Investment Update

30                                                                May
2008
AIM: XTR

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

                INVESTMENT UPDATE - MEO Australia Ltd

Xtract  refers  shareholders  to   the  following  extract  from   an
announcement released today in Australia by MEO Australia Ltd ("MEO")
following recent rises in MEO's share price.

 "The Company notes  the steady rise  in the share  price during  the
week and offers the following possible explanation for this increase:

(a)    MEO made two gas  discoveries in NT/P68, Heron and  Blackwood,
announced in March  2008. The  Blackwood gas  discovery is  believed,
subject to confirmation by appraisal drilling, to contain  sufficient
gas to underpin the first of MEO's two approved methanol plants.
(b)   MEO  is  preparing  to  drill  the  multi-TCF  Zeus  structural
startigraphic prospect in WA-361-P later in the year and has  secured
the Songa Venus semi-submersible rig. Zeus is immediately adjacent to
and is considered a direct analogue to the Perseus Gas Field, one  of
the main  fields supplying  the Northwest  Shelf LNG  project. A  gas
discovery in this location would significantly re-rate the company;
(c)    As previously advised, the Company is conducting  confidential
discussions  with  a  large   number  of  substantial   international
corporations in  regard  to  the possible  farmin  to  the  Company's
exploration permits WA-361-P (Zeus) and NT/P68 (Heron and Blackwood).
At this time, no farmin or project participation agreements have been
executed or agreed;
(d)   An independent research article  on MEO Australia was  released
yesterday by broking firm,  Tolhurst Limited. This report  (attached)
has a target share  price of $1.98,  significantly above the  current
share price;
(e)    MEO notes a general  improvement in the market with  increases
in most stock prices, particularly in the oil and gas sector. This is
due to record energy prices, including LNG and methanol."

The full  text of  MEO's  announcement can  be  viewed on  the  ASX's
website www.asx.com.au

Enquiries please contact:


Xtract Energy plc                         Andy             +44 (0) 20
                          Morrison, CEO        7079 1798
Smith    &     Williamson                David             +44 (0) 20
Corporate Finance Limited Jones                7131 4000
                                         Azhic
                          Basirov
Scott Harris                           Stephen               +44  (0)
                          Scott                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.

Xtract is supported by its cornerstone investor, Cambrian Mining  Plc
(AIM:CBM) a diversified resource investment house which together with
its wholly  owned subsidiary  Cambrian Investments  Holdings  Limited
holds approximately 50.1% of the issued share capital of the Company.

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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