 million shares, in oil producer and explorer Caspian Oil & Gas to Xtract.<br /><br />Chief executive Peter Moir said: "I am happy that this transaction has been executed such that any future funding of operational activities by Xtract has been terminated and, secondly, we become the beneficial owners of a substantial percentage of Caspian Oil & Gas Ltd (<a href="http://www.proactiveinvestors.co.uk/companies/overview/2237/caspian-oil-gas-limited-2237.html" class="companyPopupTrigger" rel="2237">ASX:CIG</a>), a company with operating assets and licences in the Kyrgyz Republic and elsewhere."<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
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"title" => "News - Xtract Energy: Luna well did not find hydrocarbons",
"pubdate" => "2012-03-16 15:36:00",
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<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.</p>
<p>The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences. </p>
<p>On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.</p>
<p>In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties. </p>
<p>It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.</p>
<p>Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.</p>
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"title" => "News - Xtract Energy draws down £292,500 on YA Global equity line",
"pubdate" => "2012-03-01 07:21:00",
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"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> PLC (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said it has drawn down £292,500 net of expenses on its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC.<br /><br />The SEDA was announced at the end of August 2011 and provides potential funding of up to £12.5 million.<br /><br />This draw down has been undertaken at a price of 2.051 pence per share and will result in the issue of 14,627,011 ordinary shares to Yorkville. The funding will be used as working capital.<br /><br />The high-impact Luna oil exploration well in Danish waters spudded in mid-February.<br /><br />The well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.</p> ",
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"title" => "News - Xtract Energy: High-impact Luna oil exploration well gets underway",
"pubdate" => "2012-02-13 09:53:00",
"seftitle" => "xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced that the high-impact Luna oil exploration well in Danish waters spudded on Sunday.<br /><br />The Luna well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract announced last month that operator Chevron spudded the P2-10 well in the Dutch North Sea, targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />The company has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Xtract also said today it has received the technical study from Worley Parsons which looked at various technologies being used or developed around the world to extract hydrocarbons from oil shale, as applicable for the exploitation of Xtract’s Julia Creek tenements in Queensland, Australia and other oil shale resources.<br /><br />The study will assist Xtract to review the commercial options available for the exploitation of its oil shale resources.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
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"id" => "37684",
"title" => "News - Xtract Energy and Chevron spud P2-10 well in North Sea",
"pubdate" => "2012-01-11 09:42:00",
"seftitle" => "xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html",
"description" => "<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.<br /><br />The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.<br /><br />The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.<br /><br />The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.<br /><br />Xtract said that operator Noreco now expects the rig to be released on January 26.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.<br /><br />Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html"
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"title" => "RNS press release - Operational Update",
"pubdate" => "2012-01-11 08:29:00",
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"link" => "http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/"
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array(
"id" => "111219xtr1917u",
"title" => "RNS press release - Director/PDMR Shareholding",
"pubdate" => "2011-12-19 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/"
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array(
"id" => "111213xtr8629t",
"title" => "RNS press release - Grant of Options",
"pubdate" => "2011-12-13 12:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/"
),
array(
"id" => "36898",
"title" => "News - Xtract Energy says Chevron waits for weather window to move rig to P2-10 well location",
"pubdate" => "2011-12-13 08:43:00",
"seftitle" => "xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html",
"description" => "<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> told investors today that operator of the P2 block in the North Sea Chevron is currently waiting for a suitable weather window to tow the rig to the P2-10 appraisal well location.<br /><br />The Noble Byron Welliver rig completed its previous work programme in the northern offshore sector of the Dutch North Sea waters on November 24 and is currently being prepared for towing to the P2-10 drilling location offshore the Netherlands.<br /><br />Chevron said it will move the rig to the drilling location as soon as conditions allow, while Xtract added there were no other reasons for the delay.<br /><br />The P2-10 appraisal well targets an existing gas discovery on the P2 block in the Duth North Sea. One of the main objectives of the well is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />In Denmark, Xtract and operator of the 01/11 license Noreco are preparing to drill the Luna well with the Maersk Resolve jack up drilling rig, which is currently drilling on contract to Maersk Oil and Gas in Denmark.<br /><br />“Whilst it is frustrating that the P2-10 well has not yet spudded, ‘waiting on weather’ is a very normal occurrence in the North Sea, particularly during winter months,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />As the rig is located just 70 kilometres away from the Noble Byron Welliver, it is experiencing similar weather conditions and, as a result, its connection to a specialist stimulation vessel necessary for well stimulation activities has been delayed.<br /><br />The rig move will require a suitable weather window to undertake the short tow to the Luna location and, accordingly, will be dependent on weather conditions at the time of the rig release by Maersk.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />“I am confident that both processes are on track, and look forward to updating the market in due course,” added Moir.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html"
