22 August 2008 AIM: XTR XTRACT ENERGY PLC ("Xtract" or the "Company") PROJECT UPDATE - MEO Australia Ltd Xtract refers shareholders to the following press release announced in Australia by MEO Australia Ltd ("MEO"). Xtract holds approximately 13.9% of the issued capital of MEO. "ASX AND MEDIA RELEASE Sea floor geographical survey for Zeus-1 location completed Key points: * Geographic survey of Zeus-1 location sea floor survey completed * Well planning and regulatory approvals proceeding to plan * Songa Venus drilling rig scheduled to arrive on location 31st October MELBOURNE, AUSTRALIA (August 22, 2008) - MEO Australia Limited (ASX: MEO) is pleased to advise that Fugro's survey vessel the Southern Supporter has returned to port having completed the geographic survey of the Zeus-1 well site in permit WA-361-P in the offshore north Carnarvon Basin, Western Australia. The recently completed survey by Fugro is designed to confirm the absence of anomalous features on the sea floor, identify the seabed terrain and provide sufficient shallow geological data to enable the safe and efficient anchorage of the Songa Venus semi-submersible drilling vessel. The Department of the Environment, Water, Heritage and the Arts have advised this week that in accordance with MEO's EPBC Referral (2008/4351) together with some acceptable prescribed procedural aspects, the drilling of Zeus-1 is not considered a controlled action under the EPBC Act. Songa Offshore, the Operator of the Songa Venus drilling vessel has confirmed the drilling rig is on track in its current work program which sees the vessel expected to commence set-up and drilling of the Zeus-1 well targeting the multi-Tcf Zeus play around 31 October 2008. Jurgen Hendrich Managing Director & CEO MEO Australia Limited Operator of WA-361-P" Further information on MEO can be found at www.meoaustralia.com.au. Enquiries please contact: Xtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798 Smith & Williamson Corporate David Jones +44 (0) 20 7131 4000 Finance 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 energy sector technologies and businesses with very significant growth potential. We aim to work closely with the associated management teams to achieve critical project milestones, to finance later development stages and to build and crystallise value for all shareholders and partners. A short description of the principal assets of Xtract is set out below. These assets are either held directly or through wholly owned subsidiaries of the Company. MEO Australia MEO is focused on developing gas-to-liquids ("GTL") projects in the Timor Sea Australia, in an area of shallow water known as Tassie Shoal. It has secured Commonwealth 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 5,370km2 exploration and production licence in the Danish North Sea and an investment in Dragon Energy Inc, a private Canadian company, with a development project in Gansu Province, China. Wasabi Energy Wasabi is a diversified investor in renewable energy and low greenhouse emission technologies, with interests in geothermal waste/heat, uranium exploration in Australia's Northern Territory and biodiesel investments in Victoria. Central Asian Interests Xtract's Central Asian interests include a production sharing agreement with Kyrgyzneftegaz to instigate a water injection project on the Beshkent- Togap oil field. Xtract also holds interests in several exploration licences in the Tash Kumyr area and in the Toktogul exploration licence. Oil Shale Xtract has oil shale and related petroleum product exploration rights over mining tenements in the Julia Creek area of Queensland and was 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 production of hydrocarbons (crude oil) from oil shale. Xtract is also available for trading on the open market segment of the Frankfurt Stock Exchange (ticker R9X.FSE). ---END OF MESSAGE--- Xtract Energy plc http://www.xtractenergy.co.uk/ ISIN: GB00B06QGC57 Stock Identifier: AIMX.XTR
Related Companies
Related Industry Topics: