20th Apr 2007 15:30
Xtract Energy plc20 April 2007 XTRACT ENERGY PLC ("Xtract") CAMBRIAN OIL & GAS PLC ("COIL") Scheme of Arrangement Sanctioned 20 April 2007 On 12 April 2007 COIL announced that its shareholders had approved the proposalfor COIL shareholders (other than Xtract) to acquire shares in Xtract inexchange for shares in COIL by way of scheme of arrangement under section 425 ofthe Companies Act 1985 (the "Scheme"). The Boards of COIL and Xtract are pleased to announce that today the High Courtsanctioned the Scheme without modification. The Scheme is expected to become effective on 23 April 2007. Upon the Schemebecoming effective: • all COIL shares (other than those held by Xtract) will be transferred to Xtract; and • 9 new Xtract ordinary shares will be issued to COIL shareholders (other than Xtract) for every 10 COIL shares held on the Scheme Record Date. The Scheme Record Date was 19 April 2007. COIL has applied for the trading of its shares on AIM to be cancelled witheffect from 24 April 2007. Application for the enlarged share capital of Xtract to be admitted to tradingon AIM has been made. Such shares are to commence trading on 24 April 2007. Enquiries in relation to Xtract please contact: Xtract Energy plc John Newton, CEO +44 (0) 20 7409 0890 Smith & WilliamsonCorporate Finance Ltd David Jones/ Azhic Basirov +44 (0) 20 7131 4000 Enquiries in relation to COIL please contact: Cambrian Oil and Gas plc Neale Taylor, CEO +44 (0) 20 7409 0890 Paul McGroary, Director +44 (0) 79 3056 8160 W.H Ireland Limited Paul Dudley/James Joyce +44 (0) 20 7220 1666 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Xtract