Xtract Energy

Xtract Energy Plc (lse|(XTR) is a multinational energy holding company with main activities It is a subsidiary of Cambrian Mining Plc, which owns over 50% of shares. Minor shares are traded on London Stock Exchange Alternative Investment Market.

History

Xtract Energy was established in October 2004 as Resmex Plc. In March 2005, its shares were listed on London Stock Exchange Alternative Investment Market. In August 2005, Resmex acquired Sermines de Mexico S.A. de C.V., which owns mineral exploration and development rights in three concessions in the California-Sonora Gold Belt in Mexico. In February 2006, it acquired Xtract Oil Ltd, an Australian oil shale company, followed by change of its name in May 2006. At the same time, Cambrian Mining Plc became the major shareholder of Xtract Energy. In October 2006, Xtract Energy purchased 19.5% of Wasabi Energy Ltd, 18.6% of Aviva Corporation Ltd and 28.2% of Cambrian Oil & Gas Plc from Cambrian Mining. Later Cambrian Oil & Gas merged to Xtract through which Xtract got shareholdings in MEO Australia Ltd and Elko Energy Inc, and assets in Kyrgyzstan. In August 2007, Xtract sold its interests in Aviva Corporation to Wasabi Energy in exchange for new shares and warrants in Wasabi.

On 16 July 2008, Xtract Energy announced that it has negotiations with Merty Energy, Petroleum Exploration, Education and Services Inc of Turkey regarding a new exploration and production joint venture in Turkey.cite news
publisher = OilVoice
title = Xtract Energy in Talks with Merty Energy on Future Ventures
url= http://www.oilvoice.com/n/Xtract_Energy_in_Talks_with_Merty_Energy_on_Future_Ventures/6aacb21e.aspx
date = 2008-07-16
accessdate=2008-08-18]

ubsidiaries and activities

Xtract Energy has two wholly-owned subsidiaries: Extract International and Extract Oil. Xtract International is a parent company for Zhibek Resources, involved in oil and gas activities in Kyrgyzstan. Through the shareholding (14.6%) in MEO Australia Ltd (asx|MEO), Extract International is involved in Tassie Shoal Methanol Project and Timor Sea LNG and GTL projects. It has also 35.2% of shares in Elko Energy Inc., a Canadian registered oil and gas exploration company which has exploration and production activities in North Sea.cite news
publisher = Reuters
title = Xtract Energy plc - Result of EGM
url= http://www.reuters.com/article/pressRelease/idUS149542+15-Jan-2008+RNS20080115
date = 2008-01-15
accessdate=2008-08-18]

Extract Oil is a developer of the Julia Creek oil shale concession area in Queensland, oil shale deposits in New Zealand and is a developer of the oil shale extraction technology. In addition, Xtract Energy has 19.4% in Wasabi Energy (asx|WAS), which through its subsidiaries is involved in uranium, geothermal and coal activities.

Xtract Technology

Xtract Technology is a supercritical solvent extraction technology, a type of donor solvent oil shale extraction technologies. Oil shale is processed in enclosed vessels in the presence of hydrogen solvents. The company claims that the process is carried out at moderate temperatures that do not liberate carbon dioxide.Cite news
title=New technology raises oil shale hopes in Qld
author=Rick Wikinson
publisher=Petroleum News
date=2006-05-29
url=http://www.blueensigntech.com.au/06.05.29%20EnergyReview.net.htm
accessdate=2008-08-18]

References

External links

* [http://www.xtractenergy.co.uk/ Company website]