Investment update

1 May 2009

AIM: XTR

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

            INVESTMENT UPDATE - Elko Energy Inc. ("Elko")

Xtract refers to the text set out below of a shareholder letter  sent
yesterday to shareholders of Elko Energy Inc.

                         "Shareholder Update

Elko Energy Inc. ('Elko') is  pleased to provide this further  update
on the ongoing development of the  Elko business. We also note  below
an announcement from Elko's major shareholder.

Elko Business Update

Developments in the business have been in line with the  expectations
set out in the previous Shareholder Update of February 19, 2009.

Business Planning Conference March 2009

The Board together with all members of the management team met for  a
full day to discuss Elko's progress and future plans. Highlights  are
summarized below.

Netherlands

An integrated  block  development  concept for  the  discoveries  and
prospects on Blocks P1 and P2  was prepared during the first  quarter
of  2009.  The  concept  provides   for  the  offshore  removal   and
underground  storage  of  CO2  contained  in  gas  within  the  P1/P2
discoveries. Despite the recent softening of wholesale gas prices  in
the US  and Europe,  the  P1/P2 assets  continue to  be  economically
attractive  when  future  gas   price  projections  are  taken   into
consideration. The development  strategy for  the Netherlands  assets
will be presented to shareholders at the Elko AGM scheduled for 10 am
on June 12th in Toronto at the Toronto Board of Trade.

Technical studies covering enhanced seismic interpretation, reservoir
modeling and drilling engineering  are progressing as planned.  These
studies are required to select a well location on the P1-FA discovery
and  will  be  completed  within  the  second  quarter  of  2009.  We
anticipate drilling an appraisal well in mid 2010.

Elko is  seeking a  new financing  partner to  replace Oyster  via  a
promote farm out of a percentage of Elko's working interest in Blocks
P1 and P2. In exchange, the new partner would fund the next stage  of
development work  on the  Dutch assets.   A number  of potential  new
partners have been contacted and discussions are progressing.

Discussions with pipeline infrastructure owners are also planned  for
the second  quarter. These  discussions will  determine capacity  and
commercial terms to take gas to market.

Our Dutch state partner EBN has been fully involved at all stages  of
this process and has endorsed our actions and our plan.

Denmark

Enhanced seismic  processing of  the Chalk  prospects in  the  Danish
acreage continues. The results  will be part  of a planned  marketing
initiative aimed  at  securing  an additional  financing  partner  or
partners. We have designed a low cost exploration drilling initiative
that will further de-risk our future work on the Danish asset.  These
plans have been favourably received  by our Danish state partner  and
the Danish  Energy Agency  because of  the lower  risk scenario  they
offer as we exploit the asset's exceptionally high potential.

Future partners

Elko  intends  to  progress  its  core  assets  in  Denmark  and  the
Netherlands by securing financing from industry partners via  promote
farm-in deals.  This offers  an efficient way  to manage the  capital
risk of exploration  and appraisal  drilling and  will also  conserve
Elko's capital.  In  addition we  are talking  to external  financing
organizations  to   test  the   appetite  for   funding  of   capital
developments.

Elko's Board of Directors has endorsed these plans and has encouraged
management  to  push  ahead  rapidly  with  the  marketing  of  these
increasingly attractive assets to potential partners.

Change of Major Shareholder

Elko notes the regulatory announcement made on April 28, 2009 by  its
principal shareholder,  Xtract Energy  Plc ("Xtract")  on the  London
Stock Exchange AIM market. Key points from the announcement are:


  * Xtract has entered into a conditional agreement with Lysander
    Minerals Corporation (TSX-V: LYM) ("Lysander") under which it
    will acquire 35 million common shares of Lysander and 17.5
    million warrants at an exercise price of $0.20 per share
    exercisable for a period of three years in exchange for 35
    million shares in Elko Energy Inc. ("Elko"), representing all of
    Xtract's 35% interest in Elko.



  * The acquisition of Xtract's interests in Elko will represent the
    second transaction arranged by Lysander under their policy of
    expansion into businesses with potential for high returns.



  * It is expected that Andy Morrison, CEO of Xtract and a director
    of Elko, will join the board of Lysander.  John Conlon, a
    director of Xtract and of Elko, is also a director of Lysander.



  * The unaudited book value of Elko in Xtract's accounts as at
    December 31, 2008 was £4.0 million. The market price of Lysander
    was C$0.18 per share at the close of business on April 24, 2009.


Shareholders should note that the  proposed arrangement has a  number
of conditions so that it will  come into effect only once those  have
been satisfied.

For further information on  Lysander or Xtract and  the full text  of
the     announcements      please     visit      their      web-sites
www.lysanderminerals.com and www.xtractenergy.co.uk.

This development is not expected to have any immediate impact on  the
development and operations of Elko.





Peter Moir
President
April 30, 2009"

Further information on Elko can be found at www.elkoenergy.com

Elko Energy Inc. 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 in  26 offshore  blocks in  a 5,400  sq km  exploration  and
production licence close  to the prolific  Central Graben oil  field.
Technical analysis carried  out to date  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 35.0% 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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This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement.