Investment update

Xtract Energy plc
30 November 2007

30 November 2007                                                        AIM: XTR

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

                       PROJECT UPDATE - MEO Australia Ltd

Xtract is pleased to refer shareholders to the following press release
information announced in Australia by MEO Australia Ltd ('MEO') this week.

Xtract currently holds approximately 21.3% of the issued capital of MEO.
                             
Key points relating to announcements made on 27 and 30 November 2007:

• West Atlas rig successfully completed the running of three planned log
  suites from the section depth (3360m), through the Epenarra Darwin Formation
  earlier this week

• Samples targeted the Darwin Formation facies C zone which was interpreted
  to be gas-bearing in Heron-1. Preliminary analysis of the log suites acquired
  in Heron-2 also indicates Facies C to be gas bearing

• Until the hydrocarbons are recovered and analysed, MEO is unable to
  confirm gas quality or that a recoverable resource is present in Epenarra.

• 9 5/8 inch casing has now been run to 3360m section depth and cementing
  completed

• Currently preparing to drill 8 1/2 inch hole to the Heron North Elang/
  Plover Formation

• Production testing of Epenarra can only be undertaken after the drilling
  (and if warranted flow testing) of the underlying Heron North structure.

Text of announcement made on 30 November 2007:

'MELBOURNE, AUSTRALIA (November 30, 2007) -- MEO Australia Limited (ASX: MEO)
submits this drilling report for the period ending 1000 hours, November 30,
2007. TheHeron-2 well was spudded at 2230 hours (ACST) on October 12, 2007 in
Exploration Permit, NT/P68.

The rig has drilled the 12 1/4 inch hole to a section depth of 3360m and the
9 5/8 inch casing has been successfully landed and cemented. The rig is
currently testing the BOP stack for the high pressure high temperature operation
to the planned total depth of the well and is making up the estimated volumes
and density of synthetic (SBM) mud to undertake the final stages of the drilling
operation. MEO expects to commence drilling the 8 1/2 inch hole over this
weekend. The prognosed depth of the Top Elang/Plover Formation at the Heron
North structure is approximately 3900m.

The participants in the well are:

TSP Arafura Petroleum Pty Ltd (MEO subsidiary)                              45%
Oz-Exoil Pty Ltd (MEO subsidiary)                                           45%
Petrofac Energy Developments Oceania Ltd (Petrofac Limited subsidiary       10%

Heron-2 is being drilled by Seadrill's West Atlas jack-up rig contracted to MEO
for two firm wells and one option well. The Heron-2 well is designed as a
vertical well to penetrate and production test the Epenarra Darwin Formation and
the deeper Elang/Plover Formation of the Heron North structure. The planned
total depth of the well is approximately 4300m below sea level.

The Heron-1 well drilled by ARCO in 1972 intersected a 52m gas bearing column in
the Darwin Formation (a fractured carbonate reservoir) within the 1,200 square
km mapped closure of the large Epenarra structure. Heron-1 also reached a gas
charged zone in the deeper underlying Elang/Plover horizon, which is a secondary
objective for the Heron-2 well.'

Further information on MEO can be found at www.meoaustralia.com.au. As an ASX
listed company, MEO is not subject to the AIM Rules and this drilling update 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 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 holds approximately 50.41% of issued
share capital.

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.

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 has recently been
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