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

Increased resources estimate published today re Julia Creek Oil Shale.

Looks good to me but WDIK; these oilers are slippery! PDYOR, etc.

Xtract Energy plc - Investment Update
RNS Number:4867L
Xtract Energy plc
10 January 2008

10 January 2008 AIM: XTR

XTRACT ENERGY PLC
('Xtract' or the 'Company')

INVESTMENT UPDATE - OIL SHALE

Xtract Energy Plc ('Xtract') is pleased to provide an update to investors on its
programme to develop and exploit the significant oil shale resources of its
wholly owned Australian subsidiary, Xtract Oil Ltd.

Xtract's proprietary oil shale technology is directed towards improving economic
and environmental performance compared with 'traditional' technologies.

Recent milestones that have been reached include:

*A supplementary drilling programme was completed in Julia Creek, the
Queensland Australia concession area, in 2007. A review of the new data in
conjunction with existing data has been carried out by independent
geologists Nolan and Associates Pty Ltd. The total indicated and inferred
resources have been assessed as 2.12 billion barrels of oil in situ*,
comprising 240 million barrels of indicated resources and 1,875 million
barrels of inferred resources.

*The revised resource statement represents an increase of over 150%
compared with the previously declared figure of 825 million barrels.

*Advanced autoclave equipment designed to scale up the batch size for
testing and development of Xtract's proprietary technology was commissioned
on Monash University campus in November 2007. Samples of the resulting
liquid hydrocarbons for distillation curve analysis are now with analytical
laboratories.

*Based upon the technology and resource developments and product material
supplied, Worley Parsons, a leading Australian-based international project
services supplier, will shortly begin expert work to evaluate the technical
and commercial feasibility of the project.

Xtract has commenced the design of a small scale continuous reactor and,
following further testing and the completion of the feasibility study, it is
intended to file a provisional patent application for the process. Early
indications are that Xtract's proprietary technology could double the yield of
liquid hydrocarbons from oil shale and achieve superior environmental
performance compared with the traditional retorting methods**.

If successful, the technology could unlock oil shale resources beyond Australia.
In addition to ultimately seeking licence opportunities, Xtract is active in
seeking out additional oil shale resources with a current focus on North Africa.
Further announcements will follow as appropriate.

The mining and production of refinery feed-stock crude oil represents a
potentially significant and valuable source of hydrocarbon to help satisfy
future international energy demands. Oil prices are expected to continue to
provide good support to project economics.

*Based on the internationally recognised Australasian Code for Reporting of
Exploration Results, Mineral Resources and Ore Reserves (The JORC Code - 2004
Edition.)

**Compared with the traditional retorting methods assumed for JORC calculations
above.

and a nice rise on the news, too: XTR Bid: 5.75p Offer: 6.5p Change: 1

Yes a better day today after some recent sp drift. Let's hope it can base at 6p and make its way up from there.

Meo abandons well and markets slate sp, even when no value had been added in, in the first place. Correction overdone in my view, could be looked on as a buying opportunity. DYOR.

Have I lost the plot? 1million shares sold out of 734million in existance and the price drops 40%. Thats absolute bo--ocks in anyones book.

It's a crazy day all round today and all resources companies are taking a battering on the fear of reduced future demand. But I agree oilyrag, today's drop is ridiculous.

anyone got anything to say about this stock recently?

No, it's very quiet at the moment mark.

At 11:10 today, how can you sell 0 shares for 3.5p.?

Today's trading 160000 sold nearly 3000000 bought and sp drops. How ridiculous is that. However last night there were 5000000 sold at the end. Is this the start of Cambrian offloading their holdings? The sp could be down today so that mm's can shift stocks that they have and the future supply from Cambrian if they are selling. Bearing in mind XTR'S holdings in MEO are worth 2.28p per share then nearly everthing else is thrown in for free. Absolute bargain as far as I'm conserned. IMHO DYOR.

Another mark down, must be CBM overhang to clear. If it gets too cheap, i.e. free, I'll buy the lot, haha. Keep a look out for an absolute bargain.

