Xtract Energy - looking for oil in shale. Feasible and cost effective? Anyone in these at present?

Xtract Energy losses narrow
StockMarketWire.com
Xtract Energy posts a net loss of 1.2m for the six months to the end of June - down from 10.3m last time.

Operating losses fell to 1.6m from 12.0m and net assets stood at 8.035m compared with 8.329m at the end of December.

Since the period end Xtract has acquired all of Elko Energy Inc and sold a 50% stake in Extrem Energy.

CEO Peter Moir said: "We are very happy to have now completed the acquisition of Elko Energy Inc and the disposal of our interest in Extrem Energy AS.

"These transactions allow management to more effectively focus on core business areas moving forward.

"We are excited about our future prospects, particularly in the North Sea where we have two wells being drilled in the next quarter."



At 1:04pm: (LON:XTR) share price was +0.03p at 1.33p

Xtract focuses its attention on North Sea wells in Q4
Fri 3:10 pm by Jon Mainwaring Xtract completed its acquisition of Elko Energy this summer
During the next few months Xtract Energy (LON:XTR) will be focusing on the companys North Sea projects, where it plans to drill two wells in Denmark and the Netherlands in the final quarter of the year.

The firm, which released its interim results for the six months to June 30 this afternoon, has an interest in offshore Denmark through its Elko Energy subsidiary, which Xtract has now finished acquiring.

Elko Energy holds a 33-per cent working interest in two exploration licences there and these licences cover a combined area of 3,638 square kilometres. According to Xtract, they offer P50 un-risked prospective resources of 747 million barrels of oil.

The partners in Denmark have already selected a location for the first well, to be called Luna. Xtract said the well will be drilled to test the Rotleigendes play in an optimum position for reservoir quality, thickness and hydrocarbon charge in the combined prospective area.

In the Netherlands, also offshore, Elko Energy and Elko Exploration hold interests on the P1 and P2 blocks operated by Chevron. Chevron plans to drill an appraisal well on block P2 during the fourth quarter of 2011 with its main objective being to evaluate commercial hydrocarbon flow rates from an extended-reach horizontal well within the Rotleigendes sandstone reservoir. This well programme is expected to last 100 days.

After making an offer in June to acquire outstanding shares that Xtract did not already own in Elko Energy, the firm has now completed the acquisition of the business. Meanwhile, Xtract has also disposed of its 50-per cent holding in Extrem Energy.

We are very happy to have now completed the acquisition of Elko Energy Inc. and the disposal of our interest in Extrem Energy AS, said Peter Moir, Xtracts chief executive. These transactions allow management to more effectively focus on core business areas moving forward. We are excited about our future prospects, particularly in the North Sea where we have two wells being drilled in the next quarter.

The firm made a net loss of 1.2 million during the first half, compared with a 10.3 million loss in H1 2010. Meanwhile, cash on its balance sheet at the end of June stood at 4.6 million (December 31 2010: 8.8 million).

Thanks to spikeydt on interactive ii


Sat, Sep 24, 2011 at 2:21 PM
2:13 pm by Sergei Balashov

http://www.proactiveinvestors.co.uk/companies/news/33538/

Meanwhile, Xtract Energy (LON:XTR) said it will be focusing on its North Sea projects over the next few months, planning to drill two wells in Denmark and the Netherlands in the final quarter of the year.

The firm, which released its interim results for the six months to June 30 this week, has an interest in offshore Denmark through its Elko Energy subsidiary, which Xtract has now finished acquiring.

Elko Energy holds a 33-per cent working interest in two exploration licences there and these licences cover a combined area of 3,638 square kilometres. According to Xtract, they offer P50 un-risked prospective resources of 747 million barrels of oil.

Tuesday 27 September, 2011Xtract Energy plc
Operating Update
RNS Number : 9539O
Xtract Energy plc
27 September 2011



27 September 2011



AIM: XTR



XTRACT ENERGY PLC

("Xtract" or the "Company")



Operating update



Xtract Energy Plc confirms that Chevron expects the Noble Byron Welliver jack-up drilling rig to be on site at the P2 block in the Netherlands, over which Xtract has an overriding royalty interest, in October 2011 and intends to spud the first well (P2-10 appraisal well) in November 2011.



The P2-10 appraisal well will target an existing gas discovery on the P2 block (P2-7, with low levels of CO2) and one of the main objectives is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir. Xtract has an overriding royalty arrangement of up to 5 per cent. of the sales value from Chevron's share of gas delivered into the Dutch National Transmission System and Chevron condensate delivered onshore.

