Interim Results
Xtract Energy plc
28 February 2007
28 February 2007 AIM: XTR
XTRACT ENERGY PLC ('Xtract Energy' or the 'Company')
Interim Results for the six months ended 31 December 2006
The Directors have pleasure in presenting the Company's interim results and
update on activities for the six months ended 31 December 2006.
HIGHLIGHTS
•Completion of the purchase of substantial holdings in Aviva Corporation
Limited (ASX:AVA) and Wasabi Energy Limited (ASX:WAS).
•Purchase of further shares in Cambrian Oil & Gas Plc ('COIL') resulting
in a total holding of approximately 64.58 per cent. of the current issued
share capital of COIL.
•Placing of 109,795,800 new ordinary shares of 0.1p each at 5.5p per
ordinary share raising £6,038,769 before expenses.
•Net profit after tax of £1.060M for the current 6 month period, compared
to a net loss of £205k for the 6 months to 31 December 2005. The net profit
for the current 6 month period includes unrealised gains totalling £1.406m
arising from the revaluation of investments.
•Basic earnings per share of 0.23p for the current six month period,
compared to a loss per share of 0.12p for the six months to 31 December
2005.
•Group cash at bank of £4.2M at 31 December 2006.
POST PERIOD HIGHLIGHTS
•John Conlon appointed to the board. Mr Conlon is also a director of
Cambrian Mining Plc, Xtract Energy's parent company.
•Agreement reached with the board of COIL on the terms of a
recommended proposal for the acquisition by Xtract Energy of all COIL's
shares (other than those already held by Xtract Energy) by way of a scheme
of arrangement under section 425 of the Companies Act 1985.
Enquiries please contact:
Xtract Energy Plc John Newton, CEO +44 (0) 20 7409 0890
Smith & Williamson Corporate
Finance Ltd David Jones +44 (0) 20 7131 4000
Azhic Basirov
Chairman's Statement
For the six months ended 31 December 2006
During the period the Company acquired substantial holdings in Cambrian Oil &
Gas Plc ('COIL'), Wasabi Energy Limited ('Wasabi') and Aviva Corporation Limited
('Aviva'). These acquisitions have significantly extended the range of Xtract
Energy's energy and resource related investments.
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
recently announced that it had expanded its uranium exploration portfolio
through its subsidiary Rum Jungle Uranium Pty Ltd entering into an agreement
with Crescent Gold Ltd to earn up to a 90% interest in highly prospective
exploration licences in the Northern Territory.
Xtract Energy has agreed to sell its holding of 61.5 million ordinary shares in
Aviva, together with an interest in a steel-making technology, to Wasabi in
exchange for the issue to Xtract Energy by Wasabi of 175 million new Wasabi
ordinary shares together with 25 million warrants exercisable at a price of
A$0.03 per Wasabi share. This is subject to the approval of shareholders of
Wasabi.
Aviva is quoted on the ASX market with its head office in Perth, Western
Australia. Aviva is growing a portfolio of energy assets with its most advanced
assets being the Central West Project. The company has commenced definitive
feasibility work programs to study the merits of a 400MW power generation
project in the Midwest.
COIL has several Oil & Gas projects in the Kyrgyz Republic including exploration
(2D seismic programme completed) and water injection (with Kyrgyzneftegas, the
state oil company). COIL has also acquired approximately 22% of the issued share
capital of ASX listed MEO. MEO has secured Australian Government environmental
approvals to install two large scale methanol plants and one 3 million tonne per
annum (Mtpa) Liquefied Natural Gas (LNG) plant in an area of shallow water known
as Tassie Shoal, located approximately 275km northwest of Darwin Australia.
Xtract Oil (of which Xtract Energy completed the acquisition in February 2006)
continues to develop the technology for oil extraction from oil shale minerals.
The development of Xtract's technology could produce liquid hydrocarbons to
address the global decline of conventional oil reserves with significant
environmental benefits and higher yields over previously tried extraction
methods.
Oil shale is not a commodity which is commercially traded and as such access to
oil shale is required in order for Xtract to bench test and commercially develop
a technology for hydrocarbon extraction.
Xtract Energy has acquired mining tenements in Queensland from Intermin
Resources Limited, mainly in an area known as Julia Creek. The Julia Creek
deposits are estimated to contain substantial quantities of oil.
