Activities Overview

The principal assets of Xtract are its holdings in Elko Energy Inc, Zhibek Resources Ltd and Oil Shale deposits in Queensland, Australia.

Elko Energy Inc. ('Elko')

Elko is a Canadian registered oil & gas exploration company which has interests in exploration and production in the Danish and Dutch North Sea. Its major asset in the Danish North Sea is a 33% working interest in exploration and production license 02/05 and the adjoining exploration and production license 01/11, close to the prolific Central Graben oil kitchen. Technical work indicates the potential for significant resources on these combined licenses. Elko also holds a royalty interest in gas-bearing license blocks P1 and P2 in the Dutch North Sea. Elko is a 100% wholly owned subsidiary of Xtract Energy Plc.

Zhibek Resources Ltd ('Zhibek Resources')

Zhibek Resources is an oil and gas exploration and production company which has a 72% interest in the Tash Kumyr exploration licenses in the Kyrgyz Republic. Xtract has entered a farm-out agreement to fund a seismic and drilling program for 2008 - 2011. Xtract owns 25.0% of the issued share capital of Zhibek Resources.

Xtract Oil Ltd ('XOL')

Xtract's wholly owned subsidiary, XOL, is focused on the development of the Company's oil shale resources in Australia and the technology for oil extraction from oil shale resources. Xtract has oil shale exploration rights over mining tenements in the Julia Creek area of Queensland. In addition to evaluating third party technologies, XOL has been developing proprietary technology for the commercial extraction of liquid hydrocarbon products from oil shale.

Xtract Energy (Oil Shale) Morocco SA ('XOSM')

XOSM is a joint venture with Alraed Limited Investment Holding Company WLL, a company controlled by His Highness, Prince Bandar Bin Mohd. Bin Abdulrahman Al-Saud of Saudi Arabia. XOSM has signed a Memorandum of Understanding with the Office National des Hydrocarbures et des Mines for the purposes of evaluation and possible development of an oil shale deposit near Tarfaya, in the south west part of Morocco. Xtract currently holds 70% of the joint venture.

All assets are held directly or through wholly owned subsidiaries of the Company.

The Directors evaluate new investment opportunities from time to time and may engage the Company in additional projects in the energy resources sector where qualified projects are identified.

A detailed review of the assets is contained in the Activities section.