Investment Update
17 September 2008
AIM: XTR
XTRACT ENERGY PLC
("Xtract" or the "Company")
INVESTMENT UPDATE - MEO Australia Limited
Xtract refers shareholders to the following announcement made in
Australia by MEO Australia Limited ("MEO"). Xtract holds
approximately 13.9% of the issued capital of MEO.
"ASX AND MEDIA RELEASE
Update - Zeus-1 timing
Key Points:
* Songa Venus drilling rig remains on track to arrive on Zeus-1
location late October
* AFR article on page 20, indicates RDI IPO on track for Hong Kong
listing by year end
MELBOURNE, AUSTRALIA (September 17, 2008) -- MEO Australia Limited
(ASX: MEO) is pleased to advise that Songa Offshore, the Operator of
the Songa Venus drilling vessel has confirmed the drilling rig is on
track in its current work program which sees the vessel expected to
complete its current work and arrive at the Zeus-1 location in late
October 2008. The Zeus-1 well is targeting the multi-Tcf Zeus play in
WA-361-P immediately adjacent to the permits containing the gas
fields supplying the North West Shelf Gas Project.
The company also draws attention to a news article in today's
Australian Financial Review (AFR) which states "the documentation for
RDI is expected to be finalised in a fortnight, and UBS and Macquarie
are aiming for a Hong Kong listing by the end of the year".
Investors are reminded of the strategic funding arrangements MEO has
with RDI that were detailed in our ASX release of 4th July 2008. With
the exception of funding for the Zeus-1 well, several of the funding
arrangements, particularly those in relation to the company's Timor
Sea interests (NT/P68 and the Tassie Shoal GTL projects) are
contingent upon the successful listing of RDI. MEO is heartened that
notwithstanding difficult market conditions, the process for the RDI
listing currently remains on track.
Jürgen Hendrich
Managing Director & CEO
MEO Australia Limited
Operator of WA-361-P"
Enquiries please contact:
Xtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798
Smith & Williamson Corporate David Jones +44 (0) 20 7131 4000
Finance Limited Azhic Basirov
Scott Harris Stephen Scott +44 (0) 20 7653 0030
Annabel Michie
For further Information on Xtract please visit www.xtractenergy.co.uk
For further information on MEO please visit www.meoaustralia.com.au
About Xtract Energy Plc
Xtract identifies and invests in a diversified portfolio of early
stage energy sector technologies and businesses with very significant
growth potential. We aim to work closely with the associated
management teams to achieve critical project milestones, to finance
later development stages and to build and crystallise value for all
shareholders and partners.
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.
MEO Australia
MEO is focused on developing gas-to-liquids ("GTL") projects in the
Timor Sea Australia, in an area of shallow water known as Tassie
Shoal. It has secured Commonwealth 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
5,370km2 exploration and production licence in the Danish North Sea
and an investment in Dragon Energy Inc, a private Canadian company,
with a development project in Gansu Province, China.
Wasabi Energy
Wasabi is a diversified investor in renewable energy and low
greenhouse emission technologies, with interests in geothermal
waste/heat, uranium exploration in Australia's Northern Territory and
biodiesel investments in Victoria.
Central Asian Interests
Xtract's Central Asian interests include a production sharing
agreement with Kyrgyzneftegaz to instigate a water injection project
on the Beshkent- Togap oil field. Xtract also holds interests in
several exploration licences in the Tash Kumyr 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 was
granted an exploration permit which gives rights to explore for oil
shale in an area in the South of New Zealand. It is investigating the
commercial production of hydrocarbons (crude oil) from oil shale.
Xtract is also available for trading on the open market segment of
the Frankfurt Stock Exchange (ticker R9X.FSE).
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