Tests are being conducted by the Australian national research organisation, the
CSIRO, and by Monash University. The initial validation tests have demonstrated
that recovery from Julia Creek shales would be in order of 150 litres of light
crude oil per tonne of shale. Applying this yield rate increase to the yields of
50-65 litres per tonne used last year in Xtract Energy's AIM admission document
in relation to certain of the Company's Julia Creek leases results in estimated
in situ shale oil resources of over 1.6 billion barrels of oil.
Xtract Energy has also made application for an exploration permit encompassing
the Nevis Valley oil shale deposits located in the South Island of New Zealand.
The permit EP 40-85 (10,450ha) includes locations of known oil shale
occurrences. When permitting is completed, the area will be investigated to
determine the economic significance of the deposits.
Cambrian Mining remains the major shareholder of the Company and Xtract Energy
continues to focus on the business of overseeing the development of the Xtract
technology and the related kerogen extraction at the Xtract Energy tenements and
developing and expanding the Company's portfolio of energy interests.
Subsequent to the period end, the boards of Xtract Energy and COIL reached
agreement as to the terms of the acquisition by Xtract Energy of all of the COIL
shares it does not already own by means of a scheme of arrangement under section
425 of the Companies Act 1985 ('the Scheme'). Under the proposed terms of the
Scheme, COIL shareholders will receive 9 new Xtract Energy shares for every 10
COIL shares. The closing mid market prices per share of Xtract Energy and COIL
on 9 February 2007, being the last business day prior to date of the
announcement in relation to the Scheme, were 5.25 pence and 3.625 pence
respectively.
Based on these closing mid prices, the Scheme:
• Values each COIL share at 4.725 pence;
• Values COIL at approximately £14.85 million (on an undiluted basis); and
• Represents a premium to COIL shareholders of approximately 30.3%.
The Xtract Energy board believes Xtract Energy shareholders will benefit from:
• Entry into the Australian Oil and Gas sector through COIL's holding in
MEO Australia Ltd ('MEO');
• COIL becoming a wholly-owned subsidiary allowing Xtract Energy to
consolidate 100% of the future cash flows from the operations of COIL;
• The potential unlocking of value through the removal of the double
holding company discount on COIL's associated investments; and
• Overhead and management synergies.
The Scheme has the support of the COIL board who have recommended that COIL
shareholders vote in favour of it.
Robert J. Annells
Chairman
27 February 2007
Independent Review Report to Xtract Energy Plc
Introduction
We have been instructed by the Company to review the financial information
comprising the Consolidated Income Statement, Consolidated Statement of
Recognised Income and Expense, Consolidated Balance Sheet, Consolidated Cash
Flow Statement and notes thereon and we have read the other information
contained in the interim report and considered whether it contains any apparent
mis-statements or material inconsistencies with the financial information.
This report, including the conclusion, has been prepared for and only for the
Company for the purpose of their interim report and for no other purpose. We do
not, therefore, in producing this report, accept or assume responsibility for
any other purpose or to any other person to whom this report is shown or into
whose hands it may come save where expressly agreed by our prior consent in
writing.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the Directors.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/4
issued by the Auditing Practices Board as if that Bulletin applied. A review
consists principally of making enquiries of the Directors and applying
analytical procedures to the financial information and underlying financial data
and based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with International Auditing Standards and therefore
provides a lower level of assurance than an audit. Accordingly we do not express
an audit opinion on the financial information.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months and
twelve months ended 31 December 2006.
