Executive Summary
Xtract Energy (LON:XTA) is an energy investor and holding company focused on developing a diversified portfolio of early stage private and public company investments in energy sector technologies and businesses. Xtract's main assets are its direct and indirect investments in Extrem Energy A.S., Elko Energy Inc, Zhibek Resources Ltd and its Oil Shale deposits in Queensland, Australia. Founded in 2004 (as Resmex Plc) and a subsidiary of Cambrian Mining Plc, Xtract's shares were admitted to AIM at the end of March 2005.
Company History
Resmex plc was a company established for the purpose of making investments in the mineral and energy resources sectors. Resmex's initial investment was the acquisition of 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. The concessions include historic gold mines which have not been the subject of modern exploration. In October 2005, Resmex raised an additional T?2.0 million and announced that it had agreed to acquire the Resmex Tenements from Intermin for a consideration comprising A$50,000 and 30 million new ordinary shares. The Company announced at the same time that it had agreed to pay A$1.0 million (T?0.4 million) to acquire 21.6% of Xtract's issued ordinary shares and that, pursuant to underwriting arrangements, it would invest up to a further A$2.3 million (T?1.0 million) increasing its holding to a maximum of 34.3% of Xtract's issued ordinary shares. Resmex and Xtract subsequently agreed the terms of the Acquisition, pursuant to which Xtract would become a wholly-owned subsidiary of Resmex.
Current Events
Business Model
Investments
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…