IMHO, sub 2p.

I agree oilyrag. Far too cheap at these levels.

I suspect the same is happening here as on RIFT this morning. Buying below the mid at 2.38p.

Topped up this am, with testing results imminent could hit 4p+? Most trades being reported as sells more likely to be buys imv?
cyril

Looking at the trades one would believe that almost all were sells, when brokers are offering 500,000 at 2.3p. IMV we have constant buying as it should be remembered that EK is putting a VALUE of 10P and is purchasing.
cyril

22 June 2009

AIM: XTR

XTRACT ENERGY PLC
("Xtract" or the "Company")

INVESTMENT UPDATE - Extrem Energy

Further to the announcement made on 18 May 2009, Xtract Energy Plc
("Xtract") is pleased to provide the following update on the
operations of its Turkish joint venture Extrem Energy A.S. ("Extrem
Energy").

Sarikiz-2 Production Test

The Production Test is continuing.

The sandstone interval between 1741m and 1746m was perforated on
Friday 19th June at 21.02 hours and oil was recovered to the surface
in the early hours of Saturday 20th June. In addition to oil, the
initial flow contained muds and fluids used in the drilling and
testing procedures. The flow testing procedure was continuing at
0600hours on Monday 22nd June and is expected to go on for 2 more
days to establish a steady oil flow and understand the possible production performance and system. Following this procedure, the
interval will be isolated to test the next zone.

A further 7 intervals at depths between 1545m and 1733m remain to be
tested, representing a further 47m, compared with the 5m in this
interval. Whilst not all intervals may perform to the same level,
there is clearly potential to exceed the pre-test production
estimate. Completion of the production test is expected to take up to
another 15 days.

Prior to the testing of the 1741-1746m layer, both shallower and
deeper intervals had been tested without positive commercial result.
The information gleaned from those tests was used to refine the
interpretation of well data and to determine the remaining test
sequence.

Further progress updates will be provided as appropriate.

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

Xtract currently holds 20% of Extrem Energy and has the option of
increasing its shareholding to 34% by contributing a further
investment of US$3.5m before 30 June 2009.

The above information has been reviewed and approved by Ongun
Yoldemir, Managing Director of Extrem Energy, who has a masters
degree in geological engineering and worked as an explorationist in
the oil and gas sector in the Middle East, Kazakhstan, Azerbaijan,
and North Sea, has over 28 years' experience in the resource and
energy sector and is a member of the American Association of
Petroleum Geologists, European Association of Geologists and
Engineers, the Society of Exploration Geophysicists and several
related Turkish institutions.

Enquiries please contact:


Xtract Energy Andy Morrison, CEO +44 (0)20 3205 1148

Smith & Williamson David Jones +44 (0)20 7131 4000
Corporate Finance Azhic Basirov

Scott Harris Ian Middleton +44 (0)20 7653 0030
James O'Shaughnessy


About Xtract Energy

Xtract identifies and invests in a diversified portfolio of early
stage energy sector technologies and businesses with significant
growth potential. The Company aims 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.

For further information on Xtract please visit
www.xtractenergy.co.uk


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 Ltd ("MEO")

MEO (ASX: MEO) aims to become an integrated Australian Gas-to-Liquids
("GTL") company. In 2008, MEO made significant gas discoveries in the
Australian Timor Sea, in an area of shallow water known as Tassie
Shoal. Early commercialisation of these discoveries is planned
through construction of Liquified Natural Gas ("LNG") and Methanol
plants and export terminals on the off-shore Tassie Shoal. MEO has
already secured Australian Government environmental approvals for two
large scale (1.8 Mtpa) methanol plants and a 3 Mtpa LNG plant on
Tassie Shoal. Xtract owns approximately 6.0% of MEO's issued share
capital.

Elko Energy Inc. ("Elko")

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; an 80%
interest on 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% operating interest in gas-bearing license blocks P1
and P2 in the Dutch North Sea. Xtract owns approximately 35.0% of
Elko's issued share capital.