),
array(
"id" => "111213xtr8198t",
"title" => "RNS press release - Operational Update",
"pubdate" => "2011-12-13 07:00:00",
"seftitle" => "",
"description" => "",
"link" => "http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/"
),
array(
"id" => "36061",
"title" => "News - Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December",
"pubdate" => "2011-11-24 07:45:00",
"seftitle" => "xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html",
"description" => "<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.<br /><br />Chevron Corp (<a href="/companies/overview/9472/chevron-corporation-9472.html" class="companyPopupTrigger" rel="9472">NYSE:CVX</a>) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.<br /><br />Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.<br /><br />Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30. <br /><br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.<br /><br />Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ",
"link" => "http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html"
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"title" => "RNS press release - Operational Update",
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<title><![CDATA[News - Xtract Energy expects P2-10 appraisal well results this summer ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42459/xtract-energy-expects-p2-10-appraisal-well-results-this-summer-42459.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said its near-term focus is the P2-10 appraisal well in the Netherlands which is currently being drilled by Chevron and for which it expects to receive results this summer.<br /><br />In its results statement for the full year to end-December, the company said that in the meantime, it is continuing its efforts to source and progress new assets in other areas. <br /><br />During the period under review, it successfully completed a re-admission to AIM, changing from an investment company to an operating company following the acquisition of the outstanding shares in Elko Energy Inc. which it did not already own. It also disposed of its interest in Extrem Energy AS for a royalty agreement.<br /><br />The company is currently not generating revenue. It posted a net loss of £4.31 million in the full year, compared with a loss of £1.39 million a year earlier. <br /><br />Its cash position at period-end stood at £4.49 million.<br /><br />Xtract is currently re-interpreting the seismic surrounding the unsuccessful Luna well in the Danish North Sea - the news was reported in March - to evaluate whether there is still a valid Rotliegendes play in the area. <br /><br />The company expects to finish this work in summer and then be in a position to determine how best to proceed with the Danish acreage and whether it has any value to the group.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 08 May 2012 10:29:00 +0100</pubDate>
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</item>
<item>
<title><![CDATA[RNS press release - Final Results ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 08 May 2012 07:01:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120508xtr8260c/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy exits Kyrgyzstan joint venture ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/42302/xtract-energy-exits-kyrgyzstan-joint-venture--42302.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced it has pulled out of its joint venture in Kyrgyzstan, which will allow previously committed funds to be diverted to other investment opportunities.<br /><br />The company held 25 per cent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic via a majority interest in domestic group KNG Hydrocarbons.<br /><br />Xtract’s partner Santos International Holdings, which held the remainder of Zhibek Resources, decided to withdraw from the country.<br /><br />During the three and a half years since Santos acquired its interest in Zhibek Resources Ltd, KNG Hydrocarbons has acquired and processed approximately 100 kilometres of new 2D seismic, but no material prospects have been identified.<br /><br />Given this and the decision by Santos to exit the Kyrgyz Republic, Xtract has decided to withdraw from the venture.<br /><br />In order to be released from certain funding obligations under Xtract’s and Santos’s farm-in agreement, Santos has transferred a 10.5 per cent stake, 140 million shares, in oil producer and explorer Caspian Oil & Gas to Xtract.<br /><br />Chief executive Peter Moir said: "I am happy that this transaction has been executed such that any future funding of operational activities by Xtract has been terminated and, secondly, we become the beneficial owners of a substantial percentage of Caspian Oil & Gas Ltd (<a href="http://www.proactiveinvestors.co.uk/companies/overview/2237/caspian-oil-gas-limited-2237.html" class="companyPopupTrigger" rel="2237">ASX:CIG</a>), a company with operating assets and licences in the Kyrgyz Republic and elsewhere."<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />The company holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.<br /><br />Xtract's wholly owned subsidiary Elko Energy has interests in exploration and production licences in the Danish and Dutch North Sea. <br /><br />Its major asset in the Danish North Sea is a 33 per cent working interest in an exploration and production licence 02/05 and a 33 per cent working interest an adjoining exploration and production license 01/11.<br /><br />Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.<br /><br />In addition, the group has a 70 per cent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 03 May 2012 07:54:00 +0100</pubDate>
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</item>
<item>
<title><![CDATA[RNS press release - Update on Kyrgyz Republic assets ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 03 May 2012 07:00:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120503xtr6204c/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operations Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 16 Apr 2012 09:08:00 +0100</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120416xtr3571b/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy: Luna well did not find hydrocarbons ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</link>
