Investment update

Xtract Energy plc
24 January 2008

24 January 2008                                                         AIM: XTR
                               XTRACT ENERGY PLC
                          ('Xtract' or the 'Company')

                     PROJECT UPDATE - MEO Australia Limited

Xtract Energy Plc ('Xtract') is pleased to refer investors to a presentation
made by MEO Australia Ltd ('MEO') at its General Meeting today. Xtract currently
holds approximately 15.7% of the issued capital of MEO.

The presentation includes further information on the recent drilling results of
Heron-2 and discloses that MEO has A$63m cash on hand and that its second well
will target the Plover sands at Blackwood. The full presentation can be found on
the Australian Stock Exchange website or by following the link shown below to
the MEO website:

http://www.methanol.com.au/news/_news_single.asp?ID=304

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 the drilling update
contained in the presentation 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, together with its wholly owned
subsidiary Cambrian Investment Holdings Ltd, holds approximately 50.13% of the
issued share capital of the Company.

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
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