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 appoints Elko Energy CEO Peter Moir to the board
Xtract Energy (AIM: XTR) said it has appointed Peter Moir as an executive director with immediate effect. Moir is president and CEO of Elko Energy Inc, in which Xtract owns 50.01 percent.
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 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.
The addition of Moir to the board and management team at Xtract adds significant technical know-how and is a further step in the development of the company into one that has a more active involvement with its underlying assets, Xtract said in a statement.
Xtract identifies and invests in a diversified portfolio of early stage energy sector technologies and businesses with significant growth potential. The company aims to work closely with the associated management teams to achieve critical project milestones, to finance later development stages, and to build and crystallise value for all shareholders and partners.
Last week, the group announced that its Kyrgyzstan joint venture CJSC KNG Hydrocarbons (KNG HC) has received approval to drill the Karagan-1 exploration well in late 2010 or early 2011 on the JV’s Tash Kumyr licence area in the Kyrgyz Republic.
The partners in KNG HC are Zhibek Resources Ltd which owns 72 percent and CJSC Kyrgyzneftgaz which owns 28 percent. Xtract holds 25 percent of Zhibek, while Santos International Holdings Pty Ltd owns 75 percent. The Kyrgyz Government holds a controlling interest in CJSC Kyrgyzneftgaz.
Zhibek Resources holds a 72 percent interest in the Tash Kumyr and Pishkoran exploration licences in the Kyrgyz Republic. Xtract has entered a farm-out agreement to fund a seismic and drilling programme for 2008-10.
Xtract’s 50/50 Turkish joint venture with Merty Energy, Extrem Energy, is currently exploring the Alasehir/Sarikiz field.
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.
