Xtract Energy

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Xtract Energy plc
Type Public
Traded as LSEXTR
Industry Energy
Founded 2004 (2004)
Headquarters Fetcham, Surrey, United Kingdom
Key people Peter Moir, CEO
Parent Cambrian Mining Plc
Website www.xtractenergy.co.uk

Xtract Energy plc is a multinational energy holding company. It is a subsidiary of Cambrian Mining Plc, which owns over 50% of shares. Minor shares are traded on London Stock Exchange Alternative Investment Market.

History[edit]

Xtract Energy was established in October 2004 as Resmex plc. In March 2005, its shares were listed on London Stock Exchange Alternative Investment Market.

In August 2005, Resmex acquired Sermines de Mexico S.A. de C.V., which owns mineral exploration and development rights in three concessions in the California-Sonora Gold Belt in Mexico. In February 2006, it acquired Xtract Oil Ltd., an Australian oil shale company, followed by change of its name in May 2006. At the same time, Cambrian Mining became the major shareholder of Xtract Energy. In October 2006, Xtract Energy purchased 19.5% of Wasabi Energy Ltd, 18.6% of Aviva Corporation (not affiliated with Aviva Energy Corp.) and 28.2% of Cambrian Oil & Gas from Cambrian Mining. Later, Cambrian Oil & Gas merged to Xtract through which Xtract got shareholdings in MEO Australia Ltd and Elko Energy, and assets in Kyrgyzstan. In August 2007, Xtract sold its interests in Aviva Corporation to Wasabi Energy in exchange for new shares and warrants in Wasabi. Aviva Corporation is not affiliated with the energy consulting firm, Aviva Energy Corp. with offices in California, Nevada and Texas.

On 16 July 2008, Xtract Energy announced that it has negotiations with Merty Energy, Petroleum Exploration, Education and Services Inc of Turkey regarding a new exploration and production joint venture in Turkey.[1]

Subsidiaries and activities[edit]

Xtract Energy's subsidiary Extract International is a parent company for Zhibek Resources, involved in oil and gas activities in Kyrgyzstan. In 2012, Xtract Energy exit the Kyrgyz project. Through the shareholding (14.6%) in MEO Australia Ltd (ASXMEO), Extract International is involved in Tassie Shoal Methanol Project and Timor Sea LNG and GTL projects.

Elko Energy Inc., a wholly owned by Xtract Energy, is a Canadian registered oil and gas exploration company which has exploration and production activities in North Sea.[2][3]

Xtract Oil is a developer of the Julia Creek oil shale concession area in Queensland. In June 2012, it entered into a heads of terms with the London-based Global Oil Shale Group Limited according to which Global Oil Shale Group Limited has a right to acquire a controlling interest in the Julia Creek tenements by funding and undertaking exploration, development and engineering activities for shale oil production by using Galoter process.[3] Xtract Oil also develops oil shale deposits in New Zealand and is a developer of the shale oil extraction technology.

Through a 70% stake in Xtract Energy (Oil Shale) Morocco SA, it is evaluating an oil shale deposit near Tarfaya, Morocco.

In addition, Xtract Energy has 19.4% in Wasabi Energy (ASXWAS), which through its subsidiaries is involved in uranium, geothermal and coal activities.[2]

Xtract Technology[edit]

Xtract Technology is a supercritical solvent extraction technology, a type of donor solvent oil shale extraction technologies. Oil shale is processed in enclosed vessels in the presence of hydrogen solvents. The company claims that the process is carried out at moderate temperatures that do not liberate carbon dioxide.[4]

References[edit]

  1. ^ "Xtract Energy in Talks with Merty Energy on Future Ventures". OilVoice. 2008-07-16. Retrieved 2008-08-18. 
  2. ^ a b "Xtract Energy plc - Result of EGM". Reuters. 2008-01-15. Retrieved 2008-08-18. 
  3. ^ a b "Xtract Energy to buy out Elko for 9.4 mln stg". Reuters. 2011-06-21. Retrieved 2012-06-30. 
  4. ^ Rick Wikinson (2006-05-29). "New technology raises oil shale hopes in Qld". Petroleum News. Archived from the original on 2008-07-19. Retrieved 2008-08-18. 

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