Business
Heads of Agreement Extension
Heads of Agreement Extension.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6226L Xtract Energy plc 03 August 2011 \n \n\nXTRACT ENERGY PLC\n(\"Xtract\" or the \"Company\")\nHeads of Agreement extension\nAs previously announced, Xtract Energy plc (\"Xtract\") owns 50% of Extrem Energy AS (\"Extrem\"), a Turkish joint stock company. The remaining 50% of Extrem is owned by Merty Energy, Petroleum Exploration, Education and Services Inc. (\"Merty\") and individual members of the Yoldemir family. \nOn 4 May 2011, Xtract Energy plc announced that it had signed a Heads of Agreement between Xtract, Extrem, Merty and the Yoldemir family, granting Merty exclusivity to acquire Xtract's 50% share ownership in Extrem giving Merty and the Yoldemir family complete control of the Extrem corporate entity. Also as previously announced, on 6 July 2011, the Heads of Agreement were extended with the same parties for an additional 30 days.\nThe Company is now pleased to announce that it has signed a further extension with the same parties expiring on 30 August 2011 in order to finalise the agreements. \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 June 2011, Xtract has offered to acquire all of the issued and outstanding common stock in Elko Energy Inc that it does not already own, for new ordinary shares in Xtract. Subsequently, Xtract sought a suspension of trading in its shares until it is in a position to publish an Admission Document and, thereafter, it will re-apply for admissio...