Xtract Energy in Talks with Merty Energy on Future Ventures

Wednesday, July 16, 2008
 

Xtract Energy has announced the completion of the first round of talks with Merty Energy, Petroleum Exploration, Education and Services Inc of Turkey regarding a proposed investment in a new exploration and production joint venture. Xtract and Merty, together, aim to create a new medium-sized oil and gas exploration and production business initially focused on Turkey, where Merty has particular expertise and experience.

In this first stage, Xtract has agreed to provide US$1.5 million of secured interim finance to enable Merty to obtain drilling equipment for the first proposed joint venture well in the Alesehir/Sarakiz prospect which is scheduled for first drilling in October 2008.

Following this agreement, Xtract and Merty intend to negotiate and enter into definitive agreements for the proposed new joint venture company. In the event that definitive agreements are not entered into by 31 August 2008, the interim finance will become repayable by Merty by 30 September 2008.


Join 80,000 oil and gas professionals who receive our weekly newsletter.

You may unsubscribe at any time with one click.

Article Tags

Turkey Asia Far East


This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More


Related News


Upcoming OilVoice Training Course

Introduction to Oil and Gas Exploration and Production
This module is designed for people interested in the exploration and production of oil and gas who do not have a subsurface technical background. It provides an introduction to geology and geophysics for non-geoscientists, with an emphasis on the latest interpretation techniques, showing oilfield ex...
London - 03 Mar


Trainer
Helen Turnell

Cost
£500

Discount Code
OilVoice-10 for 10% off any course.View Course

All OilVoice Training Courses
Popular Headlines View all
Latest Opinion View all
Join 80,000 other oil and gas professionals

Network with others, build your profile, and receive the latest oil and gas news in your inbox. It's free!

Create profile
OilVoice Training All upcoming

About

OilVoice, established in 2002, is your leading source of upstream news, jobs and industry information.


Newsletter

Each week we send our weekly industry round-up. Why not try it? You may unsubscribe at any time.

Contact OilVoice

Milton Keynes
United Kingdom
Phone: +44 207 993 5991
Contact Us


Stay Connected


2015 © OilVoice  .  Privacy Policy  .  Terms of Service  .  Oil Careers  .  Advertise with us