29th Jan 2008 09:30
Xtract Energy plc29 January 2008 29 January 2008 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") Investment Update - Wasabi Energy Ltd Xtract Energy Plc ('Xtract') is pleased to announce a further investment in itsassociate company Wasabi Energy Ltd (ASX: WAS) ('Wasabi') for the purposes ofthe latter's participation in the Initial Public Offering of Greenearth EnergyLtd ('Greenearth'). Xtract currently holds 35.4% of the issued share capital ofWasabi. Greenearth is an Australian Geothermal energy company that is intending toexplore and develop geothermal resources in Australia, New Zealand and the widerPacific Rim. The company has been awarded 3 geothermal exploration permits bythe Victorian Government. Greenearth is expected to list on the Australian stockexchange (ASX) in early February 2008. Geothermal energy is being increasingly recognised as having the potential todeliver clean, reliable and renewable energy that is capable of a wide range ofuses with very low or no green house emissions. Xtract has lent A$1.25 million to Wasabi in order for it to take up theGreenearth shares. Wasabi has the right to repay the loan in its entirety anytime before the repayment date of January the 25th 2009. Commenting on the investment, Andy Morrison, Chief Executive of Xtract said, 'We are pleased to support Wasabi in this exciting investment and we lookforward to continuing to work closely with Wasabi to help develop theirportfolio of promising energy businesses'. 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 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 50.12% of theissued share capital of the Company. A short description of the principal assets of Xtract is set out below. Theseassets are either held directly or through wholly owned subsidiaries of theCompany. 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. Wasabi's audited financial statements for the year ended 30 June 2007 showed netassets of approximately A$2.5 million and a loss before tax for the year ofapproximately A$4.3 million. 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 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:
Xtract