21st Apr 2008 10:04
Xtract Energy plc21 April 2008 21 April 2008 AIM: XTR XTRACT ENERGY PLC ("Xtract" or "the Company") Investment Update - Wasabi Energy Ltd Xtract Energy Plc announces that it has today completed the sale of 132 millionshares in Wasabi Energy Ltd ("Wasabi"). Furthermore, the Company has granted acall option over a further 100 million Wasabi shares. The sale was made andoption granted to a number of UK and European based investors. The Wasabi shares were sold at A$0.02 per share. The total cash considerationreceivable by the Company for the sale of the shares and the grant of the optionis approximately A$2.6 million. The call option is exercisable at A$0.025 per share and expires on 30th November2008. Wasabi's closing share price on Friday 18th April was A$0.018 per share. Following this transaction, Xtract holds approximately 153 million Wasabishares, representing approximately 19% of Wasabi's total issued share capital.As a result of the sale, Xtract's holding in Wasabi will move from 'Associate'to 'Investment' category for financial reporting purposes. Andy Morrison, Chief Executive of Xtract commented: "The sale further simplifies Xtract's portfolio structure and allows the Companyto focus its resources to develop other directly held assets within theportfolio and to capitalise on future potential investment opportunities." For further information, 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 Investments Holdings Limited holds approximately 50.1% ofthe issued 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. Wasabimade a loss before tax of approximately A$4.3 million for the year ended30 June 2007 and its net asset value as at 31 December 2007 was approximatelyA$12.2 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 was granted anexploration permit which gives rights to explore for oil shale in an area in theSouth of New Zealand. It is investigating the commercial production ofhydrocarbons (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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