Directorate Change

RNS Number : 7206T

Xtract Energy plc

01 October 2010

 



1^st  October 2010

AIM: XTR

XTRACT ENERGY PLC

("Xtract" or the "Company")

Directorate Changes

Xtract Energy Plc advises the following changes to its Board of Directors (the "Board").

John Newton will move from Executive to Non-Executive Chairman after the next AGM in December

Alan Hume is appointed as Group Finance Director effective 1^st October 2010

Susan Wickerson resigns from the Board effective 1^st  October 2010

Given the recent enhancements to the Xtract Energy Plc Board, John Newton has expressed a view that he believes that the Company now has the capabilities on the Board to replace those that he brought within his executive remit. The Board supports this view and thanks John greatly for the Company's development since its incorporation and looks forward to his continued leadership and participation in the role of Non-Executive Chairman.

The Board wishes to express its sincere thanks to Sue Wickerson for her participation and contributions since the inception of the Company.

The Board wishes to welcome Alan Hume who has over 25 years of financial experience in the oil and gas service and energy sectors having held leading financial and commercial roles internationally for blue chip as well as JV start-up companies. Alan has been CFO of Elko Energy Inc. ("Elko") for the last 2 years and will continue in that role. He was appointed to the Elko Energy Inc. Board effective 1 October 2010. Alan is a Fellow of the Chartered Institute of Management Accountants (FCMA).

Alan Douglas Hume, aged 51, has been a director of the following companies in the last 5 years:

PAST

UK Companies

Caresale Services Ltd ; Edison First Power Holdings I ; Edison First Power Holdings II ;

EME Finance UK Ltd ; First Hydro Renewable Ltd ; IPM Eagle Trustee Company Ltd ;

Maplekey Holdings Ltd ; Maplekey UK Finance Ltd ; Maplekey UK Ltd ;

Edison Mission Overseas ; Lakeland Power Development Company ; Redbill Contracts Ltd ;

Edison First Power Ltd ; Pride Hold ; EME Ascot ; EME Atlantic Holdings ;

EME Buckingham ; First Hydro Renewable No 2 ; Energy Generation Finance UK Ltd

Turkish Companies

Doga Enerji Uretim Sanayi ve Ticaret Limited Sirketi ;

Doga Isletme ve Bakim Ticaret Limited Sirketi ;

Doga Isi Satis Hizmetleri Ticaret Limited Sirketi.

CURRENT

UK Companies

London Green (194 -199) Management Ltd ; Elko (UK) Ltd ; Elko Energy Business Services Ltd.

Cayman Islands Companies

Elko Energy International ; Elko Americas ; Elko MEA ; Elko Europe

Dutch Companies

RPK Finance & Holdings BV ; Elko Energy BV ; Elko Exploration BV

Save as disclosed above, there is no information in relation to the appointment of Alan Hume which is required to be disclosed pursuant to Schedule 2 paragraph (g) of the AIM Rules

Enquiries please contact:

Xtract Energy	Peter Moir, Director	[phone]
Cenkos Securities Plc	Jon Fitzpatrick Beth McKiernan	[phone] [phone]

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.

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 50% of the issued share capital of Extrem Energy.

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; a 33% 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 has entered into an agreement relating to licenses in Blocks P1 and P2 offshore the Netherlands with Chevron. In consideration for all of their working interest in the Blocks, Elko will receive an overriding royalty up to 5% of the sales value from Chevron equity hydrocarbons. Xtract owns approximately 50.0% of Elko's issued share capital.

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 exploration licence in the Kyrgyz Republic. Xtract has entered a farm-out agreement to fund a seismic and drilling programme for 2008-10. Xtract owns 25.0% of the issued share capital of Zhibek Resources.

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.

 

END

 

 

BOALFLFBBBFFFBE