Business
Admission to AIM
Admission to AIM.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n Resmex plc\n20 February 2006\n\n\n20 February 2006\n\n\n RESMEX PLC\n\n ('Resmex' or the 'Company')\n\n\n Admission to AIM\n\n\n\nThe Company announces that its ordinary shares were admitted to AIM earlier\ntoday and that accordingly it has completed the acquisition of the entire issued\nshare capital of Xtract Oil Limited ('Xtract') not already owned by it (the\n'Acquisition'). Following the Acquisition, the number of issued ordinary shares\nin the Company is 286,559,800; based on the share price of the Company at the\nclose of business on 17 February 2006, the Company's market capitalisation is\napproximately £20.1 million.\n\n\nInformation on Xtract\n\nXtract is investigating and developing a technology for the processing of oil\nshale (the 'Xtract Technology'). It is intended that the Xtract Technology will\nproduce refinery-acceptable crude oil from the kerogen contained in the oil\nshale. The Xtract Technology is a method of processing oil shale in the presence\nof hydrogen and solvents, known as supercritical solvent hydrogenation.\nValidation of the experimental work and development of a commercial process\nwould result in intellectual property which may be licensed for use with oil\nshale deposits throughout the world. There is a substantial shortfall in oil\nproduction in Australia leading to increasing imports of oil; if successful and\ncommercially viable, Xtract's proposed processes will enable an additional\nsupply of crude oil for the Australian market. Xtract, in conjunction with\nexternal consultants, has designed and intends to operate an experimental\nprogramme to carry out extractions using representative oil shale samples and\nassess the key risks inherent in the process.\n\n\nXtract's intellectual property and licensing strategy\n\nThe primary objective of Xtract is to develop a technology for the extraction of\noil from kerogen in oil shale which is capable of protection and licensing. The\nintellectual property developed through this work will be owned by Xtract and\nprotected for future commercial licensing, on a world-wide basis.\n\n\nJulia Creek exploration rights\n\nIt was announced on 19 October 2005 that Resmex had agreed to acquire certain\noil shale rights from Intermin Resources Limited ('Intermin'). These rights are\nover 11 mining tenement areas (the 'Resmex Tenements') in the Toolebuc area...