Increased holding in Xtract

30 Apr 2007 16:03

Cambrian Mining PLC30 April 2007 30 April 2007 CAMBRIAN MINING PLC ("Cambrian" or the "Company") Cambrian purchases further shares in Xtract Energy Plc The Board of Cambrian is pleased to announce that the Company has entered into asale and purchase agreement to purchase 51,813,584 ordinary shares in XtractEnergy Plc ("Xtract Energy" AIM:XTR). Completion of the purchase is expectednext week. Once completed, Cambrian will control approximately 53% of thecurrent issued capital of Xtract Energy, as enlarged following the recentacquisition of Cambrian Oil & Gas Plc as announced on the 23rd of April 2007. Cambrian has purchased the 51,813,584 ordinary shares on a 1 for 21 shareexchange basis, resulting in the issue of 2,467,309 new ordinary shares inCambrian. As at the close of business on 26 April 2007 this represents a priceof 5.5p per Xtract Energy share, a premium of approximately 6% to the previous10 day average closing price. John Byrne, CEO of Cambrian commented on the acquisition that "we are pleased tomaintain Cambrian's majority position in Xtract Energy following the completionof the scheme of arrangement. We see great potential in Xtract Energy's oilshale technology, and the ability of the company to continue to provide Cambrianaccess to new opportunities across the energy sector." Ends For further information contact: Cambrian Mining Plc Parkgreen CommunicationsRichard Round / Mark Burridge Cathy Malins / Annabel Leather+44 20 7409 0890 +44 20 7851 7480 http://www.cambrianmining.com About Cambrian Mining Plc: Cambrian is a diversified mining house that manages and supports operations incoal mining and gold/antimony. It also has extensive exposure to energy projectsand related technologies, from oil shale assets through to alternative energyprojects, as well as exposure to traditional oil and gas exploration anddevelopment. Cambrian has been instrumental in the past three years in developing a number ofmines and moving them into production. These include: the Augusta gold andantimony mine in Victoria, Australia; the 2.4 million tonnes per annum Wolverinehard coking coal mine in Western Canada; the Dillon and Brule PCI mines inWestern Canada as well as the underground and surface thermal coal mines in WestVirginia, USA. This information is provided by RNS The company news service from the London Stock Exchange