<description><![CDATA[<p>
<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.</p>
<p>The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences. </p>
<p>On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.</p>
<p>In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties. </p>
<p>It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.</p>
<p>Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.</p>
</p> ]]></description>
<pubDate>Fri, 16 Mar 2012 15:36:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/40366/xtract-energy-luna-well-did-not-find-hydrocarbons-40366.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120316xtr5374z/</link>
<description><![CDATA[]]></description>
<pubDate>Fri, 16 Mar 2012 15:00:00 +0000</pubDate>
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<title><![CDATA[Broker press ]]></title>
<link></link>
<description><![CDATA[16.03.12: -0.58, (1.20) Press: Xtract Energy fell after its Luna well in Denmark failed to find sought-after oil and gas. Source - Financial Times]]></description>
<pubDate>Fri, 16 Mar 2012 00:00:00 +0000</pubDate>
<guid></guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy draws down £292,500 on YA Global equity line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> PLC (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) said it has drawn down £292,500 net of expenses on its Standby Equity Distribution Agreement (SEDA) with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC.<br /><br />The SEDA was announced at the end of August 2011 and provides potential funding of up to £12.5 million.<br /><br />This draw down has been undertaken at a price of 2.051 pence per share and will result in the issue of 14,627,011 ordinary shares to Yorkville. The funding will be used as working capital.<br /><br />The high-impact Luna oil exploration well in Danish waters spudded in mid-February.<br /><br />The well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.</p> ]]></description>
<pubDate>Thu, 01 Mar 2012 07:21:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/39655/xtract-energy-draws-down-292500-on-ya-global-equity-line-39655.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Drawdown on Equity Line ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 01 Mar 2012 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120301xtr4214y/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy: High-impact Luna oil exploration well gets underway ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) announced that the high-impact Luna oil exploration well in Danish waters spudded on Sunday.<br /><br />The Luna well will be drilled to a depth of 2,250 metres with a reservoir sandstone thickness prognosis of around 90 metres. <br /><br />The Luna prospect in the Danish offshore 01/11 license area is targeting between 35 and 153 million barrels net resources to Xtract. Drilling is expected to take approximately one month.<br /><br />The license is operated by Norwegian Energy Company ASA (Noreco), and Xtract’s wholly-owned unit Elko Energy has a 33 percent working interest in 01/11 as well a 33 percent working interest in the adjoining exploration and production licence 02/05.<br /> <br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract announced last month that operator Chevron spudded the P2-10 well in the Dutch North Sea, targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />The company has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Xtract also said today it has received the technical study from Worley Parsons which looked at various technologies being used or developed around the world to extract hydrocarbons from oil shale, as applicable for the exploitation of Xtract’s Julia Creek tenements in Queensland, Australia and other oil shale resources.<br /><br />The study will assist Xtract to review the commercial options available for the exploitation of its oil shale resources.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Mon, 13 Feb 2012 09:53:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/38902/xtract-energy-high-impact-luna-oil-exploration-well-gets-underway-38902.html</guid>
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<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</link>
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<pubDate>Mon, 13 Feb 2012 09:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120213xtr2640x/</guid>
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<item>
<title><![CDATA[News - Xtract Energy and Chevron spud P2-10 well in North Sea ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.<br /><br />The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.<br /><br />The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.<br /><br />The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.<br /><br />Xtract said that operator Noreco now expects the rig to be released on January 26.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.<br /><br />Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.</p> ]]></description>
<pubDate>Wed, 11 Jan 2012 09:42:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/37684/xtract-energy-and-chevron-spud-p2-10-well-in-north-sea-37684.html</guid>
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<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</link>
<description><![CDATA[]]></description>
<pubDate>Wed, 11 Jan 2012 08:29:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/120111xtr3612v/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Director/PDMR Shareholding ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</link>
<description><![CDATA[]]></description>
<pubDate>Mon, 19 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111219xtr1917u/</guid>
</item>
<item>
<title><![CDATA[RNS press release - Grant of Options ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 12:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8629t/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy says Chevron waits for weather window to move rig to P2-10 well location ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</link>
