Statement re: Suspension

RNS Number : 2323G

Xtract Energy plc

27 June 2012

 



27 June 2012

AIM: XTR

XTRACT ENERGY PLC

("Xtract" or the "Company")

Statement re: Suspension

The Board of Xtract announces that trading in the Company's Ordinary Shares on AIM has been suspended with immediate effect, pending clarification of the Company's financial position.

The Company has recently received unexpected additional cash calls from Noreco, the operator of the Luna well, in relation to cost overruns on drilling of the Luna well and as a result its financial position is currently uncertain.

The Company has not as yet received any information from Chevron regarding the status of drilling activities of the Dutch well, P2-10.

The Company is currently undertaking a number of discussions with certain existing debtors and creditors and is exploring various potential short term funding options designed to provide access to immediate working capital in order to continue trading.

Further announcements will be made in due course.

Enquiries please contact:

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

 

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