TXO TXO

TIDMTXO

RNS Number : 1727A

TXO PLC

18 March 2013

TXO PLC

("TXO" or the "Company")

TOG UPDATE

Pre-Collar Well to be drilled

TXO plc, the AIM-listed oil and gas investment company, is pleased to announce that Tasmania Oil & Gas Limited ("TOG") an investee company, is to carry out further work on the licence areas. This includes a limited drill programme, the cost of which is fully funded.

TOG has informed TXO that it is to commence a drill programme at the Lonnavale seep site within the Mt Lloyd structure on licence EL14/2009. It is proposed that a 12" pre-collar well is drilled in preparation for the larger three well programme, at the proven still currently active Tasmanites sourced oil seep. The site, which is only 15 kilometres (9.5 miles) South East from the two BHP Exploration (BHP) fully cored stratigraphic wells, intersects the full section of the Late Carboniferous Quamby Mudstone (identical to West Texas). This section includes the interbedded Tasmanite oil shale, which contains the Tasmanites Algal cyst (identified in West Texas within the older Texas Barnett shale that has the same marine algal species as the Tasmanites) that was drilled on the North Bank of the Styx River by BHP. Drilling contractors have been contacted and TOG is awaiting formal quotes.

Senergy (GB) Ltd which prepared the recent Competent Persons Report ("CPR") estimated Total Mean Recoverable Prospective Resource (ETMRP Resource) of the Bellevue and Thunderbolt structures within the current EL14/2009 to be 2.7 Trillion Cubic Feet (TCF) of gas or in terms of oil, 508 Million Barrels (0.5 Billion Barrels) of Oil Equivalent (MMBOE). TOG subsequently engaged Senergy to work on an Economic Evaluation of the Bellevue and Thunderbolt ETMRP Resources, based upon the CPR results, the Net Present Value and Monetary Value figures.

TXO notes the recent announcement made by Empire Corporation International ("Empire"), a shareholder in TOG, following the lodgement of an 8K filing in the United States. http://ih.advfn.com/p.php?pid=nmona&article=56740453

Tim Baldwin, Chairman TXO plc, stated:

"It is good news that progress is being made on all fronts by TOG: the CPR was positive, the Empire court case is moving forward, work is commencing on site and we can look forward to the results of the additional work that both Synergy and an independent analyst are preparing which will give an up to date valuation."

For further information, please contact:

TXO PLC +44 (0) 207 518 4300

Tim Baldwin, Chairman

   Fox-Davies Capital Limited                                                +44 (0) 20 3463 5000 

Simon Leathers / Daniel Fox-Davies / Richard Hail

   Lothbury Financial Services Limited                                +44 (0) 203 440 7620 

Michael Padley / Chris Roberts

This information is provided by RNS

The company news service from the London Stock Exchange

END

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