www.xtractenergy.co.uk
Xtract Energy identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. We aim to engage closely with the associate management teams to achieve project milestones, finance early stage asset and business development activity, and then finance the asset development phase, or if appropriate, crystallise value for all shareholders at a suitable exit point. We aim to achieve returns for our shareholders through access to the significant upside rewards associated with our investments.
Xtract Energy Plc (‘Xtract’) was established in 2004 (as then Resmex Plc) and its shares were admitted to trading on AIM at the end of March 2005.
Xtract Energy buys Oakville Capital stake in Elko to take shareholding to 50.01%
Xtract Energy (AIM: XTR) entered an agreement with Elko Energy’s second largest shareholder, Oakville Capital, to acquire its entire 13.2% stake in the company in a cash and share deal to bring its total shareholding In Elko to 50.02%.
Shares was up 10 percent on the news in late morning London deals.
Xtract will pay US$1.34 million in cash and issue one new share for every Elko share, ie 13.2 million new shares, to Oakville and is expecting to complete the transaction by 11 January.
“This further acquisition of Elko shares represents another step in the transformation of the company from a passive investor into one with more active involvement with its underlying assets,” said Extract chief executive Andy Morrison.
Elko is a Canadian registered oil & gas exploration company which has interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset is in the Danish North Sea; an 80% interest on 26 offshore blocks in a 5,400 sq km exploration and production licence close to the prolific Central Graben oil field, where technical work has indicates the potential for significant reserves.
Xtract also holds 34 percent in its Turkish joint venture group Extrem Energy AS, with Merty Energy of Turkey holding the remainder. Extrem Energy has a portfolio of licence interests including the high potential prospect at Candarli Bay in south-west Turkey.
Zhibek Resources, 25 percent owned by Xtract, is an oil and gas exploration and production company with a 72 percent interest in the Tash Kumyr and Pishkoran exploration licences in the Kyrgyz Republic.
Xtract's wholly owned subsidiary Xtract Oil Ltd is focused on the development of the company's oil shale resources in Australia and the technology for oil extraction from oil shale resources. Xtract has oil shale exploration rights over mining tenement in the Julia Creek area of Queensland. In addition to evaluating third party technologies, XOL has been developing proprietary technology for the commercial extraction of liquid hydrocarbon products from oil shale.
Finally, Xtract Energy (Oil Shale) Morocco SA is a 70:30 joint venture with Alraed Ltd Investment Holding Company WLL, a company controlled by Prince Bandar Bin Mohammed Bin Abdulrahman Al-Saud of Saudi Arabia. XOSM has signed a Memorandum of Understanding with the Moroccan oil and mining ministry regarding the evaluation and possible development of an oil shale deposit near Tarfaya.
