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Source: www.gulfoilandgas.com 5/8/2012, Location: Africa
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Xtract Energy Plc ("Xtract" or "the Company") announces its final results for the year ended 31 December 2011. Worley Parsons provide a technical study on various oil shale extraction techniques.
In September 2008 Xtract formed a joint venture company, Xtract Energy (Oil Shale) Morocco S.A. ("XOSM") with Alraed Limited Investment Holding Company WLL, a company controlled by His Highness, Prince Bandar Bin Mohd. Bin Abdulrahman Al-Saud of Saudi Arabia. XOSM has signed a Memorandum Of Understanding with the Moroccan Office National des Hydrocarbures et des Mines ("ONHYM") for the purposes of evaluation and possible development of an oil shale deposit near Tarfaya, in the south west part of Morocco. Xtract currently holds 70 per cent of the joint venture.
The Worley Parsons study confirmed that whilst hydrogenation is in principle attractive because it yields significantly more oil than conventional thermal retorting in laboratory conditions, the faster route to commercialisation of oil shale deposits and which offers the best chance of an economic development would be to make use of commercially proven thermal retorting technology. The Company intends to discuss the findings of the Worley Parsons study with its partner and representatives of the ONHYM with a view to possible exploitation of Moroccan oil shale using the latest generation retorting processes.
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