Investment update

24 April 2009

AIM: XTR

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

                  INVESTMENT UPDATE - Extrem Energy

Further to the announcement made on  6 April 2009, Xtract Energy  Plc
("Xtract")  is  pleased  to  provide  the  following  update  on  the
operations of its Turkish joint  venture Extrem Energy A.S.  ("Extrem
Energy").

Post Drill Evaluation of Sarikiz Field

Following the successful drilling of Sarikiz-2, which is about to  be
tested (see below),  a review was  made of the  drilling logs of  the
East Sarikiz-1 well  previously drilled by Turkish state firm TPAO in
2001. TPAO tested the deeper interval 2,122-2,147m and found  limited
oil shows. The well was plugged and abandoned.

New log  analysis  conducted  for Extrem  Energy  clearly  shows  oil
indications within similar  intervals to Sarikiz-2  across the  depth
range 1,414-1,766m. The well conditions at East Sarikiz are  suitable
for re-entry with Extrem now planning to conduct a further production
test at the  shallower interval  later in 2009.  If successful,  East
Sarikiz will be an additional producing  well that will add to  early
revenues. The estimated drilling  and testing investment to  appraise
the production potential of the well is US$0.75m.

The new log  analysis also  suggests that the  Sarikiz field  extends
across a  wider  geographic  area than  previously  interpreted.  The
estimated area of  the fan-delta  structure has  increased to  6.0km2
(from 4.0km2 stated on 16 March 2009). Using an average thickness  of
20m over  the additional  area and  maintaining previous  assumptions
over the remainder, the estimated total oil in place has increased to
190mbbl.  Adopting  a  20-35%   recovery  factor  range,  the   total
estimated recoverable  oil from  the Sarikiz  Field is  in the  range
38-66mbbl.

Sarikiz-2 Production Test

The drilling rig was  mobilized to site on  12 April and rigging  was
completed on schedule on 17  April 2009. Preparatory work  continues,
but some delay  has been experienced  as the rig  awaits delivery  of
certain production  testing  equipment.  Production  testing  is  now
expected to commence on or before  15 May 2009. Extrem is not  liable
for the daily rig rate costs during the delay period.

The testing of the 12 levels of sandstone will take approximately one
month. The daily production rate  achieved will be used to  determine
the number of wells to  be drilled in the  field and the capacity  of
the surface facilities required. Production from the well is expected
to be at least 500b/d. Laboratory reports indicate good quality  33.5
API crude oil. The  well was cased when  originally drilled and  will
therefore be ready for  commercial production following a  successful
test.

All operations are controlled and operated by Merty Energy,  Xtract's
joint venture partner in Extrem Energy.

Further progress updates will be provided as appropriate.

Xtract currently holds  20% of Extrem  Energy and has  the option  of
increasing  its  shareholding  to  34%  by  contributing  a   further
investment of US$3.5m before 30 June 2009.

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

Enquiries please contact:


Xtract Energy      Andy Morrison, CEO  [phone]

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

Scott Harris       Ian Middleton       [phone]
                   James O'Shaughnessy



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.

MEO Australia Ltd ("MEO")

MEO (ASX: MEO) aims to become an integrated Australian Gas-to-Liquids
("GTL") company. In 2008, MEO made significant gas discoveries in the
Australian Timor Sea,  in an area  of shallow water  known as  Tassie
Shoal.  Early  commercialisation  of  these  discoveries  is  planned
through construction of  Liquified Natural Gas  ("LNG") and  Methanol
plants and export terminals  on the off-shore  Tassie Shoal. MEO  has
already secured Australian Government environmental approvals for two
large scale (1.8  Mtpa) methanol  plants and a  3 Mtpa  LNG plant  on
Tassie Shoal. Xtract owns approximately  11.6% of MEO's issued  share
capital.

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 35.0%  of
Elko's issued share capital.

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
20% of the issued share capital  of Extrem Energy and has the  option
of increasing its shareholding to 34% before 30 June 2009.

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.

Wasabi Energy Ltd ("Wasabi")

Wasabi (ASX:  WAS)  is  a diversified  investor  in  traditional  and
renewable energy  technologies. Amongst  its listed  assets it  holds
approximately 38%  of Rum  Jungle Uranium  Ltd (ASX:  RUM) which  has
interests in uranium exploration licenses  covering some 4,150 sq  km
of  Australia's  Northern  Territory   and  approximately  12.5%   of
Greenearth Energy Ltd  (ASX:GER) which  aims to  explore and  develop
geothermal resources in Australia and  the wider Pacific Rim.  Xtract
owns approximately 19.4% of the issued share capital of Wasabi.

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 and Pishkoran  exploration
licences in  the  Kyrgyz  Republic. Xtract  has  entered  a  farm-out
agreement to  fund  a seismic  and  drilling programme  for  2008-09.
Xtract owns 25.0% of the issued share capital of Zhibek Resources.

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