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TXO PLC (TXO)

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Thursday 17 July, 2014

TXO PLC

Empire Case Update

RNS Number : 6180M
TXO PLC
17 July 2014
 

FOR IMMEDIATE RELEASE                                                                

TXO PLC
("TXO" or the "Company")

EMPIRE ENERGY UPDATE

 

TXO PLC announces that following Smart Win's motion for summary judgment in the case against Empire Energy Inc. ("Empire"), in which TXO has an indirect interest via its 25 per cent. investment in Tasmanian Oil and Gas Limited, the following statement was issued by Paul Batista, Empire's counsel:

"New York State Judge Rejects Smart Win's Effort to Block Empire from Filing Papers.

"In June, as previously reported, Smart Win filed a motion for summary judgment in its New York litigation involving Empire.   In a radical departure from normal practices in the New York Courts, Smart Win's attorneys refused to agree to an orderly briefing schedule to give Empire time to file its opposition papers.

"Paul Batista, who has served as Empire's counsel from the outset of the case, filed a motion yesterday with presiding Justice Jeffrey K. Oing for an orderly briefing schedule that would give Empire until July 31 to file its papers. Mr. Batista emphasized in his letter, among other things, the complete lack of professional courtesy from Smart Win's lawyers.  

"Smart Win's lawyers immediately responded with an invective-laced letter claiming that Empire had forfeited its right to oppose the motion.

"Significantly, Justice Oing within minutes of reviewing the letters granted Mr. Batista's application in full and rejected Smart Win's position.

"It continues to be Mr. Batista's view that the current Smart Win motion for summary judgment is a duplicate of the motion for the same relief that Smart Win requested three years ago and that Justice Oing rejected three years ago.  Smart Win's recent effort to block Empire's ability to defend itself and to prosecute its counterclaims not only, according to Mr. Batista, reflects Smart Win's underhanded tactics, but reveals Smart Win's desperation regarding its liability to Empire.  Mr. Batista remains confident that the motion for summary judgment will be denied and that the case will move promptly to trial."

 

17 July 2014

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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