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Last checked at 
27 Sep 2011 07:00
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27 September 2011
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AIM: XTR
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XTRACT ENERGY PLC
("Xtract" or the "Company")
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Operating update
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Xtract Energy Plc confirms that Chevron expects the Noble Byron Welliver jack-up drilling rig to be on site at the P2 block in the Netherlands, over which Xtract has an overriding royalty interest, in October 2011 and intends to spud the first well (P2-10 appraisal well) in November 2011.
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The P2-10 appraisal well will target an existing gas discovery on the P2 block (P2-7, with low levels of CO2) and one of the main objectives is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir. Xtract has an overriding royalty arrangement of up to 5 per cent. of the sales value from Chevron's share of gas delivered into the Dutch National Transmission System and Chevron condensate delivered onshore.
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- Ends -
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Enquiries please contact:
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Xtract Energy Plc | Peter Moir, CEO Alan Hume FD Β | +44 (0)137 237 1089 |
Cenkos Securities Plc | Jon Fitzpatrick Alan Stewart | +44 (0)207 397 8900 +44 (0)131 220 6939 Β |
FTI Consulting | Billy Clegg Edward Westropp Alex Beagley | +44 (0)207 831 3113 |
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