Xtract Energy Updates Ops Of Its Turkish Business

Source: www.gulfoilandgas.com 6/1/2010, Location: Europe

Further to the announcement made on 29 April 2010, Xtract Energy Plc provides the following update on current and future operations of its Turkish business Extrem Energy AS ("Extrem").

Sarikiz-2 Production
The drilling rig was mobilized back to the Sarikiz-2 well site in early May in order to conduct a work-over sequence at Sarikiz-2 to be followed by the installation of a down-hole pump to increase production potential from the well. Pump installation and commissioning activities are in progress. Further updates will be provided as appropriate.

Alasehir/Sarikiz Exploration
Following the drilling of Sarikiz-3, Extrem has begun a review of the geological model and future plans for the licence area. Additional seismic and geo-chemical data originally intended to help locate well Sarikiz-4 is available to the review. Extrem continues to have confidence in the potential of the source rocks and the existence of a working petroleum system in the area.

Licence Renewal – Siraseki
In order to manage its cash flows and to provide time for additional seismic to optimize well location for well Menekselik-1, Extrem has decided to defer the well and to re-apply for the Siraseki licence. Further updates will be provided as appropriate.


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