Moores Rowland LLP
Chartered Accountants
3 Sheldon Square
London W2 6PS
Consolidated Income Statement
For the peirod ended 31 December 2006
Six months ended Year ended
31 December 31 December
Notes 2006 2005 2006 2005
(Unaudited) (Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000 £'000
Administrative expenses (331) (199) (809) (221)
Other operating income 67 - 67 -
------ ----- ------ ------
Operating loss (264) (199) (742) (221)
Investment revenues 25 18 33 25
Finance costs (89) - (89) -
Share of results of
associates 4 812 (24) 812 (24)
Other gains 4 822 - 822 -
------ ------ ----- -----
Profit/(loss) before tax 1,306 (205) 836 (220)
Tax (246) - (246) -
------ ------ ----- -----
Profit/(loss) for the
period 1,060 (205) 590 (220)
====== ====== ===== =====
Profit/(loss) for the period/year
attributable to:
- Equity holders of
the parent 897 (205) 427 (220)
- Minority interests 163 - 163 -
----- ----- ----- -----
1,060 (205) 590 (220)
===== ===== ===== =====
Earnings/(loss) per share
- basic 2 0.23p (0.12)p 0.13p (0.21)p
- diluted 2 0.17p (0.12)p 0.09p (0.21)p
Consolidated Statement of Recognised Income and Expense
For the year ended 31 December 2006
Year ended 31 December
Notes 2006 2005
(Unaudited) (Audited)
£'000 £'000
Exchange differences on translation of
foreign operations 1 -
Gain on revaluation of available for sale
investments 374 -
------ ------
Net income recognised directly in equity 375 -
Profit/(loss) for the year 590 (220)
------ ------
Total recognised income and expense for the 965 (220)
year ------ ------
Attributable to:
- Equity holders of the parent 802 (220)
- Minority interests 163 -
----- -----
965 (220)
===== ======
Consolidated Balance Sheet
At 31 December 2006
As at 31 December
Notes 2006 2005
(Unaudited) (Audited)
£'000 £'000
Assets
Non-current assets
Intangible assets 3 10,170 81
Property, plant and equipment 190 -
Interests in associates 1,216 412
Investments - available for sale 2,798 -
------ -----
14,374 493
Current assets
Cash and cash equivalents 4,214 1,321
Trade and other receivables 398 13
Inventories 14 -
Investments - held for trading 4,847 -
------ ------
9,473 1,334
------ ------
Total assets 23,847 1,827
====== ======
Equity and liabilities
Capital and reserves
Share capital 7,8 557 199
Share premium reserve 8 17,210 1,756
Share based payments reserve 8 257 33
Available for sale reserve 8 374 -
Retained earnings 8 208 (220)
------ ------
Equity shareholders' funds 18,606 1,768
Minority interests 2,095 -
------ ------
Total equity 20,701 1,768
------ ------
Current liabilities
Trade and other payables 285 59
Loans due to parent company 6 1,529 -
------ ------
1,814 59
Non-current liabilities
Deferred tax liability 1,332 -
------ ------
Total liabilities 3,146 59
------ ------
Total equity and liabilities 23,847 1,827
====== ======
The interim accounts were approved by the Board of Xtract Energy Plc on 27
February 2007 and signed on its behalf by:
John Conlon
Consolidated Cash Flow Statement
For the year ended 31 December 2006
Year ended 31 December
Notes 2006 2005
(Unaudited) (Audited)
£'000 £'000
Operating activities
Operating loss for the period (742) (221)
Adjustments for:
Amortisation of intangible assets 83 21
Depreciation of property plant and equipment 3 -
Share based payment expense 108 79
----- -----
Operating cash flows before movement in
working capital (548) (121)
Changes in working capital:
Increase in inventories (1) -
Increase in trade and other receivables (55) (12)
Increase in trade and other payables 11 59
----- -----
Net cash used in operating activities (593) (74)
----- -----
Investing activities
Interest received 33 25
Purchase of property plant and equipment (15) -
Purchase of intangible assets and exploration
expenditure (172) (21)
Purchase of trading investment (406) -
Acquisition of associate (1,545) (436)
Acquisition of subsidiaries, net of cash 4 33 (82)
acquired
----- ----
Net cash used in investing activities (2,072) (514)
----- ----
Financing activities
Proceeds on issue of shares 7 6,185 2,010
Share issue expenses 7 (355) (101)
Issue of subsidiary shares to minority 128 -
interests
Repayment of short-term loan (400) -
----- -----
Net cash from financing activities 5,558 1,909
----- -----
Net increase in cash and cash equivalents 2,893 1,321
Cash and cash equivalents at the beginning of
the period 1,321 -
------ -----
Cash and cash equivalents at the end of the
period 4,214 1,321
====== ======
Notes
1. Preparation
The interim financial information has been prepared in accordance with
International Financial Reporting Standards on the historical cost basis on the
basis of the accounting policies set out in the statutory accounts for the year
ended 31 December 2005. The Interim Report is unaudited and does not constitute
statutory financial statements.
