Investment Update

Xtract Energy plc
21 April 2008

21 April 2008                                                          AIM: XTR

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

                     Investment Update - Wasabi Energy Ltd

Xtract Energy Plc announces that it has today completed the sale of 132 million
shares in Wasabi Energy Ltd ('Wasabi').  Furthermore, the Company has granted a
call option over a further 100 million Wasabi shares. The sale was made and
option granted to a number of UK and European based investors.

The Wasabi shares were sold at A$0.02 per share.  The total cash consideration
receivable by the Company for the sale of the shares and the grant of the option
is approximately A$2.6 million.

The call option is exercisable at A$0.025 per share and expires on 30th November
2008. Wasabi's closing share price on Friday 18th April was A$0.018 per share.

Following this transaction, Xtract holds approximately 153 million Wasabi
shares, representing approximately 19% of Wasabi's total issued share capital.
As a result of the sale, Xtract's holding in Wasabi will move from 'Associate'
to 'Investment' category for financial reporting purposes.

Andy Morrison, Chief Executive of Xtract commented:

'The sale further simplifies Xtract's portfolio structure and allows the Company
to focus its resources to develop other directly held assets within the
portfolio and to capitalise on future potential investment opportunities.'

For further information, 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 Investments Holdings Limited holds approximately 50.1% 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
made a loss before tax of approximately A$4.3 million for the year ended
30 June 2007 and its net asset value as at 31 December 2007 was approximately
A$12.2 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 was 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