Gulf starts at Sheikh Adi-2 25/05/2012
Iraq-focused oil explorer Gulf Keystone Petroleum (GKP) has begun drilling at the Sheikh Adi-2 well in the Sheikh Adi block.
Acquisitve Xtract raises £3m
Resources investor Xtract Energy (XTR) has secured £3 million at a discounted 1.25p and is taking full ownership of Canada's Elko Energy. Floated on AIM in 2006 to invest in mineral and oil companies, Xtract had its shares suspended in June and has now returned to trading as it transforms itself into an oil and gas explorer.
Xtract is issuing shares to take its stake in Elko, which has assets offshore Denmark and Holland and elsewhere, from almost 50 per cent to 100 per cent in what amounts to a reverse takeover under AIM rules. Key shareholder Cambrian Investment Holdings has undertaken to back Xtract's proposals with its 37.2 per cent holding.
In addition, the company says it has also reached a conditional agreement with US investment concern YA Global Master SPV, run by Jersey City-based Yorkville Advisers, for a potential future funding of £12.5 million through an 'equity line facility'. Xtract's chief executive officer Peter Moir, who joined the board last year from his position as boss of Elko, claims the new Elko deal completes the 'turnaround' of stockmarket dog Xtract.
Since last year, the company says it has disposed of its interest in Turkish oil concern Extrem in return for £66,000 and a royalty interest, reached agreement with US oil group Chevron to realise 'immediate value' for Elko's Dutch assets while retaining a royalty interest and obtained Norwegian energy company Noreco as farm-in partner and operator of Elko's Danish acreage.
As yet, the market is sceptical, having this morning marked down Xtract's newly-requoted shares by 0.98p to 1.68p, down from a year's high of 2.68p and valuing the company at £15.3 million. The appeal is speculative.
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