<description><![CDATA[<p><strong><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>)</strong> told investors today that operator of the P2 block in the North Sea Chevron is currently waiting for a suitable weather window to tow the rig to the P2-10 appraisal well location.<br /><br />The Noble Byron Welliver rig completed its previous work programme in the northern offshore sector of the Dutch North Sea waters on November 24 and is currently being prepared for towing to the P2-10 drilling location offshore the Netherlands.<br /><br />Chevron said it will move the rig to the drilling location as soon as conditions allow, while Xtract added there were no other reasons for the delay.<br /><br />The P2-10 appraisal well targets an existing gas discovery on the P2 block in the Duth North Sea. One of the main objectives of the well is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.<br /><br />Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />In Denmark, Xtract and operator of the 01/11 license Noreco are preparing to drill the Luna well with the Maersk Resolve jack up drilling rig, which is currently drilling on contract to Maersk Oil and Gas in Denmark.<br /><br />“Whilst it is frustrating that the P2-10 well has not yet spudded, ‘waiting on weather’ is a very normal occurrence in the North Sea, particularly during winter months,” said chief executive of <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> Peter Moir.<br /><br />As the rig is located just 70 kilometres away from the Noble Byron Welliver, it is experiencing similar weather conditions and, as a result, its connection to a specialist stimulation vessel necessary for well stimulation activities has been delayed.<br /><br />The rig move will require a suitable weather window to undertake the short tow to the Luna location and, accordingly, will be dependent on weather conditions at the time of the rig release by Maersk.<br /><br />The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.<br /><br />“I am confident that both processes are on track, and look forward to updating the market in due course,” added Moir.<br /><br />Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.<br /><br />In addition, the group has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Tue, 13 Dec 2011 08:43:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36898/xtract-energy-says-chevron-waits-for-weather-window-to-move-rig-to-p2-10-well-location-36898.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</link>
<description><![CDATA[]]></description>
<pubDate>Tue, 13 Dec 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111213xtr8198t/</guid>
</item>
<item>
<title><![CDATA[News - Xtract Energy expects Dutch appraisal well and high-impact Luna well to spud in December ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</link>
<description><![CDATA[<p><a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (<a href="/companies/overview/1755/xtract-energy-1755.html" class="companyPopupTrigger" rel="1755">LON:XTR</a>) is expecting drilling of the appraisal well on the P2 block offshore the Netherlands and the high-impact Luna exploration well in Danish waters to get underway in December.<br /><br />Chevron Corp (<a href="/companies/overview/9472/chevron-corporation-9472.html" class="companyPopupTrigger" rel="9472">NYSE:CVX</a>) operates the P2 block and Xtract, via its wholly owned subsidiary Elko Energy, has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron's share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.<br /><br />Chevron has advised the company that the Noble Byron Welliver jack-up drilling rig has completed its current work program in the northern offshore sector of the Dutch North Sea waters and is now being prepared for towing to the P2-10 drilling location.<br /><br />Barring weather conditions that delay the tow, Chevron expects the P2-10 appraisal well to be spud around the start of December 2011. The well program is expected to take up to 100 days.<br /><br />Xtract also said Elko’s Luna exploration well in the Danish offshore 01/11 license area is now expected to spud on December 30. <br /><br />Elko is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33 percent working interest in an exploration and production licence 02/05 and a 33 percent working interest in an adjoining exploration and production licence 01/11, east of the prolific Central Graben oil kitchen.<br /><br />Elko was informed by its license operator, Norwegian Energy Company ASA (Noreco), that the Maersk Resolve rig, currently contracted to Maersk Oil and Gas in Denmark a short mobilisation distance from the Luna prospect location, is expected to be released on December 28. After it has been towed to the Luna location and positioned for drilling, the program is expected to take a month.<br /><br />The Luna well will test the Rotliegendes play concept on the 01/11 license area.<br /><br />Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. <br /><br />Aside from its Elko subsidiary, the company has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.<br /><br />Xtract also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic. <br /><br />The group also has a 70 percent interest in the <a href="http://www.proactiveinvestors.co.uk/companies/overview/1755/Xtract+Energy" class="companyPopupTrigger" rel="1755">Xtract Energy</a> (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.<br /><br />Finally, 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.</p> ]]></description>
<pubDate>Thu, 24 Nov 2011 07:45:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/news/36061/xtract-energy-expects-dutch-appraisal-well-and-high-impact-luna-well-to-spud-in-december-36061.html</guid>
</item>
<item>
<title><![CDATA[RNS press release - Operational Update ]]></title>
<link>http://www.proactiveinvestors.co.uk/companies/rns/111124xtr6803s/</link>
<description><![CDATA[]]></description>
<pubDate>Thu, 24 Nov 2011 07:00:00 +0000</pubDate>
<guid>http://www.proactiveinvestors.co.uk/companies/rns/111124xtr6803s/</guid>
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Xtract Energy (LON:XTR) this afternoon announced that the Luna well, in Denmark, is about to be completed, however it did not encounter hydrocarbons.
The company explains that the well’s objective was to test the overall Rotliegendes play concept over the 01/11 and 02/05 licences.
On AIM, Xtract shares shed 0.62p, or 35 per cent, to trade at 1.3p each.
In a stock market statement it said the well location was picked in order to maximize the information gathered by the well and was designed to address a number of play uncertainties.
It adds that the extensive amount of new data obtained from drilling will now be analysed and integrated into the overall Rotliegendes play model.
Xtract has a 33 per cent stake in the licence 01/11, via its wholly owned subsidiary Elko Energy. The project is operated by Noreco and the Danish North Sea Fund is the other partner.
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