The Company has adopted the requirements of IFRS39 as it applies to its
investments that are classified as 'available for sale' and 'held for trading'.
Investments treated as 'available for sale' are valued at market value and the
gains or losses transferred directly to the available for sale reserve.
Investments treated as 'held for trading' such as derivatives are valued at
market value and the gains or losses recognised immediately as other gains in
the profit and loss account for the period.
The Company has changed its accounting reference date to 30th June in order to
align with its ultimate parent company Cambrian Mining plc. It will therefore
draw up consolidated financial statements for the 18 month period ending 30 June
2007. These interim financial statements have been presented accordingly.
2. Earnings/(loss) per share
The calculation of the basic and diluted earnings/(loss) per share attributable
to the ordinary equity holders of the parent is based on the following data:
Six months ended Year ended
31 December 31 December
2006 2005 2006 2005
(Unaudited) (Unaudited) (Unaudited) (Audited)
£'000 £'000 £'000 £'000
Earnings/(loss) for the
purposes of basic and
diluted earnings per share
Net profit/(loss) for
the period attributable to
equity holders of the parent 897 (205) 427 (220)
Number Number Number Number
Weighted average number
of ordinary shares for
the purposes of basic
earnings per share 388,196,649 164,963,892 326,207,612 102,744,761
Effect of dilutive
potential ordinary shares
- options and warrants 137,849,860 184,403,619 162,706,191 160,459,832
------------ ----------- ----------- -----------
Weighted average number
of ordinary shares for
the purposes of diluted
earnings per share 526,046,509 349,367,511 488,913,803 263,204,593
----------- ----------- ----------- -----------
Prior to this period, no adjustment was made to basic earnings per share because
the effect of including the number of outstanding options and warrants would
have been to dilute the loss per share.
3. Intangible assets
These comprise mining rights and deferred exploration costs.
Year ended 31 December 2006
Mining rights Exploration Total
costs
£'000 £'000 £'000
Cost
At 1 January 2006 102 - 102
Additions 327 165 492
Acquired on acquisition of
subsidiaries 9,044 636 9,680
------ ------ ------
At 31 December 2006 9,473 801 10,274
------ ------ ------
Amortisation
At 1st January 2006 21 - 21
Charge for the period 83 - 83
------ ------ ------
At 31 December 2006 104 - 104
------ ------ ------
Carrying amount
At 31 December 2006 9,369 801 10,170
====== ====== ======
Mining rights acquired have not been amortised as the related properties are in
the stage of exploration and development. Certain amounts relate to mining
tenement sharing rights and these are amortised over the tenement period of 5
years.
4. Acquisition of subsidiaries
Xtract Oil Limited
On 17 February 2006 the Company acquired 78.3% of the issued share capital of
Xtract Oil Limited increasing its holding to 100% for consideration of
£4,939,000 including expenses. The consideration and net assets acquired were as
follows:
Book Fair value
values adjustments Fair value
£000 £000 £000
Net assets acquired:
Trade receivables 69 - 69
Bank and cash balances 65 - 65
Mining rights - 5,217 5,217
----- ----- -----
134 5,517 5,351
===== ===== =====
Satisfied by :
Cash 817
Directly attributable costs 99
-----
916
Share issue (note 7) 4,023
-----
Total consideration 4,939
Carrying value of associate brought
forward 412
-----
5,351
=====
Net cash outflow arising on acquisition:
Cash and cash equivalents acquired 65
Cash consideration paid (817)
Directly attributable costs (99)
-----
(851)
Xtract Oil Limited contributed to the group's 12 month consolidated results, an
operating loss of £8,163 and a loss before tax of £4,918 for the period between
the date of acquisition and the balance sheet date.
