Xtract Regulatory News (XTR)

24 Jan 2008 12:50

Xtract Energy plc24 January 2008 24 January 2008 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") PROJECT UPDATE - MEO Australia Limited Xtract Energy Plc ("Xtract") is pleased to refer investors to a presentationmade by MEO Australia Ltd ("MEO") at its General Meeting today. Xtract currentlyholds approximately 15.7% of the issued capital of MEO. The presentation includes further information on the recent drilling results ofHeron-2 and discloses that MEO has A$63m cash on hand and that its second wellwill target the Plover sands at Blackwood. The full presentation can be found onthe Australian Stock Exchange website or by following the link shown below tothe MEO website: http://www.methanol.com.au/news/_news_single.asp?ID=304 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 the drilling updatecontained in the presentation has not been reviewed by a named "qualifiedperson" as defined and required by the AIM Guidance Note for Mining, Oil and GasCompanies. Enquiries please contact: Xtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798 Smith & Williamson Corporate David Jones +44 (0) 20 7131 4000Finance 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 Investment Holdings Ltd, holds approximately 50.13% of theissued 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 overmining tenements in the Julia Creek area of Queensland and has recently beengranted an exploration permit which gives rights to explore for oil shale in anarea in the South of New Zealand. It is investigating the commercial productionof 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