18th Jan 2008 09:54
Xtract Energy plc18 January 2008 18 January 2008 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") PROJECT UPDATE - MEO Australia Limited Xtract refers shareholders to the following press release announced in Australiatoday (not the 2007 date referred to in the announcement) by MEO AustraliaLimited ("MEO"). Xtract currently holds approximately 15.7% of the issued capital of MEO. "ASX AND MEDIA RELEASE HERON-2 WELL WEEKLY DRILLING REPORT - No 13 Key Points: • Preparing to commence Epenarra production test MELBOURNE, AUSTRALIA (January 18, 2007) -- MEO Australia Limited (ASX: MEO)submits this drilling report for the period ending 1000 hours, January 18, 2007.The Heron-2 well was spudded at 2230 hours (ACST) on October 12, 2007 inExploration Permit, NT/P68. The rig is preparing to commence the Epenarra Darwin formation production test. The 9 5/8 inch production packer seal assembly has been set at 3075m just above facies C and the rig is currently making up the TCP (casing perforating) guns and running into the well with the test string. It is expected that the 9 5/8 inch casing will be perforated tomorrow morning and production testing of the facies C gas charged zones of the Epenarra structure will be undertaken. Heron-2 is being drilled by Seadrill's West Atlas jack-up rig contracted to MEOfor two firm wells. The Heron-2 well is designed as a vertical well to penetrateand production test the Epenarra Darwin Formation and the deeper Elang/Plover Formation of the Heron North structure. The Heron-1 well drilled by ARCO in 1972 intersected a 52m gas bearing column in the Darwin Formation (a fractured carbonate reservoir) within the 1,200 square km mapped closure of the large Epenarra structure. Heron-1 alsoreached a gas charged zone in the deeper underlying Elang/Plover horizon, whichis a secondary objective for the Heron-2 well. The participants in the well and permit are:TSP Arafura Petroleum Pty Ltd (MEO subsidiary) 45%Oz-Exoil Pty Ltd (MEO subsidiary) 45%Petrofac Energy Developments Oceania Ltd (Petrofac Limited 10%subsidiary) CR Hart, Managing DirectorMEO Australia LimitedNT/P68 Operator" Further information on MEO can be found at www.meoaustralia.com.au. As an ASXlisted company, MEO is not subject to the AIM Rules and this drilling update hasnot been reviewed by a named "qualified person" as defined and required by theAIM Guidance 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 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 50.13% 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 EnergyElko 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 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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