Cambrian Oil and Gas Plc
During the six month period the Company acquired 65.5% of the issued share
capital of Cambrian Oil & Gas PLC ('COIL'), since diluted to 64.6%, for total
consideration of £6,579,000 including expenses as follows:
Effective date Number of Number of Percent Purchase Consideration £'000
shares options or acquired type
warrants to date
1 September
2006 15,000,000 15,000,000 9.5% Private Cash 450
purchase
21 September
2006 29,630,769 7,844,944 28.2% Private Convertible 889
purchase loan (note 5)
23 October
2006 65,000,000 65,000,000 35.4% Placing Short-term 1,950
loan (note 6)
15 November
2006 53,333,333 53,333,333 52.6% Private Shares 1,855
purchase (note 7)
22 November
2006 40,000,000 40,000,000 65.5% Market Cash 1,800
purchase
----------- ----------- ------
202,964,102 181,178,277 6,944
Expenses 41
------
Total consideration 6,985
------
of which - shares 6,579
- options 406
Of the unlisted options and warrants 141m attached to shares were acquired for
nil consideration, of which 7.8m have since expired; a further 40m were acquired
on 22 November 2006 for £400,000 plus expenses. Of the 173.3m outstanding 35m
expire in July 2007 and the remainder expire in October 2007.
COIL is a London AIM listed company that with its subsidiary and associate
undertakings ('COIL group') is involved in investment in and financing of oil
and gas exploration and development assets. COIL group includes a subsidiary
with interests in Kyrgyzstan and two associates: 22% in MEO Australia Ltd
('MEO'), listed on the Australian Stock Exchange, and 33% of Elko Energy Inc,
based in Canada.
The COIL group contributed to the group's results for the period and year, an
operating loss of £101,560 and a profit before tax of £1,530,098 for the period
between the date of acquisition and the balance sheet date.
The net assets of the COIL group acquired are as follows:
Book value Adjustments to Fair value Fair value
(UK GAAP) IFRS adjustments (IFRS)
£'000 £'000 £'000 £'000
Mining rights
and exploration costs 2,245 - 2,218 4,463
Investment in associates 6,100 - (4,866) 1,234
Property, plant and equipment 178 - - 178
Investments - held for trading - 3,619 - 3,619
Inventories 13 - - 13
Trade and other receivables 261 - - 261
Cash and cash equivalents 2,769 - - 2,769
Trade and other payables (2,238) - - (2,238)
Deferred tax liability - (1,086) (1,086)
----- ----- ----- -----
9,328 2,533 (2,648) 9,213
----- ----- ------
Less: minority interests (1,804)
Less: share of results of
associate recognised (830)
------
6,579
------
Satisfied by:
Cash 1,850
Directly attributable costs 35
-----
1,885
Convertible loan (note 5) 889
Short-term loan (note 6) 1,950
Share issue (note 7) 1,855
------
Total consideration 6,579
------
Net cash inflow arising on
acquisition:
Cash paid for shares (1,885)
Cash and cash equivalents acquired 2,769
-----
884
-----
COIL reports its financial data under UK GAAP and the group's share of its
result when it was accounted as an associate for the period between 21 September
2006 and 15 November 2006 is insignificant. However, the group has recognised
£830,000 being the share of the post-tax gain that would have been recognised by
COIL if it has adopted IFRS, reflecting an unrealised gain in its holding of
options in MEO. This is included in the total share of associates results
of £812,000.
Other gains of £822,000 recorded in the consolidated profit and loss account
reflect the unrealised gain on the MEO options since COIL was fully
consolidated as a subsidiary from 15 November 2006. After deferred tax of
£246,000 and minority interests of £210,000 the impact on the profit for the
period and profit attributable to shareholders is £576,000 and £366,000
respectively.
5. Convertible loan
On 21 September 2006 the Company entered into a convertible loan arrangement in
settlement of the purchase of shareholdings from the Company's ultimate parent
company Cambrian Mining Plc and its subsidiaries. This included the purchase of
29.6m shares in COIL acquired for £0.9m consideration (note 4), and available
for sale investment holdings of 19% in Wasabi Energy Limited for £0.8m and 19%
in Aviva Corporation Limited for £1.6m.
The value of the loan of £3.4m including interest payable was converted into
61.1m new ordinary shares at the placing price of 5.5p a share on 17 November
2006.
6. Short-term loan
The company entered into a short-term loan facility with Cambrian Mining Plc for
£2m available at 2% above LIBOR, of which £1.95m was used on 23 October 2006, in
consideration for the purchase of 65m new ordinary shares in COIL, its share of
the placing on the same date. The loan was reduced by £0.5m in settlement of
placing proceeds due from Cambrian Mining Plc (note 7), leaving approximately
£1.4m outstanding at the balance sheet date. An additional £0.1m is outstanding
between COIL and Cambrian Mining Plc.
