Update on Netherlands Well P2-10

RNS Number : 5889I

Xtract Energy plc

26 July 2012

 



26 July 2012

AIM: XTR

XTRACT ENERGY PLC

("Xtract" or the "Company")

Update on Netherlands Well P2-10

Xtract Energy wishes to announce that the Noble rig Byron Welliver has completed activity at the P2-10 well location.  The well remains classified by Chevron as 'tight hole' and as such, no information regarding the outcome of the drilling activity has been released to the Company.  Xtract can confirm from the website managed by TNO, the Geological Survey of the Netherlands, at the request of the Dutch Ministry of Economic Affairs, Agriculture and Innovation, that the P2-10 appraisal well result is listed as "gas".

Qualified Person

In accordance with AIM Guidelines, Peter Moir, B.Sc. Civil Engineering, M.Eng. Petroleum Engineering, UK Chartered Engineer and CEO of Xtract Energy plc is the qualified person as defined in the Guidance Notes for Mining, Oil and Gas Companies, February 2010, of the London Stock Exchange, that has reviewed the technical information contained in this press release. Mr Moir has more than 30 years experience in technical, operational and commercial aspects of the E&P business.

Enquiries please contact:

Xtract Energy	Peter Moir, CEO Alan Hume FD	[phone] [phone]
Cenkos Securities Plc	Jon Fitzpatrick Beth McKiernan	[phone] [phone]
FTI Consulting	Billy Clegg Edward Westropp Alex Beagley	[phone]

About Xtract Energy

Xtract identifies and invests in a portfolio of early stage oil and gas assets and business interests with significant growth potential. The Company aims to work closely with the associated management teams to achieve critical project milestones, to finance early stage asset and business development activity, and then to finance the asset development phase, or if appropriate to crystallise value for all shareholders at a suitable exit point. Xtract aims to achieve returns for our shareholders through access to the significant upside rewards associated with our investments.

For further information on Xtract please visit www.xtractenergy.co.uk

 

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