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RNS Number : 0390D

TXO PLC

23 January 2015

TXO PLC

("TXO" or the "Company")

Further regarding trading and financing updates

In response to shareholder questions, the directors of TXO plc ("TXO" or "Company") wish to provide further information regarding the financing and trading updates published on 21 January 2015.

It was reported that the Company had issued a further GBP75,000 2015 Convertible Loan Notes to a second Bahamian based investor introduced to TXO by Grand Bahama Group Limited ("GBG"). The Company would like to clarify that these loan notes have been issued on the same terms as the outstanding existing 2015 convertible loan notes, being:

   --     Repayable on 31 October 2015 
   --     10 per cent. interest per annum 
   --     Convertible into new ordinary shares in TXO at a price of 0.2p per share 

Following the issue of the new tranche, the Company has a total of GBP309,357 nominal value October 2015 convertible loan notes in issue.

It was also reported in the trading update that the contract announced on 28 April 2014 had now come to an end. The contract won by GBG through its subsidiary Morgan Oil Marine (Bahamas) Limited ("MOM") related to the remediation of a significant quantity of used oils from three storage ponds on Grand Bahama. TXO would like to remind shareholders that it is an investment company, holding an interest of 35.67% in GBG, and as such would not have any direct benefit from the contract but would potentially see an increase in the value of its holding in GBG and distributions in the way of dividends from GBG as a result of this and other commercial activity. GBG has made no official statement to TXO on the likely outcome of the remediation contracts relating to the works mentioned in the release and the directors of TXO do not have immediate access to the accounting information of GBG, but have requested the results as part of their own financial reporting and planning exercise. As and when this information is made available to the Company an update on the possible value and performance of GBG may be made, if considered appropriate.

23(rd) January 2015

For further information, please contact:

TXO PLC

   Tim Baldwin, Chairman                                                     +44 (0) 207 518 4300 
   Northland Capital Partners Limited                                +44 (0) 207 382 1100 

John Howes / Alice Lane

Sales and Broking

Edward Hutton / William Vandyk

Nominated Adviser

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 four main investments namely: The Grand Bahama 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; Oil Recovery Services Limited ("ORS"), which has proprietary technology for the reprocessing of contaminated oils and the remediation of dirty water; Oil Tech Royalties Inc ("OTR"), a joint venture company with a licence to commercialise a proprietary acoustic flow reactor valve; Athabasca Resources Limited ("Athabasca Resources") which has signed an agreement to acquire a 50 per cent. farm-in interest in certain Alberta Crown Leases covering 7,936 hectares in the Athabasca oil sands in Alberta, Canada. TXO also has an interest in Tasmania Oil and Gas Limited ("TOG") a joint venture company set-up to exploit a gas and oil opportunity in Tasmania, Australia, which is non-core.

TXO currently holds a 35.67 per cent. interest in GBG, a 25.1 per cent. interest in ORS, a 30 per cent. interest in OTR and an 18.8 per cent. interest in Athabasca Resources. It retains a 25 per cent. interest in TOG.

Ends

This information is provided by RNS

The company news service from the London Stock Exchange

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