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’s JV Extrem Energy preparing Alasehir-1 well in Turkey for production test
Xtract Energy PLC (AIM: XTR) said its Turkish joint venture group Extrem Energy AS, in which it holds 34 percent, has re-entered the Alasehir-1 well on the Alasehir licence area and is currently preparing it for perforation and flow testing.
Five intervals have been selected for testing, ranging in depth from 1,573 to 1,802 metres. If commercial oil flow rates are confirmed, Extrem Energy intends to combine production with that planned from Sarikiz-2 well, using the surface facilities that are being prepared at that site.
The Sarikiz-2 site is expected to become the hub for development of both the Alasehir and Sarikiz oil fields. Production testing and well completion, once the work has begun, is estimated to be 30 days. An estimate of the total oil in place in the Alasehir field will be made following the production test.
Xtract identifies and invests in a diversified portfolio of early stage energy sector technologies and businesses with significant growth potential.
Apart from its holding in Extrem Energy, an exploration and production joint venture with
Merty Energy of Turkey, Xtract holds 25 percent in Zhibek Resources, an oil and gas E&P company with a 72 percent interest in the Tash Kumyr and Pishkoran exploration licences in the Kyrgyz Republic.
It further controls approximately 35 percent of Elko Energy Inc, a Canadian group with interests in exploration and production licences in the Danish and Dutch North Sea.
Wholly-owned subsidiary Xtract Oil Ltd is focused on the development of Xtract’s oil shale resources in Australia and the technology for oil extraction from oil shale resources.
It holds 70 percent of Xtract Energy (Oil Shale) Morocco SA, a joint venture with Alraed Ltd Investment Holding Co WLL, a company controlled by a Saudi prince. The venture has an MoU with the government regarding evaluation and possible development of an oil shale deposit near Tarfaya, in the south west of the country.
Following several disposals over the last few months of stock in Wasabi Energy Ltd, an investor in traditional and renewable energy technologies, Xtract retains approximately 2.9 percent of Wasabi.
