Disposal

Impax Group PLC
23 July 2004


Impax Group plc

Sale of Oil Interests

Impax Group plc ('Impax' or the 'Group') is pleased to announce the sale of its
subsidiary company, Kern River Holdings ('KRH'), which is the owner and operator
of the Nukern oilfield in California ('Nukern'). This completes the Group's
withdrawal from oil operations.

As anticipated in the Chairman's Interim Statement published on 18 May 2004, All
American Oil and Gas, Incorporated ('AAOG') has completed the exercise of its
option to buy Nukern through the acquisition of KRH. Under the terms of the
transaction, Impax has today received US$150,000 (£82,000) and will receive an
additional US$200,000 (£109,000) by 31 August 2004. Impax has also received a
US$5.45m (£2.96m) secured production note based on payments of US$4 per barrel,
with minimum quarterly payments rising from US$60,000 (£33,000) in 2005 to
$120,000 (£65,000) in 2009 onwards. Any remaining balance on the note is
repayable in full on 31 July 2011.

The total consideration under these arrangements, discounted to present value,
corresponds broadly to the book value of the oilfield.

Keith Falconer, Chairman, commented:

'This is an important milestone for the Group and marks the end of our
involvement in oilfield operations. This will allow us to concentrate all our
efforts on the core business of providing financial advisory and asset
management services to our clients in the environmental sector.'


23 July 2004

For further information please contact:

Impax Group plc                         020 7434 1122
Nigel Taunt
Ian Simm


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