Xtract Energy plc
20 April 2007
XTRACT ENERGY PLC
('Xtract')
CAMBRIAN OIL & GAS PLC
('COIL')
Scheme of Arrangement Sanctioned
20 April 2007
On 12 April 2007 COIL announced that its shareholders had approved the proposal
for COIL shareholders (other than Xtract) to acquire shares in Xtract in
exchange for shares in COIL by way of scheme of arrangement under section 425 of
the Companies Act 1985 (the 'Scheme').
The Boards of COIL and Xtract are pleased to announce that today the High Court
sanctioned the Scheme without modification.
The Scheme is expected to become effective on 23 April 2007. Upon the Scheme
becoming effective:
• all COIL shares (other than those held by Xtract) will be transferred to
Xtract; and
• 9 new Xtract ordinary shares will be issued to COIL shareholders (other
than Xtract) for every 10 COIL shares held on the Scheme Record Date.
The Scheme Record Date was 19 April 2007.
COIL has applied for the trading of its shares on AIM to be cancelled with
effect from 24 April 2007.
Application for the enlarged share capital of Xtract to be admitted to trading
on AIM has been made. Such shares are to commence trading on 24 April 2007.
Enquiries in relation to Xtract please contact:
Xtract Energy plc John Newton, CEO +44 (0) 20 7409 0890
Smith & Williamson
Corporate Finance Ltd David Jones/ Azhic Basirov +44 (0) 20 7131 4000
Enquiries in relation to COIL please contact:
Cambrian Oil and Gas plc Neale Taylor, CEO +44 (0) 20 7409 0890
Paul McGroary, Director +44 (0) 79 3056 8160
W.H Ireland Limited Paul Dudley/James Joyce +44 (0) 20 7220 1666
This information is provided by RNS
The company news service from the London Stock Exchange