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 wins extension of work commitment deadlines in Netherlands and Denmark
Xtract Energy’s (AIM: XTR) 50.02% held subsidiary Elko Energy has secured the postponement of the starting dates for work programme commitments on its projects in the Netherlands and Denmark, allowing it the time to quantify the resource bases and hold negotiations with other parties over the participation in the next exploration phase.
The Dutch Ministry of Economic Affairs (MEA) said it was satisfied with the progress made by Elko on blocks P1 and P2, agreeing to postpone the deadline for the work program commitment to 1 October 2010. In Denmark, the country’s Energy Agency (DEA) postponed the work commitment deadline for the third phase of the 02/05 exploration license until July 2010.
The company said that the reprocessing of previous 3D seismic to Pre Stack Depth Migration on block P2 in the Netherlands was complete and showed “greatly improved” seismic definition and imaging over the existing discoveries and previously identified prospects. Subsequent remapping of the eastern part of the block has revealed several large undrilled structures with each having a geological chance of success.
Elko is now looking to participate in the next exploration phase on the blocks, saying that the potential for the new prospects to have a lower CO2 content than the P1-FA discovery containing over 30% CO2 made the P2 block an “attractive farm-in opportunity".
In Denmark, Elko is currently in talks with industry parties about participation in the next exploration phase on the license, which will require a well to be drilled by October 2011.
The company has commissioned independent reports to quantify the hydrocarbon resource base on blocks P1 and P2 in the Netherlands and the recently identified Chalk prospect and previously identified Rotliegendes sandstone prospects on license 02/05 in Denmark.
Elko Energy is a Canadian registered 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 percent interest on 26 offshore blocks in a 5,400 square kilometres exploration and production licence close to the prolific Central Graben oil field. Elko also holds a 60 percent operating interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.
Xtract further holds 50% in Extrem Energy, its joint venture with Turkish partner Merty Energy. The JV's aim is to create a new medium-sized oil and gas exploration and production business, initially focused on Turkey.
Zhibek Resources, 25% 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.
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 regatrding the evaluation and possible development of an oil shale deposit near Tarfaya.
