Investment update

24 February 2009

AIM: XTR

                          XTRACT ENERGY PLC
                     ("Xtract" or the "Company")

        INVESTMENT UPDATE - Wasabi Energy Limited ("Wasabi")

Xtract refers to  the announcement  set out below  released today  in
Australia by Wasabi. Xtract  holds approximately 19.4% of the  issued
share capital of Wasabi.

"24 February 2009

The Manager
ASX Limited ("ASX")
Company Announcements Office

Dear Sir

Licensing Agreement for Kalina Cycle Technology in China

The directors of Wasabi Energy Limited advise that they have agreed
the following release with Global Geothermal Ltd and Shanghai Shenghe
New Energy Resources Science and Technology Co. Ltd regarding a deal
for the licensing of the Kalina Cycle technology in China.

Wasabi own 70% of Global Geothermal Ltd and view this announcement as
a major step forward in the commercialisation of the Kalina Cycle
technology. Over the last 18 years there has been in excess of US$50
million spent developing and improving the Kalina Technology.

For further information contact:
Mr Stephen Morris
Executive Director
Telephone: [phone]
Email: [e-mail]

Public Release

The directors of Global Geothermal Ltd and the President of Shanghai
Shenghe New Energy Resources Science & Technology are pleased to
announce the conclusion of a major licensing deal for the Kalina
Cycle® technology in China. The Kalina Cycle® is one of the most
efficient methods of turning sub 200 degree Celsius heat into
electricity.

Global Geothermal Ltd and its wholly owned subsidiary Recurrent
Engineering LLC ("GGL/RE"), the owners of the Kalina Cycle®
technology, have granted an exclusive licence for the Peoples
Republic of China to Shanghai Shenghe New Energy Resources Science &
Technology Co. Ltd, ("SSNE").

SSNE is a developer of waste heat, geothermal and solar thermal power
plants, and thermal power plant efficiency improvement. SSNE has
advanced energy conservation technology for industry waste heat
recovery via industry process energy re-integration. SSNE plans to
integrate the Kalina Cycle® technology for these applications in
China, which has the potential to improve its energy conservation
business considerably.

The Licence Agreement becomes effective upon registration with the
applicable PRC government authorities and the receipt of an initial
payment from SSNE to cover training and the transfer of licensed
technical information.

Upon the completion of training (or the lesser of 6 months) a second
payment tranche will be made by SSNE for engineering services on the
first four Kalina Cycle® demonstration projects in China.

These demonstration projects are expected to include waste heat power
plants in a cement factory, glass factory, solar thermal power plant
and a geothermal power plant. The total capacity of such plants is
currently unknown, but in aggregate are likely to be approximately 15
megawatts ("MW").

GGL/RE will receive royalties based on the installed MW of Kaline
Cycle® plants constructed in China for the life of the licence which
is due to expire in 2024.

Further technical and commercial cooperation between GGL/RE and SSNE
is under consideration.

Stephen Morris, Chairman of Global Geothermal Ltd, said "We are very
excited about our partnership with Shanghai Shenghe New Energy. Their
team has deep experience in power generation inside China, and we are
confident that this agreement will lead to rapid deployment of Kalina
Cycle® power plants in the world's fastest growing power market. With
the great emphasis on energy conversation in China, the potential
power generation from waste heat recovery (WHR) could be more than
10,000MW".

Zhang Gaozuo, President of SSNE said "We also feel very excited about
the partnership with GGL. If our proven energy conservation
technology can be integrated with the Kalina Cycle technology, an
absolutely amazing contribution SSNE will dedicate to the energy
conservation business in China."

Existing Kalina Cycle® plants include a 3.5MW WHR plant in a Sumitomo
Steel facility in Japan, a 3MW WHR plant inside the Tokyo Bay Fuji
Oil refinery, a 2MW geothermal plant in Husavik, Iceland, and two new
geothermal plants recently completed by Siemens in Unterhaching and
Bruschel, Germany, of 3MW and 0.6MW respectively. Several additional
plants are currently under construction in Japan and Germany."

Further information on Wasabi can be found at www.wasabienergy.com

Enquiries please contact:


Xtract Energy      Andy Morrison, CEO  [phone]

Smith & Williamson David Jones         [phone]
Corporate Finance  Azhic Basirov

Scott Harris       Ian Middleton       [phone]
                   James O'Shaughnessy


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.

MEO Australia Ltd ("MEO")

MEO (ASX: MEO) aims to become an integrated Australian Gas-to-Liquids
("GTL") company. In 2008, MEO made significant gas discoveries in the
Australian Timor Sea,  in an area  of shallow water  known as  Tassie
Shoal.  Early  commercialisation  of  these  discoveries  is  planned
through construction of  Liquified Natural Gas  ("LNG") and  Methanol
plants and export terminals  on the off-shore  Tassie Shoal. MEO  has
already secured Australian Government environmental approvals for two
large scale (1.8  Mtpa) methanol  plants and a  3 Mtpa  LNG plant  on
Tassie Shoal. Xtract owns approximately  11.6% of MEO's issued  share
capital.

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 35.4%  of
Elko's issued share capital.

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
20% of the issued share capital  of Extrem Energy and has the  option
of increasing its shareholding to 34% before 30 June 2009.

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.

Wasabi Energy Ltd ("Wasabi")

Wasabi (ASX:  WAS)  is  a diversified  investor  in  traditional  and
renewable energy  technologies. Amongst  its listed  assets it  holds
approximately 38%  of Rum  Jungle Uranium  Ltd (ASX:  RUM) which  has
interests in uranium exploration licenses  covering some 4,150 sq  km
of  Australia's  Northern  Territory   and  approximately  12.5%   of
Greenearth Energy Ltd  (ASX:GER) which  aims to  explore and  develop
geothermal resources in Australia and  the wider Pacific Rim.  Xtract
owns approximately 19.4% of the issued share capital of Wasabi.

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 and Pishkoran  exploration
licences in  the  Kyrgyz  Republic. Xtract  has  entered  a  farm-out
agreement to  fund  a seismic  and  drilling programme  for  2008-09.
Xtract owns 25.0% of the issued share capital of Zhibek Resources.

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