Coiled Thera Regulatory News (COIL)

23 Apr 2007 15:00

Xtract Energy plc23 April 2007 XTRACT ENERGY PLC ("Xtract") CAMBRIAN OIL & GAS PLC ("COIL") Scheme of Arrangement 23 April 2007 The boards of Xtract and COIL are pleased to announce that, as anticipated, allof the conditions to the scheme of arrangement (the "Scheme") between COIL andits shareholders have been satisfied and the Scheme has become effective today. In accordance with the Scheme, a total of 115,016,676 new ordinary shares of 0.1pence each in the capital of Xtract ("New Xtract Shares") were issued today toCOIL shareholders on the register at 6.00pm on 19 April 2007 (other than Xtract)("Scheme Shareholders") on the basis of 9 New Xtract Shares for every 10 SchemeShares held at that time. The New Xtract Shares will rank pari passu with theexisting issued ordinary shares of 0.1 pence each in Xtract and trading of theseshares on AIM is expected to commence on 24 April 2007. The total number of Xtract ordinary shares in issue with voting rights followingthis issue is 672,326,476. The CREST accounts of Scheme Shareholders holding Scheme Shares inuncertificated form are expected to be credited on 24 April 2007. Sharecertificates for the New Xtract Shares will be despatched to Scheme Shareholdersholding Scheme Shares in certificated form on or before 8 May 2007. Shares in COIL are currently suspended and their admission to AIM will becancelled on 24 April 2007. CRESTCo will be instructed to cancel SchemeShareholders' entitlements to Scheme Shares held in uncertificated form. Allcertificates representing Scheme Shares have ceased to be valid. 180,999,999 3p COIL warrants (out of a total of 201,766,662 3p COIL warrants,50,000,000 of which were issued in July 2006 and 151,766,662 in October 2006)have not been exercised and therefore have ceased and determined in accordancewith their terms, with effect from today. For those COIL options and 3p warrants which have not been exercised and whichunder their terms do not cease and determine if they are not so exercised, underthe terms of COIL's Articles of Association as amended by the EGM held on 12April 2007, such COIL option and warrant holders shall be entitled to receiveXtract shares upon exercise of such options and warrants on the basis of 9 newXtract ordinary shares for every 10 COIL shares which the option or warrantholder is entitled to under the terms of the option or warrant. Enquiries in relation to Xtract please contact: Xtract Energy plc John Newton, CEO +44 (0) 20 7409 0890 Smith & WilliamsonCorporate Finance Ltd David Jones/ Azhic Basirov +44 (0) 20 7131 4000 Enquiries in relation to COIL please contact: Cambrian Oil and Gas plc Neale Taylor, CEO +44 (0) 20 7409 0890 Paul McGroary, Director +44 (0) 79 3056 8160 W.H Ireland Limited Paul Dudley/ James Joyce +44 (0) 20 7220 1666 This information is provided by RNS The company news service from the London Stock Exchange