Business
Completion of sale of Extrem
Completion of sale of Extrem.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 9602M Xtract Energy plc 24 August 2011 \n \n\nXTRACT ENERGY PLC\n(\"Xtract\" or the \"Company\")\nCompletion of sale of Extrem\n \nThe Company is pleased to announce that Xtract has today received payment of $100,000 from Merty Energy, Petroleum Exploration, Education and Services Inc. (\"Merty\") and individual members of the Yoldemir family in consideration for its 50% stake of Extrem Energy AS (\"Extrem\"), a Turkish joint stock company with a portfolio of licence interests in onshore and offshore Turkey.\n \nMerty, which following the transaction, owns 100% of Extrem, will now be able to fund and progress the licences through farm out with new partners. Xtract is expected to benefit from this strategy in that it will have no further financial liability in relation to Extrem or the Turkish licences but will retain a participation in any successful commercial production by virtue of Merty's assignment to it of a gross over-riding royalty interest in and to all of the oil, gas and other hydrocarbon substances and minerals produced, saved and marketed from certain exploration licences.\n \nThe parties agree that the gross overriding royalty interest shall be calculated using the market price for hydrocarbon at the relevant time, after deduction of a 12.5 per cent. royalty payable to the government pursuant to the applicable law.\n \nEnquiries please contact:\n\n\n\n\nXtract Energy Plc\n\n\nPeter Moir, CEO\nAlan Hume FD\n\n\n+44 (0)137 237 1089 +44 (0) 137 237 1089\n\n\n\n\nCenkos Securities Plc\n\n\nJon Fitzpatrick\nAlan Stewart\n\n\n+44 (0)207 397 8900\n+44 (0)131 220 9771\n\n\n\n\nFinancial Dynamics\n\n\nBilly Clegg\nEdward Westropp\nAlex Beagley\n\n\n+44 (0)207 831 3113\n\n\n\n\nAbout Xtract \nXtract 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.\nAs announced on 21 ...