British Xtract exits from joint enterprise in Kyrgyzstan due to political instability and lack of prospects of licensed area.

London Xtract Energy company announced its exit from joint enterprise in Kyrgyzstan. In a statement the company said that it exited from the Joint Venture Zhibek Resources, which it owned together with Santos International Holdings (South Africa). Xtract owned 25% of shares in the joint venture. The Xtract explained its decision by the political instability in Kyrgyzstan. "Cooperation with Santos in Kyrgyzstan over the last three years was productive. Significant progress was achieved in the interpretation of seismic data on the licensed territory, but political instability led to the result that the program became less attractive for both sides," said Xtract Director General Peter Moir. The statement of the company noted that, taking into account the lack of prospects of development of the licensed fields, both companies decided to leave Kyrgyzstan. Reference: Zhibek Resources (branch of Cambrian Oil & Gas, London) is engaged in implementation of oil projects in Central Asia.

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