Investment update

Xtract Energy plc
29 January 2008

29 January 2008                                                         AIM: XTR
                               XTRACT ENERGY PLC
                          ('Xtract' or the 'Company')

                     Investment Update - Wasabi Energy Ltd

Xtract Energy Plc ('Xtract') is pleased to announce a further investment in its
associate company Wasabi Energy Ltd (ASX: WAS) ('Wasabi') for the purposes of
the latter's participation in the Initial Public Offering of Greenearth Energy
Ltd ('Greenearth'). Xtract currently holds 35.4% of the issued share capital of
Wasabi.

Greenearth is an Australian Geothermal energy company that is intending to
explore and develop geothermal resources in Australia, New Zealand and the wider
Pacific Rim. The company has been awarded 3 geothermal exploration permits by
the Victorian Government. Greenearth is expected to list on the Australian stock
exchange (ASX) in early February 2008.

Geothermal energy is being increasingly recognised as having the potential to
deliver clean, reliable and renewable energy that is capable of a wide range of
uses with very low or no green house emissions.

Xtract has lent A$1.25 million to Wasabi in order for it to take up the
Greenearth shares. Wasabi has the right to repay the loan in its entirety any
time before the repayment date of January the 25th 2009.

Commenting on the investment, Andy Morrison, Chief Executive of Xtract said,

'We are pleased to support Wasabi in this exciting investment and we look
forward to continuing to work closely with Wasabi to help develop their
portfolio of promising energy businesses'.

Enquiries please contact:

Xtract Energy plc              Andy Morrison, CEO      [phone]

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

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

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 50.12% of the
issued share capital of the Company.

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

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.

Elko Energy

Elko is an oil & gas exploration company which has an interest in a 5,370km2
exploration and production licence in the Danish North Sea and an investment in
Dragon Energy Inc, a private Canadian company, with a development project in
Gansu Province, China.

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.

Wasabi's audited financial statements for the year ended 30 June 2007 showed net
assets of approximately A$2.5 million and a loss before tax for the year of
approximately A$4.3 million.

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).




                      This information is provided by RNS
            The company news service from the London Stock Exchange