Directorate Change

RNS Number : 8486O
Xtract Energy plc
05 July 2010
 



5 July 2010

 

AIM: XTR

 

XTRACT ENERGY PLC

("Xtract" or the "Company")

 

Directorate Changes

 

Xtract Energy Plc advises the following changes to its Board of Directors;

 

1)   Peter Moir, an existing director of the Company has today been appointed as Chief Executive Officer.

2)   Paul Butcher has been appointed as an independent non-executive director

3)   Andrew Morrison has resigned as a director and officer of the Company and leaves the Company with effect from today's date.

 

Peter Moir, who previously joined the Board as a Director on 20th May, holds a BSc. in Civil Engineering and a MEng. in Petroleum Engineering, both from Heriot Watt University in Edinburgh and is a UK Chartered Engineer. Peter has spent his whole career in the upstream energy business with long term executive positions in Shell and BG Group. Peter retains his role as President and CEO of Elko Energy Inc., a role he took up after being a senior consultant to Eni working in Kazakhstan.

 

One of Peter's first priorities will be to conduct a comprehensive review of our Turkish business, its assets and license portfolio.

 

Paul David Butcher, 51, holds a BSc in Earth Sciences and an MSc in Marine Geology and Geophysics and an MBA. Much of his career was spent in BP and Amoco where he spent 25 years, leading to a variety of senior strategic and operational leadership positions within the upstream business. His current directorships are Terrain Energy Limited, Panther Resources Limited and E & P Consultants Limited. He has no past directorships in the last 5 years.

 

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

 

The Company wishes to thank Andrew Morrison for the development of the Group during his three years with the Company and wishes him success in his future endeavours.

 

 

Enquiries please contact:

 

Xtract Energy

John Newton, Chairman

+44 (0)20 3205 1148

 

Cenkos Securities Plc

Jon Fitzpatrick

Ken Fleming

Alan Stewart

+44 (0)207 397 8900

+44 (0)131 220 6939

 

 

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; 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 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.

 


This information is provided by RNS
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