Xtract Oil
| Company type | Public limited company |
|---|---|
| Industry | Metals and minerals mining |
| Predecessor | Resmex plc, Xtract Energy plc |
| Founded | October 2004 |
| Headquarters | London , United Kingdom |
Key people | Colin Bird (CEO) |
| Products | Gold, copper |
Xtract Resources plc (previously known as Resmex plc and Xtract Energy plc) is a London-based diversified producer of metals and minerals. Its shares are listed on the London Stock Exchange Alternative Investment Market under the ticker XTR. The company is led by CEO Colin Bird and concentrates mainly on the exploration and extraction of gold and copper, with principal assets located in Chile, Mozambique, and South Africa.
History
The firm was established in October 2004 under the name Resmex plc and secured a listing on the London Stock Exchange Alternative Investment Market in March 2005.
In August 2005, Resmex expanded by acquiring Sermines de Mexico S.A. de C.V., which held exploration rights for minerals across three concessions situated in the California–Sonora Gold Belt region of Mexico. The following year, it acquired Xtract Oil Limited, an Australian company developing the Julia Creek oil shale deposit, from Intermin Resources Limited. This transaction was funded through a share issuance to Cambrian Mining, which subsequently became Resmex’s principal shareholder. On 2 May 2006, the company adopted the name Xtract Energy.
Later in 2006, Xtract Energy secured substantial interests in Wasabi Energy Ltd, Aviva Corporation, and Cambrian Oil & Gas from Cambrian Mining. After merging with Cambrian Oil & Gas, it gained stakes in MEO Australia Ltd and Elko Energy, along with ownership of Zhibek Resources, which operated oil and gas projects in Kyrgyzstan. In 2007, Xtract exchanged its Aviva shares for additional Wasabi Energy stock but had completely divested its Wasabi holdings by 2009. That same year, it also disposed of its shares in MEO Australia.
In 2008, Xtract established a joint venture called Extrem Energy A.S. alongside Merty Energy to pursue oil exploration activities in Turkey. By May 2012, it exited the Kyrgyzstan market by transferring Zhibek Resources to Caspian Oil & Gas (now known as Equus Mining Limited) in return for a minority equity position.
In December 2012, Xtract sold off its oil shale assets by transferring full ownership of Xtract Oil Limited and a controlling interest in its Moroccan oil shale subsidiary to Global Oil Shale Group Limited in exchange for a strategic shareholding.
On 25 June 2013, the company rebranded itself as Xtract Resources and redirected its focus exclusively toward mining operations.
In 2014, Xtract acquired the Chepica gold and copper mine located in Chile, which included the Mejillones phosphate deposit that was later sold within the same year. The following year, it broadened its footprint into Mozambique by obtaining the Manica gold mining project.
Gold mining
Xtract is advancing the Chépica gold and copper mine project in Chile. As of November 2015, gold veins were identified at both Salvadori and Colin prospects, with mining development at Chepica reaching significant depths. Full project ownership was expected to be transferred to Xtract by December 2016. Additionally, in Mozambique’s Manica gold licence area, Xtract is collaborating with Mineral Technologies International to develop the Fair Bride open pit mine.
Copper mining
In South Africa, Xtract holds exclusive acquisition rights for the O'Kiep and Carolusberg copper sulphide dump projects. These sites lie within close proximity of Springbok, Northern Cape and contain approximately 33.8 million tonnes of surface sulphide copper tailings. The company is focusing on drilling campaigns, sampling programs, and metallurgical testing aimed at producing a feasibility study. Furthermore, under an agreement with Shirley Hayes IPK Pty Ltd, Xtract has evaluation rights over the Concordia copper dumps, which include around 182,000 tonnes of surface copper oxide material.
Traditional oil and gas
Elko Energy Inc, a fully owned subsidiary of Xtract Energy, was an oil and gas exploration firm registered in Canada, conducting activities in the North Sea. The company possessed a 33% interest in the license covering North Sea blocks 1/11 and 02/05 (Luna prospect), partnering with Noreco and the Danish North Sea Fund. Following unsuccessful attempts at petroleum discovery, the license was ultimately surrendered. Additionally, within the Dutch sector of the North Sea, Xtract held entitlement to 5% royalties from Chevron-operated block P2-10.
Operating through Zhibek Resources, Xtract engaged in hydrocarbon exploration in Kyrgyzstan, focusing on the Tash Kumyr license area and advancing development at the Beshkent–Togap oil field. By holding shares in MEO Australia Ltd, Xtract was involved in projects such as the Tassie Shoal Methanol Project and LNG and GTL developments in the Timor Sea. Through its subsidiary Extrem Energy, it advanced offshore developments in the Gulf of Çandarlı and the Sea of Marmara, alongside onshore operations at Edirne, Siraseki, and Alasehir/Sarakiz within Turkey.
Oil shale
Via Xtract Oil, the company managed development of the 709 km² Julia Creek oil shale concession located in Queensland as well as oil shale resources in New Zealand. In 2013, ownership of Xtract Oil was transferred to the Global Oil Shale Group. The Galoter process was identified as the extraction method for recovering oil from Julia Creek’s deposits. Simultaneously, Xtract Technologies—a subsidiary—pioneered a supercritical solvent extraction technology for shale oil production. This donor solvent technique processes oil shale within sealed vessels using hydrogen-based solvents at moderate temperatures without emitting carbon dioxide. Holding a 70% interest in Xtract Energy (Oil Shale) Morocco SA, a joint venture with Saudi Arabia’s Alraed, the company conducted evaluations of an oil shale resource near Tarfaya, Morocco.
Additional ventures
Xtract Energy maintained a 19.4% ownership in Wasabi Energy, which operated subsidiaries active across uranium mining, geothermal energy production, and coal industries.