About us

Company History

  • Established in October 2004 as then Resmex Plc
  • Shares admitted to trading on London Stock Exchange Alternative Investment Market (‘AIM’) at the end of March 2005
  • In August 2005, acquired Sermines de Mexico S.A. de C.V., which owns mineral exploration and development rights in three concessions in the California-Sonora Gold Belt in Mexico.
  • Completed the acquisition of entire issued share capital of Xtract Oil Ltd in February 2006, thereby establishing its position in oil shale development in Australia
  • Company name changed to the current Xtract Energy Plc in May 2006
  • In August 2006 Cambrian Mining Plc acquired further shares in Xtract, taking its holding to over 50%
  • In October 2006, Xtract purchased 19.5% of Wasabi Energy Ltd, 18.6% of Aviva Corporation Ltd and 28.2% of Cambrian Oil & Gas Plc from Cambrian Mining Plc, thereby establishing a diversified energy portfolio
  • In November 2006, placed approximately 110 million new shares, raising £5.5 million in cash for project development
  • By April 2007, Xtract had acquired 100% of Cambrian Oil & Gas Plc through purchase of the remaining interests from Cambrian Mining Plc followed by a scheme of arrangement. Cambrian Oil & Gas Plc (now Xtract International Ltd) held interests in MEO Australia Ltd, Elko Energy Inc and in Kyrgystan, Central Asia.
  • Andy Morrison appointed as Chief Executive in July 2007, succeeding John Newton who became Executive Chairman
  • Holdings consolidated in August 2007 through sale of Xtract’s interests in Aviva Corporation to Wasabi Energy Ltd in exchange for new shares and warrants in Wasabi
  • Disposal by Xtract of 17 million shares in MEO Australia Ltd during November 2007 raising £8.5 million for investment and working capital.
  • Completion of a US$6 million follow-on investment in Elko Energy Inc, increasing Xtract’s holding to approximately 35.2% of Elko’s total issued capital as at December 2007
  • Mark Nichols joined the board as UK-based independent non-executive director in January 2008
  • In March 2008, two new gas discoveries declared from a two-well exploration and appraisal drilling programme conducted by MEO Australia in the Australian Timor Sea
  • Together with local partner Merty Energy, created a new Turkish Joint Stock Company, Extrem Energy A.S. in September 2008 to exploit a portfolio of seven license interests in Turkey. Xtract invested US$5m to fund the initial work programme in exchange for a 20% interest.
  • In September 2008, created an oil shale joint venture in Morocco with a company controlled by His Highness, Prince Bandar Bin Mohd. Bin Abdulrahman Al-Saud of Saudi Arabia.
  • Disposed of 75% of former subsidiary Zhibek Resources Ltd to Santos Holdings of Australia in October 2008 under a farm-out subscription agreement. Terminated other activities in Kyrgyzstan.
  • In December 2008, following the announcement of restrictions on development of oil shale projects by the Queensland Government, Xtract scaled back its investment in the development of oil shale technology.
  • Oil discovery made at Sarikiz-2 well drilled on Alasehir license area by Extrem Energy in December 2008. Increased holdings in Extrem Energy A.S. to 34% in August 2009 through the take-up of an option to invest a further US$3.5m into the venture.
  • Completed exit from MEO Australia in August 2009, delivering a total return of 124% on Xtract’s original investment and providing funds to develop the business in Turkey.
  • Completed exit from Wasabi Energy Ltd in September 2009, thereby simplifying the holding structure and focusing the Xtract business on its oil and gas assets, including oil shale.
  • Increased holding in Elko Energy to approximately 50% in January 2010.
  • In June 2010, a farm in agreement between Elko and Altinex Oil Denmark A/S (Altinex) was announced whereby Altinex will become operator with 47% working interest. Elko will retain 33%. Altinex is part of the Noreco group. Elko will receive $1m cash at completion for its share of past costs.
  • Peter Moir appointed as Chief Executive in July 2010.
  • In September 2010, an agreement was announced to sell Elko’s interests in Blocks P1 and P2 to Chevron for an overriding royalty over future production and cash of EUR 4.3m for past costs.
  • Elko completed the sale of its interests in Blocks P1 and P2 to Chevron in December 2010.
  • In February 2011, License 01/11 offshore Denmark was awarded. Elko has a 33% interest in the license which is immediately to the west of the original 02/05 License.
  • In August 2011 the sale of Extrem AS was completed. In addition to US$100,000 completion payment received, Xtract will share in potential future royalties.
  • In September 2011 the acquisition of all of the issued and to be issued share capital of Elko Energy Inc not already owned by Xtract.
  • In September 2011 the issue of 240,000,000 placing shares raising £3 million before expenses.
  • Jeremy Kane appointed Non-executive director, effective 13 September 2011.