Operating Update

RNS Number : 9539O

Xtract Energy plc

27 September 2011

 



27 September 2011

AIM: XTR

XTRACT ENERGY PLC

("Xtract" or the "Company")

Operating update

Xtract Energy Plc confirms that Chevron expects the Noble Byron Welliver jack-up drilling rig to be on site at the P2 block in the Netherlands, over which Xtract has an overriding royalty interest, in October 2011 and intends to spud the first well (P2-10 appraisal well) in November 2011.

The P2-10 appraisal well will target an existing gas discovery on the P2 block (P2-7, with low levels of CO₂) and one of the main objectives is to evaluate commercial hydrocarbon flow rates from an extended reach horizontal well within the Rotliegendes sandstone reservoir. Xtract has an overriding royalty arrangement of up to 5 per cent. of the sales value from Chevron's share of gas delivered into the Dutch National Transmission System and Chevron condensate delivered onshore.

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Enquiries please contact:

Xtract Energy Plc	Peter Moir, CEO Alan Hume FD	[phone]
Cenkos Securities Plc	Jon Fitzpatrick Alan Stewart	[phone] [phone]
FTI Consulting	Billy Clegg Edward Westropp Alex Beagley	[phone]

 

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