Xtract Regulatory News (XTR)

1 Feb 2008 10:30

Xtract Energy plc01 February 2008 1 February 2008 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") PROJECT UPDATE - MEO Australia Ltd Xtract refers shareholders to the following press release announced today inAustralia by MEO Australia Ltd ("MEO"). Xtract currently holds approximately 15.7% of the issued capital of MEO. "ASX AND MEDIA RELEASE BLACKWOOD-1 WELL WEEKLY DRILLING REPORT - No 1 Key Points: • Blackwood-1 spud date February 1, 2008 MELBOURNE, AUSTRALIA (February 1, 2008) -- MEO Australia Limited (ASX: MEO)submits this drilling report for the period ending 1000 hours, February 1, 2008.Blackwood-1 is scheduled to be spudded later today, Friday, February 1, 2008 inExploration Permit NT/P68. The rig was pinned over the Blackwood-1 location at 9 am, January 30, 2008,pre-load and skidding of the cantilever into drilling position has beencompleted. The rig is currently picking up and racking drill pipe into thederrick, making up the bottom hole assembly and preparing to commence drillingthe 26 inch hole to 465m. Blackwood-1 is being drilled by Seadrill's West Atlas jack-up rig contracted toMEO for two firm wells. The Blackwood-1 wildcat well is being 100% funded as asole risk operation by MEO. The well is designed as a vertical well topenetrate, log and recover gas samples in the Plover Formation of the Blackwoodstructure. The participants in the Blackwood-1well are: TSP Arafura Petroleum Pty Ltd (MEO subsidiary) 50%Oz-Exoil Pty Ltd (MEO subsidiary) 50% C.R. Hart, Managing DirectorMEO Australia LimitedNT/P68 Operator" Further information on MEO can be found at www.meoaustralia.com.au. As an ASXlisted company, MEO is not subject to the AIM Rules and this drilling update hasnot been reviewed by a named "qualified person" as defined and required by theAIM Guidance Note for Mining, Oil and Gas Companies. Enquiries please contact: Xtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798 Smith & Williamson David Jones +44 (0) 20 7131 4000Corporate Finance Limited Azhic Basirov Scott Harris Stephen Scott +44 (0) 20 7653 0030 Annabel Michie For further Information on Xtract please visit www.xtractenergy.co.uk About Xtract Energy Plc Xtract identifies and invests in a diversified portfolio of early stage energysector technologies and businesses with very significant growth potential. Weaim to work closely with the associated management teams to achieve criticalproject milestones, to finance later development stages and to build andcrystallise value for all shareholders and partners. Xtract is supported by its cornerstone investor, Cambrian Mining Plc (AIM:CBM) adiversified resource investment house which together with its wholly ownedsubsidiary Cambrian Investments Holdings Limited holds approximately 50.12% ofthe issued share capital of the Company. A short description of the principal assets of Xtract is set out below. Theseassets are either held directly or through wholly owned subsidiaries of theCompany. MEO Australia MEO is focused on developing gas-to-liquids ("GTL") projects in the Timor SeaAustralia, in an area of shallow water known as Tassie Shoal. It has securedCommonwealth Government environmental approvals for two large scale (1.8 Mtpa)methanol plants (50 per cent. interest) and a 3 Mtpa LNG plant (100 per cent.interest) which are adjacent to the Evans Shoal gas field. Elko Energy Elko is an oil & gas exploration company which has an interest in a 5,370km2exploration and production licence in the Danish North Sea and an investment inDragon Energy Inc, a private Canadian company, with a development project inGansu Province, China. Wasabi Energy Wasabi is a diversified investor in renewable energy and low greenhouse emissiontechnologies, with interests in geothermal waste/heat, uranium exploration inAustralia's Northern Territory and biodiesel investments in Victoria. Central Asian Interests Xtract's Central Asian interests include a production sharing agreement withKyrgyzneftegaz to instigate a water injection project on the Beshkent- Togap oilfield. Xtract also holds interests in several exploration licences in the TashKumyr area and in the Toktogul exploration licence. Oil Shale Xtract has oil shale and related petroleum product exploration rights over mining tenements in the Julia Creek area of Queensland and has recently been granted an exploration permit which gives rights to explore for oil shale in an area in the South of New Zealand. It is investigating the commercial production of hydrocarbons (crude oil) from oil shale. Xtract is also available for trading on the open market segment of the FrankfurtStock Exchange (ticker R9X.FSE). This information is provided by RNS The company news service from the London Stock Exchange