PROACTIVE INVESTORS UK
Watchlist/PortfolioFollow
Xtract Energywww.xtractenergy.co.uk
Xtract Energy identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. We aim to engage closely with the associate management teams to achieve project milestones, finance early stage asset and business development activity, and then finance the asset development phase, or if appropriate, crystallise value for all shareholders at a suitable exit point. We aim to achieve returns for our shareholders through access to the significant upside rewards associated with our investments.
Xtract Energy Plc (‘Xtract’) was established in 2004 (as then Resmex Plc) and its shares were admitted to trading on AIM at the end of March 2005.
Full Xtract Energy profile here
Xtract Energy and Chevron spud P2-10 well in North Sea
9:42 am by Sergei Balashov
The P2-10 well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir
Xtract Energy (LON:XTR)announced that the P2-10 well in the Dutch North Sea has now been spudded after operator Chevron was able to move the Noble Byron Welliver rig to the location.
The rig was released in November, but the move was delayed due to tough weather conditions in the North Sea that prevailed throughout December.The well is targeting an existing gas discovery on the P2 block to evaluate commercial hydrocarbon flow rates within the Rotliegendes sandstone reservoir.Xtract has an overriding royalty arrangement of up to 5 percent of the sales value from Chevron’s share of gas delivered into the Dutch national transmission system and Chevron condensate delivered onshore.“Despite the bad weather conditions in the North Sea over the last few weeks it is pleasing to know that the Noble Byron Welliver is now safely jacked up at the P2-10 well location and that drilling operations have commenced,” said chief executive of Xtract Energy Peter Moir.In the meantime, Xtract is waiting for Maersk Oil and Gas to release the Maersk Resolve rig to move it to the 01/11 license in Danish waters to drill the Luna exploration well.The Maersk Resolve has experienced similar weather conditions as the Byron Welliver over the last few weeks, which has impacted the drilling programme.Xtract said that operator Noreco now expects the rig to be released on January 26.The Luna well, which will test the Rotliegendes play concept on the 01/11 license area, is targeting between 35 and 153 million barrels of oil of resources net to Xtract.Xtract also holds a royalty interest over the onshore and offshore license portfolio of Turkish group Extrem Energy and 25 percent of Zhibek Resources, which controls the Tash Kumyr exploration licence in the Kyrgyz Republic.In addition, the group has a 70 percent interest in the Xtract Energy (Oil Shale) Morocco SA joint venture with a Saudi prince-linked company that evaluates an oil shale project near Tarfaya in the southwest of Morocco.Finally, 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.Shares in Xtract rose 2.5 percent to 2.23 pence in early trade, valuing the company at £34.1 million.
13113
