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Trowers & Hamlins advises Xtract Energy plc on new exploration agreement

Trowers & Hamlins advises Xtract Energy plc on new exploration agreement

Trowers & Hamlins LLP, the City international law firm, has advised AIM listed client Xtract Energy plc ("Xtract") in respect of an exploration agreement entered into by Xtract's wholly-owned subsidiary, Zhibek Resources Limited ("Zhibek") and Santos International Holdings Pty Ltd ("Santos"), a subsidiary of Santos Ltd, Australia's second largest oil and gas company.

Trowers & Hamlins LLP, the City international law firm, has advised AIM listed client Xtract Energy plc ("Xtract") in respect of an exploration agreement entered into by Xtract's wholly-owned subsidiary, Zhibek Resources Limited ("Zhibek") and Santos International Holdings Pty Ltd ("Santos"), a subsidiary of Santos Ltd, Australia's second largest oil and gas company.

Completion of the agreement is subject to certain conditions which Xtract believes will be satisfied in the near future. Under the agreement, Santos is funding up to US$8.5 million of Zhibek's near-term exploration programme, which includes a 2D seismic programme over a number of licence areas in the Fergana basin area in the Kyrgyz Republic, to earn a 75% interest in Zhibek.

Xtract will retain representation on the Board of Zhibek and will contribute up to US$1.5 million to Zhibek's funding in the latter stages of the current exploration programme and may contribute to Zhibek's future exploration and commented: "We are delighted to have advised Xtract in respect of this exploration agreement development programs.

Richard Hildebrand, partner at Trowers & Hamlins LLP advised Xtract and was assisted by Nick Harrisingh and Charles Wilson. Richard which is another milestone in the development of Xtract's portfolio of assets and interests."