Company Information for Xtract Energy Plc

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AIM; XTR

Company Statement

Xtract Energy Plc (‘Xtract’) was established in 2004 (as then Resmex Plc) and its shares were admitted to trading on AIM at the end of March 2005.

Xtract aims to build and manage a portfolio of energy assets where the cost of entry is relatively low but where there is very considerable upside potential,by holding a portfolio of private and public company investments.

Xtract works closely with management teams to ‘Unlock Energy Potential’ from their assets through critical technical inputs, board-level experience and the application of corporate finance expertise.

The principal assets of Xtract are its holdings in its Turkish joint venture Extrem Energy A.S., Elko Energy Inc in the Dutch and Danish North Sea and its Oil Shale deposits in various countries. The company also holds liquid assets in the form of shares in ASX and AIM listed companies.

The Company considers business development prospects in both traditional and renewable energy sectors. The main focus is on businesses that are in jurisdictions that are familiar to us and which do not rely on public sector subsidy for their success.

Towards the end of 2009 the management announced a strategy of transforming itself from a passive investor into one with more active involvement with the underlying assets.

Operations and Technology

The principal assets of Xtract are set out below. These assets are either held directly or through wholly owned subsidiaries of the company.

Extrem Energy is an exploration and production joint venture with Merty Energy of Turkey. The JV’s aim is to create a new medium–sized oil and gas exploration and production business, initially focused on Turkey where Merty Energy has particular experience and expertise. Extrem Energy has a portfolio of licence interests including the high potential prospect of Candarli Bay in south-west Turkey. Xtract owns 50 per cent of the issued share capital of Extrem Energy.

Elko Energy

Elko is a Canadian registered oil & gas exploration company which has interests in exploration and production licences in the Danish and Dutch North Sea. Its major asset is in the Danish North Sea; and 80 per cent interest in 26 offshore blocks in a 5,400 sq km exploration and production licence close to the prolific Central Graben oil field. Technical work indicates the potential for significant reserves. Elko also holds a 60 per cent operating interest in gas –bearing licence blocks P1 and P2 in the Dutch North Sea. Following a purchase of Oakville capital’s interests in Elko towards the end of 2009 Xtract owns 50.02 per cent of Elko’s issued share capital. For the year ended December 31 2008 Elko made a loss of US7.0 million and had net assets of US$ 15.2 million.

Zhibek Resources

Zhibek Resources is an oil and gas exploration company which has a 72 per cent interest in the Tash Kumyr exploration licence in the Kyrgyz Republic. Extract has entered a farm-out agreement to fund a seismic and drilling programme for 2008-10. Xtract owns 25 per cent of the issued share capital of Zhibek Resources.

Extract Energy (Oil Shale) Morocco SA (XOSM)

XOSM is a joint venture with Alraed Limited Investment Holding WLL, a company controlled by His Highness, Prince Bandar Bin Mohd Bin Abdul Rahman Al-Saud of Saudi Arabia. XOSM has signed a Memorandum of Understanding with the Office National des Hydrocarbures et des Mines for the purposes of evaluation and possible development of an old shale deposit near Tarfaya, in the south west part of Morocco. Xtract currently holds 70 per cent of the joint venture.

Geographical Spread

Turkey, North Sea (Offshore Netherlands, Denmark), Australia and Morocco.

Board of Directors and Key Management

Andrew Morrison	Chief Executive Officer
John Newton	Executive Chairman
Robert J. Annells CPA, ASIA	Non-executive Director
John Conlon	Non-Executive Director
Mark Nichols	Non Executive Director
Susan Wicker	Non Executive Director (Remuneration, Nominations and Audit Committee Member)

Company Address

4/F Windsor House
55-56 St James's Street, London, United Kingdom SW1A 1LA


Telephone:	+44 (0) 20 3205 1148
Facsimile:	+44 (0) 20 7409 2750
Website:	http://www.xtractenergy.co.uk

Annual General Meeting

November 2009, London

Year End

30 June

Nominated Brokers

Smith & Williamson Corporate
25 Moorgate
London EC2R 6AY

Nominated Advisors

Smith & Williamson Corporate

Major Shareholders

Western Canadian Coal – 45.3%

Most Recent Statement

02/03/10 - Investment update
12/02/10 - Investment Update
20/01/10 - Investment Update
08/01/10 - Investment Update
18/12/09 - Placing
01/12/09 - Investment update

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