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 Trowers & Hamlins LLP advises Xtract Energy plc on two new joint ventures

Trowers & Hamlins LLP advises Xtract Energy plc on two new joint ventures

Trowers & Hamlins LLP, the City international law firm, has advised AIM listed client Xtract Energy plc on the establishment of two joint ventures.

Trowers & Hamlins LLP, the City international law firm, has advised AIM listed client Xtract Energy plc on the establishment of two joint ventures.

On 1 September 2008, Xtract Energy plc (Xtract) entered into a joint venture agreement with Merty Enerji Petroleum Exploration, Education Services Inc. (Merty) of Turkey regarding investment in a new exploration and production joint venture. Xtract and Merty, together aim to create a new medium sized oil and gas exploration business, initially focused on Turkey. Xtract has agreed to invest USD$5,000,000 to fund the initial work programme of the new company and the transfer of a portfolio of seven licence interests currently owned by Merty into the joint venture company.

Recently Xtract has announced its entry into a joint venture agreement with Alraed Limited Investment Holding Company WLL, a company controlled by His Highness, Prince Bandar Bin Mohd. Bin Abdulrahman Ai-Saud of Saudi Arabia. The joint venture has been established to evaluate and develop oil shale projects in Morocco.

Richard Hildebrand, Partner at Trowers & Hamlins LLP advised Xtract and was assisted by Nick Harrisingh and Charles Wilson. Richard commented: "We are delighted to have advised Xtract on their latest joint ventures which provide promising development prospects."