LONDON (ShareCast) - AIM-listed Xtract Energy has appointed Jan Nelson as Chief Executive Officer of the company with immediate effect.

The company said that Nelson would bring over 15 years' experience in the mining industry; more recently as Chief Executive Officer Pan African Resources, where he was responsible for transforming the company from an exploration vehicle with little cash resources to a 200,000 ounce (oz) per annum low cost, high grade precious metals dividend paying mining company.

Following Nelson's appointment, the board said it intended to develop a new strategy for the company, focused on precious and base metals, which would be presented to shareholders in the coming months.

Peter Moir's position with the company would change from Chief Executive Officer to Executive Director with immediate effect and Raju Samtani resigned as a Director with immediate effect to focus on his other business interests, the group added.

Colin Bird, Chairman of Xtract Energy, said: "I am delighted to welcome Jan as Chief Executive Officer of the Company with confidence that he will play a pivotal role in completing the reorganisation of Xtract and identify new assets to restore and enhance shareholder value, as he has before. Jan made a very positive contribution to the development of Pan African Resources and I am confident that his appointment will prove successful."

Nelson said: "Having been a key conduit in building a successful precious metals business, I am looking forward to joining Xtract and intend to focus on precious and base metals opportunities. I am pleased to be once again working with Colin, and I believe our combined skills and experience will enable us to deliver quality assets and build shareholder value."

Xtract Energy’s share price was up 38.46% to 0.18p at 12:13 on Tuesday.

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