Last checked at 13 Jun 2012 08:34
13 June 2012
AIM: XTR
XTRACT ENERGY PLC
("Xtract" or the "Company")
Posting of Annual Report and Accounts
The Company confirms that copies of its Annual Report and Accounts for the year ended 31 December 2011 and a circular to shareholders, including a notice of annual general meeting, to be held on 28 June 2012 at the offices of FTI Consulting, Holborn Gate, 26 Southampton Buildings, London, WC2A 1PB, have been posted to shareholders and are available on the Company's website, www.xtractenergy.co.uk.
Enquiries please contact:
Xtract Energy | Peter Moir, CEO Alan Hume FD
| +44 (0) 137 237 1071 +44 (0) 137 237 1071 |
Cenkos Securities Plc | Jon Fitzpatrick Beth McKiernan | +44 (0) 207 397 8900 +44 (0) 131 220 6939
|
FTI Consulting | Billy Clegg Edward Westropp Alex Beagley | +44 (0) 207 831 3113
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About Xtract Energy
Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. The Company aims to work closely with the associated management teams to achieve critical project milestones, to finance early stage asset and business development activity, and then to finance the asset development phase, or if appropriate to crystallise value for all shareholders at a suitable exit point. Xtract aims to achieve returns for our shareholders through access to the significant upside rewards associated with our investments.
For further information on Xtract please visit www.xtractenergy.co.uk
A short description of the principal assets of Xtract is set out below. These assets are either held directly or through wholly owned subsidiaries of the Company.
Extrem Energy AS ("Extrem Energy")
Xtract holds a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.
Elko Energy Inc. ("Elko")
Xtract's wholly owned subsidiary, Elko has interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33% working interest in an exploration and production licence 02/05 and a 33% working interest an adjoining exploration and production license 01/11, close to the prolific Central Graben oil kitchen. Technical work indicates the potential for significant resources on these combined licenses. Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea.
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.
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.