Xtract disposes of Julia Creek and sells Moroccan subsidiary to Global Oil Shale Group

AIM-listed Xtract Energy has concluded negotiations with Global Oil Shale (GOS) group over Xtract's oil shale tenements at Julia Creek in Queensland, Australia.

AIM-listed Xtract Energy has concluded negotiations with Global Oil Shale (GOS) group over Xtract's oil shale tenements at Julia Creek in Queensland, Australia.

Under the terms of the agreement, Xtract will assign its oil shale rights in Julia Creek to GOS in exchange for a strategic equity stake in GOS of six million shares on signing the share purchase agreement and satisfying all closing commitments and a further 1.5 million shares in GOS in the event of its planned IPO (Initial Public Offering).

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