TXO : Convertible Loan Note Amendment

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

Convertible Loan Note Amendment
Total Voting Rights

TXO PLC, the AIM-quoted energy resource and clean technology investment company, announces that, on 31st March 2014, certain Directors of TXO agreed that the terms of the existing Convertible Loan Note ("CLNs") held by them amounting in total to £97,550 be amended ("the amended CLNs").

Taken in conjunction with the identical amendments agreed to by holders of the CLNs as detailed in the Report and Accounts for the year ended 30 September 2013,  holders of CLNs amounting to an aggregate of £221,190 have now agreed to extend the term from October 2014 to October 2015; to amend the conversion price from 0.23 pence per ordinary share to 0.1 pence per ordinary share or, if higher, a 20% premium to the VWAP for the 5 days business days following the publication of the Report and Accounts for the year ended 30 September 2013; and to amend the Interest Payment Date to 31 March, 30 June, 31 October and 31 December in each year.

Directors' interests in the amended CLNs

Holders of £567,653 of CLNs have not yet agreed to amend their terms.

Total Voting Rights

As at the date of this announcement, the Company has 2,615,874,796 ordinary shares of 0.1p each in issue, with each share carrying the right to one vote. There are no shares held in treasury. The total number of voting rights in the Company is therefore 2,615,874,796.

This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information, please contact:

TXO PLC
Tim Baldwin, Chairman                                     +44 (0) 207 518 4300

Northland Capital Partners Limited
Edward Hutton / Luke Cairns                            +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; Phase 1 of which is operational; and also produces oil from its leases in Western Kentucky, USA; 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; Oil Recovery Services Limited ("ORS"), which has proprietary technology for the reprocessing of contaminated oils and the remediation of dirty water, where TXO has recently acquired a 25.1 per cent. holding and Oil Tech Royalties Inc ("OTR"), a joint venture company set-up to commercialise a new oil technology that is capable of changing the aggregate state of matter using a proprietary acoustic flow reactor valve. .

As a result of the recent investments TXO's principal focus will be in the enhanced recovery of oil, the reprocessing of contaminated oil and the allied remediation of dirty water and it will be seeking to deploy such proprietary technology and services to those assets owned by companies in which TXO holds investments.  There is a clear synergy between the technologies and businesses of OTR, ORS, GBG and ARL.

TXO currently holds a 35.67 per cent. equity interest in GBG, a 20 per cent. equity interest in Athabasca Resources and a 30% equity interest in OTR. The 25.1 per cent. interest in ORS can be increased to 49.9 per cent.

TXO also retains a 25% shareholding in Tasmania Oil and Gas Ltd ("TOG") which is a joint venture company set-up to exploit a gas and oil opportunity in Tasmania, Australia but is now non-core.