Xtract Energy

Strategy

The Right Projects
Xtract aims to build and manage a portfolio of energy assets where the cost of entry is relatively low but where there is very considerable upside potential. The Company considers opportunities in both conventional and non-conventional energy sectors, focusing on those that do not rely on public sector subsidy for their success. The Board expects to maintain its current policy of investing mainly in well-established political jurisdictions.

The Right Investment Strategy
By holding a portfolio of private and public company investments, Xtract aims to offer investors access to otherwise unlisted opportunities together with financial flexibility and liquidity. The Company is alert to the challenges presented by the current volatile market conditions and the Board will continue to adjust the Group’s financial positioning to respond appropriately to a continuing downturn and/or a subsequent period of opportunity.

The Right People
Attracting and retaining people with the necessary experience, enterprise and motivation is a challenge for all companies; even more so for early-stage businesses. Xtract takes its people issues very seriously and uses its wide network of connections to source talented individuals who can contribute at board and senior management levels. Where specific expertise is needed, acknowledged expert consultants are retained.

Group Structure

The principal assets of Xtract are its holdings in Extrem Energy A.S., Elko Energy Inc, Zhibek Resources Ltd and Oil Shale deposits in Queensland, Australia.

Extrem Energy AS (‘Extrem Energy‘)

Extrem Energy is an exploration and production joint venture with Merty Energy of Turkey. The JV’s aim is to create a new medium-sized oil and gas exploration and production business, initially focused on Turkey where Merty Energy has particular experience and expertise. Extrem Energy has a portfolio of licence interests including the high potential prospect at Candarli Bay in south-west Turkey. Xtract owns 34% of the issued share capital of Extrem Energy. [READ MORE]

Elko Energy Inc. (‘Elko’)

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. Technical work indicates the potential for significant reserves. Elko also holds a 60% operating interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea. Xtract owns approximately 36.8% of Elko’s issued share capital. [READ MORE]

Zhibek Resources Ltd (‘Zhibek Resources‘)

Zhibek Resources is an oil and gas exploration and production company which has a 72% 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 2008-09. Xtract owns 25.0% of the issued share capital of Zhibek Resources. [READ MORE]

Xtract Oil Ltd (‘XOL‘)

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. Xtract has oil shale exploration rights over mining tenements in the Julia Creek area of Queensland. Using the JORC standard, total indicated and inferred resources in place are 2.12 billion bbls. In addition to evaluating third party technologies, XOL has been developing proprietary technology for the commercial extraction of liquid hydrocarbon products from oil shale. [READ MORE]

Xtract Energy (Oil Shale) Morocco SA (‘XOSM‘)

XOSM is a joint venture with Alraed Limited Investment Holding Company WLL, a company controlled by His Highness, Prince Bandar Bin Mohd. Bin Abdulrahman Al-Saud of Saudi Arabia. XOSM has signed a Memorandum of Understanding with the Office National des Hydrocarbures et des Mines for the purposes of evaluation and possible development of an oil shale deposit near Tarfaya, in the south west part of Morocco. Xtract currently holds 70% of the joint venture.

MEO Australia Ltd (Australia)

MEO aims to become an integrated Australian Gas-to-Liquids (’GTL’) company. In 2008, MEO made significant gas discoveries in the Australian Timor Sea at Blackwood and Heron North. A programme of appraisal and further exploration continues. Early commercialisation is planned through construction of Liquified Natural Gas and Methanol plants. Environmental approvals have already been secured. [READ MORE]

All assets are held directly or through wholly owned subsidiaries of the Company.

The Directors evaluate new investment opportunities from time to time and may engage the Company in additional projects in the energy resources sector where qualified projects are identified.

Peter Moir - Chief Executive Officer

Mr Moir’s qualifications include B.Sc. Civil Engineering and M.Eng. Petroleum Engineering. He is a Chartered Engineer in the UK and has more than 30 years experience in technical, operational and commercial aspects of the Exploration and Production business.


John Newton - Executive Chairman

Mr Newton has a background in international stockbroking, accounting and corporate finance and has been a director of a number of quoted companies in Australia and Canada. He has maintained a continued involvement in the Australian and international financial sector as an investment adviser and consultant.


Mark Nichols - Non Executive Director (Remuneration and Audit Committee Member)

Mark James Nichols is a qualified accountant who has over 20 years' experience in the energy and chemicals sectors, with the major French oil company Total S.A. and with BOC Group Plc respectively. His most recent executive position was as Director of Strategy for Laing O'Rourke, the privately-owned construction firm. In addition to his role at Xtract Energy, Mark acts as a business consultant to a number of enterprises.

Sue Wickerson
Non Executive Director (Remuneration, Nominations and Audit Committee Member)

Miss Wickerson spent 15 years with a medium size accounting practice, setting up and running both a new registrars division and a management services company. For the last 20 years Miss Wickerson has been running her own successful company which provides accounting and taxation services, company secretarial and financial management services to a wide range of clients, both corporate and private. Miss Wickerson acts as a finance director of various non-listed companies.


Paul Butcher - Non Executive Director

Paul holds a BSc in Earth Sciences and an MSc in Marine Geology and Geophysics and an MBA. Much of his career was spent in BP and Amoco where he spent 25 years, leading to a variety of senior strategic and operational leadership positions within the upstream business.

                         For more information on Xtract Energy's Board of Directors CLICK HERE