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 expects Chevron to spud appraisal well on Dutch P2 gas block in November 2011
Xtract Energy PLC (LON:XTR) said it was informed by Chevron Corp (NYSE:CVX) that the first well in P2 block in the Netherlands, where Xtract controls an overriding royalty interest of 5 percent, will spud in November 2011.
Chevron expects the Noble Byron Welliver jack-up drilling rig to be on site at the P2 block in October 2011 and will then proceed to spud the P2-10 appraisal well.
The P2-10 appraisal well will target an existing gas discovery on the block, P2-7, and one of the main objectives is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir.
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.
Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential.
Its wholly-owned unit Elko Energy is a Canadian registered oil & gas exploration company with interests in exploration and production licences in the Danish and Dutch North Sea.
Elko’s 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.
Apart from the holding in the abovementioned P2 block, Elko also holds a royalty interest in gas-bearing license block P1 in the Dutch North Sea.
Xtract has a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy.
It also owns 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.
The group also has a 70 percent interest in the Xtract Energy (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.
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.
