Business
Investment
Investment.
About this update from Xtract Resources Plc
[{"type":"text","content":"\n Xtract Energy plc\n24 September 2007\n\n24 September 2007 AIM: XTR\n\n XTRACT ENERGY PLC\n ('Xtract' or the 'Company')\n\n Increased holding in Elko Energy Inc\n\nXtract is pleased to announce a further investment of US$2.0 million in Elko\nEnergy Inc (Elko) through a private placement. Pursuant to the private\nplacement, Xtract's wholly owned subsidiary Cambrian Oil and Gas Plc (COIL)\nreceived 4million new common shares in Elko at a cost of US$0.50 each in cash.\nFollowing the placement and the issue of an additional 300,000 common shares to\nCOIL in consideration for a due diligence fee payable by Elko to COIL, COIL's\ntotal holding represents approximately 36.5% of the issued capital of Elko.\n\nRudy Kleiber, President and CEO of Elko commented, 'We are very pleased to have\nthe continuing support of Xtract as we prepare for operations in the Netherlands\nsector and for exploration of our Danish interests during 2008'.\n\nAndy Morrison CEO of Xtract commented, 'Elko has made great steps through 2007\nand is well poised for the next phase of its operations. Our holding in Elko\noffers investors an opportunity to participate in some of the most exciting\nexploration acreage in the North Sea. It is a gem in our portfolio that we do\nnot expect to remain hidden for much longer'.\n\nEnquiries please contact:\n\nXtract Energy plc Andy Morrison, CEO +44 (0) 20 7079 1798\n\nSmith & Williamson Corporation\nFinance Ltd David Jones +44 (0) 20 7131 4000\n Azhic Basirov\n\n\nFor further Information on Xtract please visit www.xtractenergy.co.uk\n\n\nAbout Elko Energy\n\nElko Energy Inc ('Elko') is a Canadian oil and gas exploration company formed in\n2005 to respond to the high level of investor interest in wealth creation\nthrough hydrocarbon exploration. Elko's area of expertise covers NW Europe,\nNorth Africa and the Middle East.\n\nElko has an 80 per cent interest in a 5,370 km2 exploration and production\nlicense in close proximity to the prolific Central Graben in the Danish North\nSea. The licence covers 26 Danish licence blocks with a 6 year exploration term\nand 30 years for exploitation. Elko is an approved offshore operator in Denmark\nand has set up a Danish subsidiary to hold the licence. The current partnership\nis Elko (80%) and Nordsoen - a Danish government entity (20%).\n\nIn early 2007, Elko applied for two off-s...