Extrem Energy AS ("Extrem Energy")

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 at Candarli Bay in south-west Turkey. Xtract owns
20% of the issued share capital of Extrem Energy and has the option
of increasing its shareholding to 34% before 30 June 2009.

Xtract Oil Ltd ("XOL")

Xtract's wholly owned subsidiary, XOL, is focused on the development
of the Company's oil shale resources in Australia and the technology
for oil extraction from oil shale resources. Xtract has oil shale
exploration rights over mining tenements in the Julia Creek area of
Queensland. In addition to evaluating third party technologies, XOL
has been developing proprietary technology for the commercial
extraction of liquid hydrocarbon products from oil shale.

Xtract Energy (Oil Shale) Morocco SA ("XOSM")

XOSM is a joint venture with Alraed Limited Investment Holding
Company WLL, a company controlled by His Highness, Prince Bandar Bin
Mohd. Bin Abdulrahman 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 oil shale deposit near Tarfaya, in the
south west part of Morocco. Xtract currently holds 70% of the joint
venture.

Wasabi Energy Ltd ("Wasabi")

Wasabi (ASX: WAS) is a diversified investor in traditional and
renewable energy technologies. Amongst its listed assets it holds
approximately 38% of Rum Jungle Uranium Ltd (ASX: RUM) which has
interests in uranium exploration licenses covering some 4,150 sq km
of Australia's Northern Territory and approximately 12.5% of
Greenearth Energy Ltd (ASX:GER) which aims to explore and develop
geothermal resources in Australia and the wider Pacific Rim. Xtract
owns approximately 17.4% of the issued share capital of Wasabi.

Zhibek Resources Ltd ("Zhibek Resources")

Zhibek Resources is an oil and gas exploration and production company
which has a 72% interest in the Tash Kumyr and Pishkoran exploration
licences in the Kyrgyz Republic. Xtract has entered a farm-out
agreement to fund a seismic and drilling programme for 2008-09.
Xtract owns 25.0% of the issued share capital of Zhibek Resources.

---END OF MESSAGE---




This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.

Comment from Evil's Diaries:-

10/6/09

"On XTRACT ENERGY ( XTR ), still 2.3p to buy, I was yesterday asked whether the target price is changed. It may be in some investors' minds but not in mine.

I simply do not know what to suggest but at least 10p seems all too feasible on the Turkish oil play alone. There is overhang from the winding down of the RAB and Lehmans holdings but that should not concern the reasonable investor. Indeed, it could be regarded as a plus point in the sense of explaining why Xtract is so low.

Further, some fear that Cambrian's merger with Western Canadian will see CBM's holding of Xtract unloaded. Au contraire, I see Xtract's position strengthened."

"I have watched Xtract Energy (XTR) drift back until the temptation grew too much. So I bought another 1m at 2.25p. Besides, I smell Turkish coffee on the way. Or is that Turkish delight? "

Thursday, March 19, 2009

Xtract Energy: moving closer to production
by Robert Waterhouse.

If any natural resources company follows the old adage of not putting all the eggs into one basket it is surely London-based AIM-listed XTRACT ENERGY (XTR). In August 2008, as market conditions were worsening, the company announced the extension of its already diversified portfolio of early stage energy sector technologies and businesses: a new exploration and production joint venture with Merty Energy of Turkey had been added.

With cold financial winds blowing hard through the sector, producing assets are valuable commodities and Xtract and Merty have scored an immediate hit with the first oil well drilled in Turkey under the banner of their joint venture company Extrem Energy. Test production is due to commence in the second half of April and last for about one month, the results being used to determine the number of production wells and the capacity of surface facilities required for field development.

This early progress in Turkey has been a real fillip for Xtract, whose operations and investments did not previously include production or near-production assets. With evidence of green shoots at low-profile unlisted North Sea explorer Elko Energy in which Xtract has a 35% stake the coming months offer the prospect of valuable progress on more than one front.

