16th Aug 2007 07:00
Xtract Energy plc16 August 2007 16 August 2007 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") Completion of Transaction with Wasabi Energy Ltd and New Listing Wasabi is an Australian listed company that is involved in both traditional andclean energy technologies and businesses. It is a diversified investor withinterests in geothermal waste/heat, uranium exploration and biodiesel and is acompany that Xtract believes has great potential with developments showingpromise for the future. The completion of the Wasabi Transaction (details ofwhich are set out in full below) is another step in the consolidation andsimplification of the group structure for Xtract. Andy Morrison CEO commented "The completion of the Wasabi Transaction is anotherimportant step for the Company. I am very much looking forward to the nextstages in the growth of Xtract, following the achievement of varioustransactional milestones which have created a simpler and more consolidatedstructure from which to move forward. We are very pleased to support Wasabi andto have increased our holding in a company which Xtract views as having anexciting and valuable portfolio of interests". In addition to the completion of the Wasabi Transaction we are also pleased toannounce that Xtract is now available for trading on the open market segment ofthe Frankfurt Stock Exchange (ticker R9X.FSE). The Wasabi Transaction The Wasabi Transaction involved the sale of Xtract's holding of 12.3 millionordinary shares in Aviva Corporation (this holding was previously 61.5 millionpre consolidation by Aviva), together with an interest in a steel makingtechnology, to Wasabi Energy Ltd. In consideration Xtract has been issued with 175 million new ordinary shares inWasabi Energy Ltd ('Wasabi') together with 25 million options exercisable on orbefore 30 June 2008 at a price of A$0.03 per Wasabi share. Following this issueXtract now holds 256,511,422 Wasabi ordinary shares (representing approximately34.5 per cent. of Wasabi's issued share capital). Enquiries please contact: Xtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798 Smith & Williamson Corporate Finance LimitedDavid Jones +44 (0) 20 7131 4000Azhic Basirov 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. 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. Wasabi 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 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 productionof hydrocarbons (crude oil) from oil shale. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Xtract