The remaining oil and gas interests are a holding a in Global Oil Shale Group Limited (‘GOs’).
In December 2012, Xtract acquired the Australian Julia Creek Oil Shale in return for 6.0 million shares in GOS, with a further 1.5 million in the event of an IPO, which the Board views as a valuable balance sheet asset.
The disposal to GOS was completed in December 2012 and GOS is working to consolidate its position within the local and national government jurisdictions. GOS has advanced technical work and put in place a short-term programme designed to add significant incremental value prior to a proposed public market listing. GOS also continues to advance the other oil shale projects within its oil shale portfolio.
In July 2014, Xtract sold 5 million shares for a total consideration of £1,188,679. Xtract retains 2,371,365 shares and will be allotted a further 1.5 million shares immediately prior to a listing of GOS shares on a stock exchange or market, as per the original agreement.