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TIDMTXO

RNS Number : 6966D

TXO PLC

02 February 2015

TXO PLC

("TXO" or the "Company")

Update re potential GBG subsidiary contract

TXO, the AIM-quoted energy resource and clean technology investment company, notes the recent press article in the Bahamas with respect to funds of up to $10 million being allocated by the Bahamian Government to clean up an oil spill at a location known as Clifton Pier. The article refers to the Grand Bahama Group ("GBG") subsidiary, Morgan Oil Marine ("MOM") as Morgan Oil.

The article can be read in full at:

http://www.tribune242.com/news/2015/jan/30/government-gives-10m-clearing-oil-spills-clifton/

MOM has confirmed that it is working with the Bahamian Government on a programme to remediate an oil spill at Clifton Pier. It has made no further comment regarding the potential contract of works at this stage. The opportunity was referred to in the Company's Trading Update dated 21 January 2015 and further announcements will be made as appropriate.

TXO regards this development as very encouraging for GBG and it complements the relationships GBG has already established in the Bahamas with other companies. These include an international oil group, a worldwide shipping company and a major commodity trading house.

2(nd) February 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

END

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