Investment update

10 March 2009

AIM: XTR

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

              INVESTMENT UPDATE - MEO Australia Limited

Xtract  refers  to  the  following  announcement  released  today  in
Australia by MEO.

                       "ASX AND MEDIA RELEASE

Commences acquisition of 250 km2 Artemis 3D Marine Seismic Survey in
                              WA-360-P

Key Points:

  * All regulatory approvals received for the acquisition of the 250
    km2 Artemis 3D marine seismic survey in WA-360-P
  * Contract executed with PGS Australia Pty Ltd utilising the
    'Orient Explorer'
  * Acquisition expected to commence on/about 11th March with
    processed 3D survey to be available 90 days after completion
  * MEO interest increases to 70% by contributing 90% of the cost of
    the survey


MELBOURNE, AUSTRALIA (March 10th, 2009) -- MEO Australia Limited
(ASX: MEO) advises that all requisite regulatory approvals have now
been received for the acquisition of approximately 250 km2 of 3D
seismic in WA-360-P, offshore Western Australia in the Carnarvon
Basin.

A contract for the acquisition and processing of this 3D survey ( the
'Artemis 3D survey') has been executed with PGS Australia Pty Ltd
utilising the 'Orient Explorer'. Acquisition is expected to commence
on or about 11th March and take approximately 20 days depending on
weather. The final processed volume is contracted to be in house
within 90 days of the conclusion of acquisition.

The 3D survey is expected to cost approximately US$3.4m including
processing. MEO is paying 90% of this cost in consideration for
extending its drill/drop option for WA-360-P to 31st December 2009.
MEO's working interest in WA-360-P increases to 70% by contributing
90% of the cost of the Artemis 3D survey.

The survey is designed to map the extension of the Artemis Prospect
being matured for drilling in 2010. This prospect was identified on
the 250 km2 MEO 3D survey acquired in 2007/08. MEO believes that this
prospect may represent an extension of the Wheatstone gas field
(WA-253-P) into WA-360-P. The Artemis 3D survey will include a
tie-line to the Wheatstone 3D survey to enable these surveys to be
readily merged.

WA-360-P is strategically located in close proximity to the 5-train
North West Shelf Gas Project (16.3 Mtpa) as well as both the Pluto
LNG project (4.3 Mtpa) currently under construction and the proposed
Wheatstone LNG project (10 Mtpa) under consideration. The latter have
both indicated there is room for 3rd party gas, indicating that any
gas discovered in WA-360-P is likely to have a ready path to market.

The WA-360-P permit is on trend with the Iago (2000), Wheatstone
(2004), Pluto (2005) and Xena (2006) gas discoveries which remained
masked until relatively recently due to complex seismic depth
conversion issues caused by:
- Dramatic water depth changes
- Severe channelling in the sea-floor
- Shallow, high velocity carbonates extending partly across the
permit

These same geophysical complexities apply to WA-360-P and may be
masking the Artemis prospect.

MEO has previously indicated that it will seek a farmin partner
during 2Q'09 to fund the drilling of a well currently scheduled for
2010.

WA-360-P participants

+-------------------------------------------------------------+
| Company                               | Equity | Remarks    |
|---------------------------------------+--------+------------|
| North West Shelf Exploration Pty Ltd* | 70%    | Operator   |
|---------------------------------------+--------+------------|
| Cue Energy Resources Limited          | 15%    | ASX: CUE   |
|---------------------------------------+--------+------------|
| Gascorp Australia Pty Ltd             | 15%    | (Unlisted) |
+-------------------------------------------------------------+

* (Wholly owned subsidiary of MEO Australia Limited)

Jürgen Hendrich
Managing Director & Chief Executive Officer"

A copy  of the  MEO announcement  referred to  above with  additional
information attached, is available  on the Australian Stock  Exchange
website: www.asx.com.au

Further information on MEO can be found at www.meoaustralia.com.au.

As an ASX quoted company, MEO is not subject to the AIM Rules and the
information contained in this announcement 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      Andy Morrison, CEO  [phone]

Smith & Williamson David Jones         [phone]
Corporate Finance  Azhic Basirov

Scott Harris       Ian Middleton       [phone]
                   James O'Shaughnessy


About Xtract Energy

Xtract identifies and  invests in  a diversified  portfolio of  early
stage energy  sector  technologies and  businesses  with  significant
growth  potential.  The  Company  aims  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.

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.

MEO Australia Ltd ("MEO")

MEO (ASX: MEO) aims to become an integrated Australian Gas-to-Liquids
("GTL") company. In 2008, MEO made significant gas discoveries in the
Australian Timor Sea,  in an area  of shallow water  known as  Tassie
Shoal.  Early  commercialisation  of  these  discoveries  is  planned
through construction of  Liquified Natural Gas  ("LNG") and  Methanol
plants and export terminals  on the off-shore  Tassie Shoal. MEO  has
already secured Australian Government environmental approvals for two
large scale (1.8  Mtpa) methanol  plants and a  3 Mtpa  LNG plant  on
Tassie Shoal. Xtract owns approximately  11.6% of MEO's issued  share
capital.

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 is  in the Danish North Sea; an  80%
interest on  26 offshore  blocks in  a 5,400  sq km  exploration  and
production licence close  to the prolific  Central Graben oil  field.
Technical work indicates the potential for significant reserves. Elko
also holds a 60% operating interest in gas-bearing license blocks  P1
and P2 in  the Dutch North  Sea. Xtract owns  approximately 35.4%  of
Elko's issued share capital.

Extrem Energy AS ("Extrem Energy")

Extrem Energy is  an exploration  and production  joint venture  with
Merty Energy of Turkey. The JV's aim is to create a new  medium-sized
oil and gas exploration and production business, initially focused on
Turkey where Merty  Energy has particular  experience and  expertise.
Extrem Energy has a portfolio of licence interests including the high
potential prospect at Candarli Bay in south-west Turkey. Xtract  owns
20% of the issued share capital  of Extrem Energy and has the  option
of increasing its shareholding to 34% before 30 June 2009.

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.

Wasabi Energy Ltd ("Wasabi")

Wasabi (ASX:  WAS)  is  a diversified  investor  in  traditional  and
renewable energy  technologies. Amongst  its listed  assets it  holds
approximately 38%  of Rum  Jungle Uranium  Ltd (ASX:  RUM) which  has
interests in uranium exploration licenses  covering some 4,150 sq  km
of  Australia's  Northern  Territory   and  approximately  12.5%   of
Greenearth Energy Ltd  (ASX:GER) which  aims to  explore and  develop
geothermal resources in Australia and  the wider Pacific Rim.  Xtract
owns approximately 19.4% of the issued share capital of Wasabi.

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 and Pishkoran  exploration
licences in  the  Kyrgyz  Republic. Xtract  has  entered  a  farm-out
agreement to  fund  a seismic  and  drilling programme  for  2008-09.
Xtract owns 25.0% of the issued share capital of Zhibek Resources.

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