Further to the announcement made on October 15, 2008, Xtract has provided the following update on the Sarikiz-2 well in Turkey which is being drilled on behalf of Extrem Energy A.S.
The well was spudded on Friday, October 31, 2008. As of November 3, drilling was in progress at a depth of 118m.
The rig is operated by Gney Yildizi of Turkey. The target is in the interval of 1500-1700m in depth, which is expected to be reached within 25-30 days. The programmed target depth of the well is 1800m. Depending on the drilling results, first production could be expected in the first half of 2009.
Xtract currently holds a 20% interest in Extrem Energy and has the option of increasing its shareholding to 34% by contributing a further investment of US $3.5 million before June 2009.
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