Cambrian Mining Shareholding

7 Apr 2008 07:16

Xtract Energy plc07 April 2008 7 April 2008 AIM: XTR XTRACT ENERGY PLC Cambrian Mining Shareholding The Board of Xtract Energy plc ("Xtract" or "the Company") notes the StrategicReview announcement made today by Cambrian Mining Plc ("Cambrian") and inparticular the comments regarding Cambrian's intention to maximise andpotentially realise the value of its interests in Xtract. Cambrian, together with its wholly-owned subsidiary Cambrian Investment HoldingsLimited, holds approximately 50.1% of Xtract's issued ordinary shares. Xtract would like to reassure its shareholders that the Board will be workingclosely with the Board of Cambrian to ensure that any divestment of Cambrian'sinterest in the Company is completed in an orderly manner and in a way that aimsto ensure that value is preserved and ultimately enhanced for all shareholders. Andy Morrison, CEO of Xtract, commented: "Xtract welcomes the conclusion of Cambrian's Strategic Review, which removes asignificant uncertainty and provides the Company with a potential opportunity tobroaden its shareholder base which would consequently improve the liquidity ofXtract's shares. Xtract has developed with considerable guidance from Cambrian and hassignificantly matured over the past 12-18 months. The Board of Xtract isconfident that the Company is well placed for future growth and to capitalise onfuture opportunities and believes that it has a strong and diversifiedinvestment portfolio that will generate returns for shareholders." Further updates will be provided as appropriate. Enquiries please contact: Xtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798 Smith & Williamson David Jones +44 (0) 20 7131 4000 Corporation Finance Ltd Azhic Basirov Scott Harris Stephen Scott +44 (0) 20 7653 0030 Annabel Michie For further Information on Xtract please visit www.xtractenergy.co.uk 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. 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 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