Change of accounting reference date

RNS Number : 0666J
Xtract Energy plc
24 June 2011
 



24 June 2011

 

AIM: XTR

 

XTRACT ENERGY PLC

("Xtract" or the "Company")

 

Change of accounting reference date

 

Xtract announces that it has changed its financial year end from 30 June to 31 December. 

 

The Board has taken this decision to better align the reporting timeline of the Group with that of Elko Energy Inc, its 50% owned operating business, for which, as was previously announced on 12 June 2011, Xtract has offered to acquire the remaining share capital that it does not currently hold.

 

The change is effective immediately. The Company will publish audited financial statements for the six months ended 31 December 2010 and unaudited interims for the six months ended 30 June 2011 by 30 September 2011.

 

-Ends-

 

Enquiries please contact:

 

Xtract Energy Plc

Peter Moir, CEO

Alan Hume FD

 

+44 (0)137 237 1089 +44 (0) 137 237 1089

Cenkos Securities Plc

Jon Fitzpatrick

Alan Stewart

+44 (0)207 397 8900

+44 (0)131 220 9771

 

Financial Dynamics

Billy Clegg

Edward Westropp

Alex Beagley

+44 (0)207 831 3113

 

About Xtract

Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. The Company aims to work closely with the associated management teams to achieve critical project milestones, to finance early stage asset and business development activity, and then to finance the asset development phase, or if appropriate to crystallise value for all shareholders at a suitable exit point. Xtract aims to achieve returns for our shareholders through access to the significant upside rewards associated with our investments.

 

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")

 

Following execution of heads of terms it is anticipated that in the near term Xtract will enter into a fully termed Assignment Agreement and associated Royalty Agreement pursuant to which Xtract will hold a royalty interest over the license portfolio currently owned by Extrem Energy, onshore and offshore Turkey.

 

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 in the Danish North Sea is a 33% working interest in an exploration and production licence 02/05 and a 33% working interest in an adjoining exploration and production licence 01/11, close to the prolific Central Graben oil kitchen. Technical work indicates the potential for significant resources on these combined licenses. Neither of those licences is currently being produced and accordingly no profits are attributable to them. Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea. Xtract currently owns approximately 50% 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 2008-2011. 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
The company news service from the London Stock Exchange
 
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