TIDMTXO

RNS Number : 0378E

TXO PLC

07 May 2013

FOR IMMEDIATE RELEASE 07 May 2013

TXO PLC

("TXO" or the "Company")

TOG UPDATE

CONVERTIBLE LOAN REDEMPTION

Update on Status of US legal case

The Board of TXO Plc has received notification from Tasmania Oil and Gas Ltd ("TOG") that a filing has been made in the US Courts on 1(st) May 2013 in regards to the Empire Energy Corporation International ("Empire")'s SmartWin case. This filing relates to Empire moving for the dismissal of SmartWin's complaint because of the failure of SmartWin to produce the relevant witnesses; Cheng, Kwok and Kong; for deposition in New York. This motion has been served and filed and the annexes to the filing will be available on the TXO website. The hearing is expected to be held within the next two months.

TOG is beneficially entitled to 50% of any successful counterclaim on this case. The counterclaim is for $3 billion.

Further to the announcements of 24(th) September 2012 and 3(rd) December 2012 the joint venture forming TOG has been completed. TXO currently has a 25% equity shareholding in TOG and GBP352,781 of convertible loan stock which if exercised would increase TXO's fully diluted equity holding to 31.96%.

Further announcements will be made as appropriate.

Convertible Loan Redemption

The board of TXO Plc announces that it has redeemed GBP100,000 of the April 2013 Convertible Loan Notes ("Loan Notes"). In addition, Loan Notes totalling GBP50,000 that were due for redemption in April 2013 are being exchanged for New Convertible Loan Notes as detailed in the 29(th) October 2012 announcement, repayable in December 2013. There are no further April 2013 convertible loan notes outstanding.

Certain creditors of TXO have expressed an interest in receiving shares instead of cash for the repayment of amounts outstanding. As a result the company has agreed to issue GBP21,695 of Convertible Loan Stock to those parties. These issues bring the total outstanding December 2013 New Convertible Loan Stock to GBP1.286million.

For further information, please contact:

TXO PLC

   Tim Baldwin, Chairman                                 +44 (0) 207 518 4300 
   Fox-Davies Capital Limited                         +44 (0) 20 3463 5000

Susan Walker / Daniel Fox-Davies / Richard Hail

Lothbury Financial Services Limited

   Michael Padley / Chris Roberts                 +44 (0) 203 440 7620

Editors' Note

TXO plc, the AIM quoted oil and gas investment company, has two main investments namely: Tasmania Oil and Gas Ltd ("TOG") which is a joint venture company set-up to exploit a gas and oil opportunity in Tasmania, Australia, and The Grand Bahamas Group Limited ("GBG") which is establishing a waste oil collection facility and Hydrocarbon Recovery Plant in the Bahamas at Freeport and also produces oil from its leases in Western Kentucky, USA.

TXO currently holds a 30.17% equity interest in GBG and a 25% equity interest in Tasmania Oil and Gas Limited ("TOG"), which could increase to 31.96% if a convertible loan is exercised.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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