29th Feb 2008 12:31
Xtract Energy plc29 February 2008 29 February 2008 AIM: XTR XTRACT ENERGY PLC Award of Offshore Dutch Exploration License to Elko Energy Inc Xtract Energy plc ("Xtract") is pleased to refer shareholders to the followingannouncement by Elko Energy Inc ("Elco") today. Xtract currently holds approximately 33.8 million common shares in Elko,representing approximately 35.2% of the total issued share capital. "February 29 2008. ELKO ENERGY AWARDED EXPLORATION BLOCK IN DUTCH NORTH SEA Elko Energy Inc ("Elko"), a private oil exploration and development company, ispleased to announce that the Dutch authorities have awarded a consortium, ofwhich Elko is the operator with 55% interest, a 6 year licence to explore aNorth Sea block known as P2. In early 2007, Elko applied for adjacent license blocks P1 and P 2 in the DutchNorth Sea. Offshore block P1 was awarded in June 2007 and P2 on February 212008. A number of Rotliegendes gas bearing structures containing an estimated 700 BCFhydrocarbon gas have been confirmed on blocks P1 and P2 through the drilling of16 exploration wells and 3-D seismic. Work has been started to appraise anddevelop these gas accumulations." Further information on Elko can be found at www.elkoenergy.com. As a privatecompany, Elko is not subject to the AIM Rules and this information has not beenreviewed by a named "qualified person" as defined and required by the AIMGuidance Note for Mining, Oil and Gas Companies. Enquiries please contact: Xtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798 Smith & Williamson Corporate David Jones +44 (0) 20 7131 4000Finance 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 About Elko Energy Inc Elko Energy Inc ('Elko') is a Canadian oil and gas exploration company formed in2005. Elko has an 80 per cent interest in a 5,370 km2 exploration and productionlicense in close proximity to the prolific Central Graben in the Danish NorthSea. The licence covers 26 Danish licence blocks with a 6 year exploration termand 30 years for exploitation. Elko is an approved offshore operator in Denmarkand has set up a Danish subsidiary to hold the licence. The current partnershipis Elko (80%) and Nordsoen - a Danish government entity (20%). In early 2007, Elko applied for two off-shore blocks in the Dutch sector of theNorth Sea, both of which contain a number of drilled and tested gas bearingstructures. Block P1 has now been awarded to a consortium in which Elko will bethe operator and will retain 33% interest. The award of adjacent Block P2 wasannounced in early 2008 with Elko retaining operatorship and a 55% interest. In addition to its exploration assets, Elko owns 51% of Dragon Energy Inc.("Dragon"), a private Canadian company. Dragon's principal assets are a 30%share of the producing Kotaneelee gas field in Canada and a joint venture inrespect of the Maling oil field in Gansu province, China. About 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. Xtract is supported by its cornerstone investor, Cambrian Mining Plc (AIM:CBM) adiversified resource investment house which, together with its wholly ownedsubsidiary Cambrian Investment Holdings Ltd, holds approximately 50.1% of theissued share capital of the Company. A short description of the principal assets of Xtract (other than Elko Energy)is set out below. These assets are either held directly or through wholly ownedsubsidiaries of the Company. 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. 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 ShaleXtract has oil shale and related petroleum product exploration rights overmining tenements in the Julia Creek area of Queensland and has recently beengranted 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 ExchangeRelated Shares:
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