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).
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Xtract Energy plc
http://www.xtractenergy.co.uk/
ISIN: GB00B06QGC57
Stock Identifier: AIMX.XTR
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