Investment update

Xtract Energy plc
29 February 2008

29 February 2008                                                        AIM: XTR


                               XTRACT ENERGY PLC

         Award of Offshore Dutch Exploration License to Elko Energy Inc

Xtract Energy plc ('Xtract') is pleased to refer shareholders to the following
announcement by Elko Energy Inc ('Elco') today.

Xtract currently holds approximately 33.8 million common shares in Elko,
representing approximately 35.2% of the total issued share capital.

'February 29 2008.

ELKO ENERGY AWARDED EXPLORATION BLOCK IN DUTCH NORTH SEA

Elko Energy Inc ('Elko'), a private oil exploration and development company, is
pleased to announce that the Dutch authorities have awarded a consortium, of
which Elko is the operator with 55% interest, a 6 year licence to explore a
North Sea block known as P2.

In early 2007, Elko applied for adjacent license blocks P1 and P 2 in the Dutch
North Sea. Offshore block P1 was awarded in June 2007 and P2 on February 21
2008.

A number of Rotliegendes gas bearing structures containing an estimated 700 BCF
hydrocarbon gas have been confirmed on blocks P1 and P2 through the drilling of
16 exploration wells and 3-D seismic. Work has been started to appraise and
develop these gas accumulations.'

Further information on Elko can be found at www.elkoenergy.com. As a private
company, Elko is not subject to the AIM Rules and this information has not been
reviewed by a named 'qualified person' as defined and required by the AIM
Guidance Note for Mining, Oil and Gas Companies.


Enquiries please contact:

Xtract Energy plc              Andy Morrison, CEO      [phone]

Smith & Williamson Corporate   David Jones             [phone]
Finance Ltd                    Azhic Basirov        
                               
Scott Harris                   Stephen Scott           [phone]
                               Annabel Michie

For further Information on Xtract please visit www.xtractenergy.co.uk

About Elko Energy Inc

Elko Energy Inc ('Elko') is a Canadian oil and gas exploration company formed in
2005.

Elko has an 80 per cent interest in a 5,370 km2 exploration and production
license in close proximity to the prolific Central Graben in the Danish North
Sea. The licence covers 26 Danish licence blocks with a 6 year exploration term
and 30 years for exploitation. Elko is an approved offshore operator in Denmark
and has set up a Danish subsidiary to hold the licence. The current partnership
is Elko (80%) and Nordsoen - a Danish government entity (20%).

In early 2007, Elko applied for two off-shore blocks in the Dutch sector of the
North Sea, both of which contain a number of drilled and tested gas bearing
structures. Block P1 has now been awarded to a consortium in which Elko will be
the operator and will retain 33% interest. The award of adjacent Block P2 was
announced in early 2008 with Elko retaining operatorship and a 55% interest.

In addition to its exploration assets, Elko owns 51% of Dragon Energy Inc.
('Dragon'), a private Canadian company. Dragon's principal assets are a 30%
share of the producing Kotaneelee gas field in Canada and a joint venture in
respect of the Maling oil field in Gansu province, China.

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 Investment Holdings Ltd, holds approximately 50.1% of the
issued share capital of the Company.

A short description of the principal assets of Xtract (other than Elko Energy)
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.

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 has recently been
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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