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Additional Information

Market:	AIM
Sector:	Oil and Gas Exploration and Production
EPIC:	XTR
Latest Price:	2.08 (-2.35% )
52-week High:	4.25
52-week Low:	1.03
Market Cap:	31.81M

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Xtract Energy Full Xtract Energy profile here

Xtract Energy identifies opportunities and invests in a portfolio of early stage energy sector businesses and projects with very significant growth potential. We engage actively with the associated management teams to build and crystallise shareholder value through critical technical inputs, board-level experience and the application of corporate finance expertise. We aim to achieve returns for our shareholders through the capital growth of our investments.

The principal assets of Xtract are its holdings in Extrem Energy A.S., Elko Energy Inc, Zhibek Resources Ltd and its Oil Shale deposits in Queensland, Australia.

Xtract Energy raises stake in Turkish JV Extrem to 27 pct

Wednesday, July 01, 2009

Xtract Energy PLC (AIM: XTR) said it increased the stake in its Turkish joint venture Extrem Energy AS to 27 percent from 20 percent by paying US$1.75 million.

It expects the remaining half of the optional subscription to be completed on or before August 5 2009 upon the satisfactory completion of certain conditions relating to the ongoing production test at Sarikiz-2, thus reaching a 34 percent stake in the venture.

Test oil production from the interval between 1,741 and 1,746 metres of the Sarikiz-2 well, which Xtract reported on last month, was found to be associated with a volume of carbon dioxide. Whilst production could be established from this level, it is believed that other levels will not have the same association and will therefore be given preference for early production.

A further 7 intervals at depths between 1,545 and 1733 metres remain to be tested. The next perforation is expected to take place today, Xtract added.

Extrem Energy holds a portfolio of seven license interests in Turkey. Following recent processing and interpretation of seismic surveys at Edirne in north-west Turkey and at Siraseki in the south-east of the country a number of promising oil and gas prospects have been identified. Together with development of Sarikiz and the neighbouring Alasehir fields, Extrem Energy is building a very promising pipeline of drill-ready targets.

All operations are controlled and operated by Merty Energy, Xtract's joint venture partner in Extrem Energy.

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