Business
Cambrian Mining Update
Cambrian Mining Update.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \n\n\n\n17 November 2008\nAIM: XTR\n\n XTRACT ENERGY PLC\n (\"Xtract\" or the \"Company\")\n\n CAMBRIAN MINING UPDATE\n\nXtract notes the Quarterly Review and Business Update announced\nearlier today by Cambrian Mining Plc (\"Cambrian\"). Included in the\nupdate was a statement that Cambrian has decided to delay the planned\ndividend in specie of its investment in Xtract due to current market\nconditions and that it remained Cambrian's intention to dividend the\nmajority of its holding to its shareholders once reasonable market\nconditions resume. Cambrian currently holds 45.3% of Xtract's issued\nordinary share capital.\n\n\n\nEnquiries please contact:\n\n\nXtract Energy Andy Morrison, CEO +44 (0)20 7079 1798\n\nSmith & Williamson David Jones +44 (0)20 7131 4000\nCorporate Finance Azhic Basirov\n\nScott Harris Ian Middleton +44 (0)20 7653 0030\n James O'Shaughnessy\n\n\n\nAbout Xtract Energy\n\nXtract identifies and invests in a diversified portfolio of early\nstage energy sector technologies and businesses with significant\ngrowth potential. The Company aims to work closely with the\nassociated management teams to achieve critical project milestones,\nto finance later development stages, and to build and crystallise\nvalue for all shareholders and partners.\n\nFor further Information on Xtract please visit www.xtractenergy.co.uk\n\n\nA short description of the principal assets of Xtract is set out\nbelow. These assets are either held directly or through wholly owned\nsubsidiaries of the Company.\n\nMEO Australia Ltd (\"MEO\")\n\nMEO (ASX: MEO) aims to become an integrated Australian Gas-to-Liquids\n(\"GTL\") company. In 2008, MEO made significant gas discoveries in the\nAustralian Timor Sea, in an area of shallow water known as Tassie\nShoal. Early commercialisation of these discoveries is planned\nthrough construction of Liquified Natural Gas (\"LNG\") and Methanol\nplants and export terminals on the off-shore Tassie Shoal. MEO has\nalready secured Australian Government environmental approvals for two\nlarge scale (1.8 Mtpa) methanol plants and a 3 Mtpa LNG plant on\nTassie Shoal. Xtract owns approximately 13.9% of MEO's issued share\ncapital.\n\nElko Energy Inc. (\"Elko\")\n\nElko is a Canadian registered oil & gas exploration company which has\ninterests in exploration and production licences in the Danish and\nD...