Xtract Energys portfolio, which is held through investments in listed and unlisted companies as well as subsidiaries, is broad despite the market currently assigning it a rather niggardly net worth of around 8 million. The principal assets are outlined below, followed by a little more detail for those that appear to be the most newsworthy in the near-term.

ASSET OVERVIEW

For a small company, Xtract Energy is probably unique in the geographical spread and varied nature of its operations and interests, which range from conventional on-shore exploration and production through to cutting-edge research and technology.

In outline, Xtracts current portfolio comprises:

a 20% stake in Extrem Energy, a joint venture with Merty Energy, initially focussed on a portfolio of licence interests in Turkey including the high potential prospect at Candarli Bay. Xtract has the option of lifting its shareholding to 34% before 30 June 2009;

a 35.4% stake in Elko Energy, which has interests in exploration and production licences in the Danish and Dutch North Sea;

a 25% stake in Zhibek Resources, an oil and gas exploration and production company with a 72% interest in the Tash Kumyr and Pishkoran exploration licences in the Kyrgyz Republic;

an 11.6% stake in MEO Australia (ASX:MEO), which aims to become an integrated gas-to-liquids company;

a 100% stake in Xtract Oil Ltd, a subsidiary focussed on the development of the companys oil shale resources in Australia and the technology for oil extraction from oil shale;

a 70% stake in Xtract Energy (Oil Shale) Morocco SA, a joint venture with Alraed Limited Investment Holding Company WLL which is controlled by His Highness, Prince Bandar Bin Mohd. Bin Abdulrahman Al-Saud of Saudi Arabia, evaluating the potential of an oil shale deposit near Tarfaya in Morocco;

a 19.4% stake in Wasabi Energy (ASX:WAS), a diversified investor in traditional and renewable energy technologies, and:

a 100% stake in Sermines de Mexico SA, a subsidiary with gold exploration licences in the Sonora belt region of Mexico.

In the Interim Results for the six months ended 31 December 2008, the unaudited Balance Sheet showed net assets of 11.3 million with a cash position of 1.69 million. Xtracts executive chairman has recently advised the market that action has been taken to reduce cash burn in the current climate of financial turmoil.

EXTREM ENERGY (Xtract Energy ownership 20%)

In August 2008 Xtract Energy announced the completion of a definitive agreement with Merty Energy of Turkey for an investment in a new exploration and production joint venture. The aim is that the new company, Extrem Energy, should become a medium-sized oil and gas E&P focussed initially upon Turkey, where Merty has particular expertise and experience.

The current 20% stake represents an outlay of $5 million by Xtract, and has facilitated the initial work programme; seven licence interests previously held by Merty have been put into the new company, including the high potential prospect at Candarli Bay in south-west Turkey. Xtract has the option to raise its holding to 34% by contributing a further $3.5 million before 30 June 2009.

The first well in the Alesehir/Sarikiz licence area, Sarikiz-2, was successfully completed in December 2008. Extrem Energy holds 80% of the licence, with the balance held by the Turkish company Petrako. Results were markedly better than the pre-drill estimates, and the seismic has recently been re-interpreted to incorporate the well data. The Sarikiz field is now believed by the company to be a fan delta body covering 4 square kilometres, with an average reservoir thickness of some 50 metres; the respective pre-drill estimates were 2 square kilometres and 10 metres. This has led to a substantial uplift to the total oil in place estimate, which the company now considers (P50 basis) to be approximately 158 million barrels.

The reservoir characteristics are also better than expected; around the well, the recovery factor is now put at 35% with the recovery for the rest of the field currently unknown but expected to be in the 20% to 35% range. The total estimated recoverable volume for the field is currently in the range 32 million to 55 million barrels. If this were confirmed with the drill bit, the attributable working interest to Xtract Energy would be some 5.1 million to 8.8 million barrels at a 20% holding in Extrem Energy, or from some 8.7 million to 15 million barrels at the maximum 34% level. These considerations tentatively suggest that Xtracts interest in Sarikiz might be in the range 5 million to 15 million barrels recoverable. Such volumes, when set against Xtracts current market capitalisation of some 8 million would clearly be significant.