7. Share capital
This comprises Issued and fully paid ordinary shares of 0.1p each
Number of
shares
At 1 January 2006 199,088,550
Issued for access to mining tenement rights 30,000,000
Share consideration for Xtract Oil Limited at 7p per share 57,471,250
Shares issued as payment for services 250,000
-----------
At 30 June 2006 286,809,800
Issue in lieu of mining exploration costs @ 1p per share 2,000,000
Issue for warrants exercised at 1p per share 68,500,000
Share consideration for COIL at 6.375p per share 29,090,909
Conversion of loan note at 5.5p per share (note 5) 61,113,291
Placing at 5.5p per share 109,795,800
-----------
At 31 December 2006 557,309,800
-----------
On 17 February 2006, the Company issued 57,471,250 shares valued at £4,022,988
based on the market value of 7p per share, as part consideration for acquiring
78.3% of the shares in Xtract Oil Limited (note 4).
On 15 November 2006, the Company issued 29,090,909 shares valued at £1,854,545
based on the market value of 6.375p per share, as consideration for the purchase
of 53.3m shares in COIL from Cambrian Mining Plc. The consideration forms the
cost of the acquired shares in COIL (note 4).
On 22 November 2006 the Company completed a placing and open offer of
109,795,800 new ordinary shares of 0.1p each at 5.5p per share generating
proceeds of £6,038,769, before expenses. These comprised £5,500,000 cash plus
£538,769 in relation to 9,785,800 shares placed with Cambrian Mining Plc settled
by way of offset against short-term loan amounts due to Cambrian Mining Plc
(note 6).
Unlisted warrants
Shares issued as a result of warrants exercised generated cash proceeds of
£685,000. After exercises and further grants during the period, the following
warrants remain outstanding at 31 December 2006:
Issued 29 March 2005 - 115,588,550 exercisable at 1p per share
Issued 29 March 2005 - 3,000,000 exercisable at 1.5p per share
Issued 24 April 2006 - 5,000,000 exercisable at 5.5p per share
Issued 22 November 2006 - 7,213,475 exercisable at 5.5p per share
Each one of the above warrants vested immediately and expires within three years
of issue, entitling the holder to one fully paid share in the Company upon
payment of the warrant exercise price per share.
8. Movements in capital and reserves
Share capital Share premium Share based Available for Retained
reserve payments sale reserve earnings
reserve
£000 £000 £000 £000 £000
At 1 January 2006 199 1,756 33 - (220)
Issue of shares 88 4,253 (18) - -
Share based payments
expense - - 108 - -
Loss for the period - - - - (470)
---- ----- ----- ---- -----
At 30 June 2006 287 6,009 123 - (690)
Issue of shares 270 11,690 - - -
Share issue
expenses - (489) 134 - -
Gain on revaluation of
available for sale
investments - - - 374 -
Exchange
differences on
translation - - - - 1
Profit for the period - - - - 897
------ ------ ------ ----- ------
As at 31
December 2006 557 17,210 257 374 208
------- ------ ------ ----- ------
9. Events after the balance sheet date
On 12 February 2007 the Boards of Xtract Energy Plc ('Xtract') and Cambrian Oil
& Gas plc ('COIL') announced that they had reached agreement on the terms of a
recommended proposal for COIL shareholders (other than Xtract) to acquire shares
in Xtract for shares in COIL by way of scheme of arrangement under section 425
of the Companies Act 1985 (the 'Scheme'). Under the proposed terms of the
Scheme, COIL shareholders will receive 9 new Xtract shares for every 10 COIL
shares. The closing mid-market prices per share of Xtract and COIL on 9 February
2007 were 5.25p and 3.625p respectively. The Scheme requires approval by COlL
shareholders (other than Xtract) and the sanction of the Court.
10. Other matters
The financial information for the year ended 31 December 2006 does not
constitute statutory accounts, as defined in Section 240 of the Companies Act
1985, but is based on the statutory accounts for the year then ended. Those
accounts, upon which the auditors issued an unqualified opinion, have been
delivered to the Registrar of Companies.
The Interim Report for the six months ended 31 December 2006 was approved by the
Directors on 27 February 2007.
Copies of the interim report are available from the Company's website
www.xtractenergy.com or on written request to the Company Secretary, Xtract
Energy Plc, 27 Albemarle Street, London, W1S 4DW.
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