Xtract Energy plc
28 June 2007
DATE : 28 JUNE 2007 AIM: XTR
Xtract Energy Plc
('Xtract')
ANDREW MORRISON APPOINTED CHIEF EXECUTIVE
The Board of Xtract is pleased to announce the appointment of Andrew John Gowdy
Morrison (Andy) as Chief Executive (CEO) of the Company. He succeeds John Newton
who will become Executive Chairman.
Andy has been appointed CEO effective as of 9 July 2007. Rob Annells, the
current Non-Executive Chairman of Xtract, will become a Non-Executive Director
from 9 July 2007.
Andy (aged 46) has over 25 years experience in the energy and related services
sectors, most recently with BOC Group as a Group Director for New Business
Development. Prior to BOC Andy was employed by BG Group and Shell in various
strategic and business development roles.
Andy will be based in Xtract's London office and take responsibility for the day
to day management of the Company and its investments, as well as identifying
future growth opportunities. In addition to the Company's 24.4% holding in MEO
Australia (ASX : MEO), Xtract's other listed investments currently include
significant holdings in Wasabi Energy (ASX : WAS) and Aviva Corporation (ASX :
AVA). The Company is also active in developing oil shale processing technology
in association with its Julia Creek oil shale deposits, and ongoing oil
exploration and production activities in Central Asia.
John Newton will continue to be integrally involved with the Xtract Group,
focussing on business development and strategy.
Mr Newton commented: 'The Xtract Board is pleased to welcome Andy as CEO of
Xtract. He has an excellent track record in the energy sector and I believe he
can help the Company develop and implement its future strategy. This is an
exciting time for Xtract, with the recent growth in our investment portfolio we
are well positioned to take advantage of new opportunities and generate further
returns to shareholders.'
Andy Morrison commented: 'I am looking forward to working with the Xtract Board
and management team. The Company has accumulated an enviable asset base and
financial strength to capitalise on future growth opportunities.'
Enquiries in relation to Xtract please contact:
Xtract Energy plc John Newton, CEO +44 (0) 20 7409 0890
Smith & Williamson Corporate David Jones +44 (0) 20 7131 4000
Finance Limited Azhic Basirov
This information is provided by RNS
The company news service from the London Stock Exchange
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