The company is going to production test 12 levels of sandstone at Sarikiz-2, with a combined thickness of 75 metres; there are also a further 11 levels which contain producible oil. The estimated production rate from the 12 levels is expected to be at least 500 barrels of oil per day, and laboratory reports indicate good quality 33.5 degree API crude oil. With the reservoir less than 2000 metres from surface and with favourable characteristics, an onshore European field of this type represents an attractive development opportunity.

Bolstered by this good result, Extrem Energy is currently acquiring a projected 182 kilometres of 2-D seismic over its 100% interest in the Siraseki licence area in south-eastern Turkey; the company expects further drilling targets to be identified following the interpretation of the data.

Whilst it is undeniably early days for Extrem Energy, it would not be exaggerating to say that this new venture has got off to something of a flying start.

ELKO ENERGY
(Xtract Energy ownership 35.4%)

Progress at Elko Energy, an unlisted Canadian registered company with sizeable interests in exploration and production licences in the Dutch and Danish North Sea, was in contrast disappointing taking 2008 as a whole. So much so that Xtract played a major role in the recent restructuring of Elkos board, with Peter Moir the former Asset General Manager for the Central North Sea area at British Gas (BG Group plc) coming in as President and CEO of Elko Energy. Strengthening of internal staff resources at Elko is underway to help accelerate progress in certain areas.

At 31 December 2008, Elko held cash assets of $13.3 million and in February 2009 completed the acquisition of Oyster Energy BV, increasing Elkos stake in the adjacent Netherlands blocks P1 and P2 to 60%; the remaining 40% is held by its Dutch government partner. This acquisition has cleared the path for Elko and its partner to move forward with the development and marketing of these assets. Seven wells have been drilled by previous operators in Block P1, five of which encountered gas in three separate structures. During 2008 TRACS International independently assessed the Slockteren sandstone as containing more than 250bcf of gas, plus a potential additional 500bcf in further prospects. Assuming that European gas prices remain reasonably firm, such resources would seem to offer valuable appraisal and development possibilities.

Elko Energy also has an 80% interest in 26 offshore blocks in the Danish North Sea, the remaining 20% held by a Danish government entity. This is the largest exploration licence in Denmark, and in May 2008 TRACS International estimated the aggregate unrisked P50 net prospective resource at 1.8 billion barrels of oil or 8.4 trillion cubic feet of gas. The first exploratory well is estimated to cost some $25 million and Elko currently plans to farm-out part of its interest before the commencement of future drilling activity. This acreage represents the blue sky element of the Elko portfolio and significant success with such large opportunities would potentially be transformational for the company.

Elko Energys board of directors is currently determining the medium term strategy which will then be presented to its shareholders and thence to Xtract Energys shareholders, who will doubtless be eagerly awaiting details during the coming weeks.

OWNERSHIP & OUTLOOK

Xtract Energy is 45.3% owned by Cambrian Mining plc, which seeks to divest this investment but not at fire sale prices in the current distressed natural resources environment. The previously planned dividend in specie allocation of part of Cambrians shares in Xtract Energy to the Cambrian shareholders, with the balance being taken by strategic investors, has consequently been put on hold by Cambrian. The other significant holdings in Xtract Energy as at 30 June 2008 were 4.45% by RAB Special Situations, and 3.92% by Lehman Brothers International (Europe).

Whilst Xtracts share price has undeniably slipped over the past year, there is no sign of the heavy institutional forced selling which has plagued many of its peers. The company has not found the past year an easy one by any means, but a good production test result from Sarikiz-2 might well help put a spring in the step of Xtract Energy and its investors.

The author holds shares in Xtract Energy

Gervis; thanks for your recent input,interesting reading. Hoping by monday at the latest, we get news of the 2 day flow test,although not qyite sure if they'ill release or wat until all the levels are finished?
cyril

Annouced by MEO on the ASX that XTR have sold there remaining stock for roughly 0.6m.
cyril