Investment Update

22 March 2010

AIM: XTR

                               XTRACT ENERGY PLC

                        Drilling update - Extrem Energy

Further  to its announcement dated 2 March  2010, Xtract Energy Plc ("Xtract" or
"the  Company")  is  pleased  to  provide  the  following update on the drilling
operations  of its Turkish  business, Extrem Energy  AS ("Extrem Energy") in the
Alasehir licence area.

Drilling Update - Sarikiz-3

The  Sarikiz-3  exploration  well  reached  a  total depth of 2,027m on 16 March
2010. Wire-line  logging was completed  on 20 March and  7" casing was completed
and cemented today, in preparation for cased-hole production tests.

During  drilling,  oil  shows  were  recorded  in  the  mud-logs  at a number of
sandstone  intervals in the depth range 1,340-1,970m and preliminary analysis of
the  wire-line  logs  provides  further  indications  of hydrocarbons at several
levels.   Well   pressures  and  other  indicators  are  comparable  with  those
experienced previously at Sarikiz-2. Further analysis of the logs and other data
is  planned  for  today  and  tomorrow  in  order  to  prepare the work-plan for
cased-hole production tests.

In  view of the encouraging results from Sarikiz-3, Extrem Energy has decided to
keep  the drilling rig on  station there for the  production test. Although this
will slightly delay the installation of the down-hole pump at Sarikiz-2, it will
save the time and cost of additional rig mobilizations.

Based on a 2 square km area and an assumed net productive pay thickness of 20m,
Extrem  Energy's preliminary  pre-drill P50  estimate of  the recoverable oil in
place  from the  Sarikiz-3 well  was 5.75mbbl, based  on an assumed 20% recovery
factor. It is too early to make any updated projections.

Further updates will be provided as appropriate.



The information above relating to resource estimates has been provided using the
SPE  standards and includes the following terms: "mbbl" (million barrels); "P50"
(mid-case scenario in relation to reserve expectations).

The above information has been reviewed and approved by Ongun Yoldemir, Managing
Director  of Extrem Energy,  who has a  masters degree in geological engineering
and  worked as an explorationist  in the oil and  gas sector in the Middle East,
Kazakhstan,  Azerbaijan, and  North Sea,  has over  28 years' experience  in the
resource  and  energy  sector  and  is  a  member of the American Association of
Petroleum  Geologists,  European  Association  of  Geologists and Engineers, the
Society of Exploration Geophysicists and several related Turkish institutions.

Xtract   holds  50% of  the  equity  of  Extrem  Energy through  a  wholly-owned
subsidiary.


Enquiries please contact:


  Xtract Energy        Andy Morrison, CEO   [phone]


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


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.

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 50% of the issued share capital of Extrem Energy.

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 50.0% of Elko's
issued share capital.

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 exploration  licence in the Kyrgyz Republic.
Xtract has entered a farm-out agreement to fund a seismic and drilling programme
for 2008-10. Xtract owns 25.0% of the issued share capital of Zhibek Resources.

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.




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