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TXO PLC (TXO)

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Tuesday 16 September, 2014

TXO PLC

Investment Update

RNS Number : 7418R
TXO PLC
16 September 2014
 

FOR IMMEDIATE RELEASE                                                                

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

INVESTMENT UPDATE

 

TXO, the AIM-quoted energy resource and clean technology investment company, wishes to announce that regarding the oil remediation contract announced on 28th April 2014, Morgan Oil Marine (Bahamas) Limited has recently confirmed that as at the beginning of September, the contract had been extended and that work on-site was continuing.

In addition, the Company has been advised that Oil recovery Services Ltd. ("ORS") and Athabasca Resources Ltd. ("ARL") have agreed heads of terms on a new joint venture.  ARL is in the process of acquiring leases in the Athabasca oil sands region of Canada with a view of carrying out an appraisal programme and thereafter developing oil production using modern extraction methods. ORS has developed environmentally friendly technology that uses amongst other things enzymes and surfactants to help recover waste oil and to remediate oil spills and contamination. ORS believes the technology can be adapted and deployed for use in the recovery of oil bitumen from the Athabasca oil sands which will avoid the need for steam generation as part of the production process. The JV is to develop and exploit the technology, enabling recovery of oil and bitumen from the leases and such oil sands throughout the territory.   

Further announcements will be made in due course, as appropriate.

The Board believes that all the investments held by the Company are making good progress and it is the intention of the Company to update investors with a trading statement immediately before its year end, at the end of this month.

Tim Baldwin, Chairman and CEO of TXO, commented:

"We are pleased that MOM is still fully engaged under the terms of its existing contract and continues to work in partnership with ORS in this regard, and that ORS has now agreed a joint venture with Athabasca.  Negotiations regarding other viable projects are continuing. "

16th September 2014

For further information, please contact:

TXO PLC
Tim Baldwin, Chairman and CEO

 

+44 (0) 207 518 4300

Northland Capital Partners Limited
John Howes / Alice Lane
Sales and Broking

Edward Hutton / William Vandyk
Nominated Adviser

 

+44 (0) 207 382 1100

 

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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