AIM-listed Xtract Energy has entered into two joint ventures in the oil and gas sector. In September, Xtract joined forces with Merty Energy Petroleum Exploration, Education and Services of Turkey, to create a new medium-sized oil and gas exploration and production business focused on Turkey.

AIM-listed Xtract Energy has entered into two joint ventures in the oil and gas sector. In September, Xtract joined forces with Merty Energy Petroleum Exploration, Education and Services of Turkey, to create a new medium-sized oil and gas exploration and production business focused on Turkey.

Xtract will invest US$5 million (£3.06 million) to fund the initial work programme for the new company and the transfer of seven licence interests currently owned by Merty into the joint venture. Xtract’s other joint venture is with Alraed Investment Holding Company WLL, a company controlled by Prince Bandar Bin Mohd Bin Abdulrahman Ai-Saud of Saudi Arabia. The joint venture will evaluate and develop oil shale projects in Morocco.

Richard Hildebrand, partner at international law firm Trowers & Hamlins LLP, advised Xtract and was assisted by Nick Harrisingh and Charles Wilson. Hildebrand said: “We are delighted to have advised Xtract on its latest joint ventures, which provide promising development prospects.”