5th Oct 2007 07:00
Xtract Energy plc05 October 2007 5 October 2007 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") Investment Update Xtract is pleased to report that Rum Jungle Uranium Ltd ("Rum Jungle") hasrecently published its prospectus for the issue of 32 million ordinary shares toraise approximately A$8 million via an initial public offering ("IPO") andlisting on the Australian Stock Exchange (ASX). The IPO has been underwritten bySouthern Cross Equities Ltd. Xtract's interest in Rum Jungle is held through investee company Wasabi EnergyLtd (Xtract owns 34.5% of Wasabi). Rum Jungle has, or may acquire, interests inexploration licences covering some 4,150 square kilometers of the NorthernTerritory of Australia, and has entered into agreements which will give itrights to explore for uranium over a further 3,330 square kilometres. Thecompany has already undertaken airborne magnetic and radiometric surveys anddelineated prospective exploration targets. Rum Jungle is led by Mr David Muller; Mr Muller has over 40 years experience inthe Australian mining and exploration industries. Commenting on the prospective listing of Rum Jungle, Andy Morrison, CEO ofXtract Energy said that: "The prospective listing of Rum Jungle is a greatexample of the development model employed by Wasabi Energy Ltd; working closelywith talented management teams to build new businesses and bring them tomarket". Further information on Rum Jungle can be found at www.rumjungleuranium.com.au Enquiries please contact: Xtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798 Smith & Williamson CorporateFinance Limited David Jones +44 (0) 20 7131 4000 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 Wasabi Wasabi is a diversified investor in traditional and renewable energytechnologies. Some of its most promising investments in addition to Rum Jungleinclude: Geothermal/Waste Heat Recovery Wasabi recently formed a new joint venture with AMP Capital Partners LLC, a U.S.based private equity fund. Pursuant to the transaction a newly incorporatedsubsidiary of Wasabi, Global Geothermal Limited acquired Recurrent EngineeringLLC that is focused on the delivery of highly efficient Geothermal and Wasteheat power stations and technology. Wasabi owns 70% of Global Geothermal Limitedwhich brings together the intellectual property and skills needed to promote thewell-established Kalina cycle technology. Aviva Corporation Ltd Wasabi owns approximately 18% of Aviva Corporation Ltd (Aviva) a company listedon the Australian Stock Exchange with its head office in Perth, WesternAustralia. Following the deregulation of the Western Australian power industryin March 2006, prospects have improved considerably. Aviva has positioned itselfas an integrated energy company providing long-term certainty for the coalproducers and power generators. In February 2007 Aviva made its firstinternational move, entering a joint venture on the Mmamantswe coal deposit inBotswana. 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. 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) offshore located in the heart of the gas fields. Elko Energy Elko is an oil & gas exploration company which has an interest in a 5,400km2exploration 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. 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 over mining tenements in the Julia Creek area of Queensland and has recently been 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. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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