Up 14.63% today

R Paraho Demo Plant nears completion, this bodes well for xtrs Julia Creek.

http://www.gladstoneobserver.com.au/story/2011/10/06/qer-has-good-oil-on-shale-new-fuels-development/

After the recent dissapointment on share price collapse, for the last week there is signs of wanting to bounce back
Positive buying today and level 2 is very encouraging on a 6 v 1 spread 1.10/1.20p and able to buy at this moment at 1.16p
and over for large size

As late delayed trades are reported the price move up on the offer
volume of 14M

Welcome aboard machoman. Good to have another investor posting.

http://www.couriermail.com.au/business/shale-oil-project-back-in-the-pipeline/story-e6freqmx-1226162478661

Good buying today

1.225p +0.05p

a few movements up today with good Level 2 of 2 v 1 and buyers paying close to offer price or full price for large trades

Looks like the selling has stopped , some good buying so far.

volume has gone to the roof to the point that share price went 1.45 / 1.50p.

since there was some selling and at the same time MMs decided to do a shake though at the time there was buying again at that moment.

Fingers crossed this is going to be a great share . Up 16%

Fallen back 10% up

Rumours abound that Walter Coal will be the subject of a takeover by Anglo American or BHP.

Good buying up 8.5%

Bloomberg

Walter Jumps on Report of Takeover by Anglo American, BHP
October 13, 2011, 6:06 PM EDT
inShare1Business Exchange E-mail Print More From Businessweek
Rios Iron Ore Output Rises 5%, Coal Mines Recover From Floods
Codelco Plans Anglo American Option After $6.75 Billion Loan
Cloud Peak Value Means Even Record Premium Is Cheap: Real M&A
Record Coal Price Risk Gaining on Australian Rain: Commodities
Rio Says Greece Risk Overdone, China Beats Wall of Worry
By Sonja Elmquist


(Updates with closing share price in second paragraph.)

Oct. 13 (Bloomberg) -- Walter Energy Inc., a U.S. producer of steelmaking coal, jumped 13 percent in New York after the U.K.s Independent reported that Anglo American Plc and BHP Billiton Ltd. may bid for the company.

The potential bidder may be advised by JPMorgan Chase & Co. and Goldman Sachs Group Inc., the London-based newspaper said, without citing anyone. Brazils Vale SA and Cia. Siderurgica Nacional SA may also may bid, the newspaper said. The shares rose to $75.22, the biggest gain in five weeks.

Walter investor Audley Capital Advisors LLP said in July that the Birmingham, Alabama-based company should explore a sale because it lacked the leadership to take advantage of an unprecedented market opportunity after coal prices jumped. Walter appointed Walter J. Scheller III as Chief Executive Officer on Sept. 12. He replaced interim CEO Joseph B. Leonard and followed Keith Calder, who resigned as CEO in June after telling the board he had differing opinions concerning management philosophy.

Demand from steelmakers in China and flood-related supply disruptions in Australia have driven prices for coal to record highs. Low-volatility coking coal traded at $270 a ton, Knoxville, Tennessee-based Energy Publishing said in a report last week.

Emily Blyth, a spokeswoman for London-based Anglo, declined to comment, as did Ruban Yogarajah, a spokesman for Melbourne- based BHP, and Paul Blalock, a spokesman for Walter.

Coal M&A

Vale doesnt respond to market rumors, an official at the companys press office who asked not to be named citing Vale policy, said in a telephone interview. No one at CSN returned calls and e-mails seeking comment.

Buying Walter could allow Anglo to replace assets it might lose in Chile, Dominic OKane, an analyst at Liberum Capital Ltd. in London, said today in a note. Chilean copper producer Codelco said yesterday it plans to exercise an option to buy as much as 49 percent of Anglos unit in the South American country.

There were $20.5 billion of takeover offers for coal miners valued at $100 million or more announced in the first nine months of 2011, compared with $10.4 billion in the year-earlier period, according to data compiled by Bloomberg.

Alpha Natural Resources Inc. bought rival U.S. coal producer Massey Energy Co. in June for $7.1 billion. Peabody Energy Corp. and ArcelorMittal agreed in August to pay A$4.8 billion ($4.9 billion) for Australias Macarthur Coal Ltd., which like Walter produces metallurgical coal.

Walter acquired Vancouver-based Western Coal Corp. in April for C$5.3 billion ($5.2 billion). Calder was the former CEO of Western Coal.

Walter operates mines in Alabama, West Virginia, British Columbia and Wales.

--With assistance from Firat Kayakiran and Jesse Riseborough in London and Peter Millard in Rio de Janeiro. Editors: Simon Casey, Tina Davis

To contact the reporter on this story: Sonja Elmquist in New York at selmquist1@bloomberg.net

To contact the editor responsible for this story: Simon Casey at scasey4@bloomberg.net