Last checked at 27 Jun 2012 07:30
27 June 2012
AIM: XTR
XTRACT ENERGY PLC
("Xtract" or the "Company")
Statement re: Suspension
The Board of Xtract announces that trading in the Company's Ordinary Shares on AIM has been suspended with immediate effect, pending clarification of the Company's financial position.
The Company has recently received unexpected additional cash calls from Noreco, the operator of the Luna well, in relation to cost overruns on drilling of the Luna well and as a result its financial position is currently uncertain.
The Company has not as yet received any information from Chevron regarding the status of drilling activities of the Dutch well, P2-10.
The Company is currently undertaking a number of discussions with certain existing debtors and creditors and is exploring various potential short term funding options designed to provide access to immediate working capital in order to continue trading.
Further announcements will be made in due course.
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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