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 licence 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 licence area by Extrem Energy in December 2008. Production test completed in May 2009.
• 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