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

The Grand Bahama Group Limited announces a significant contract

The Board of TXO Plc ("TXO") is pleased to announce that The Grand Bahama Group Limited, ("GBG"), in which the Company has an equity holding of 35.67%, has entered into a significant commercial contract through its wholly owned subsidiary, Morgan Oil Marine (Bahamas) Limited ("MOM").

MOM is engaged in the business of providing services in relation to the collection and disposal and/or reprocessing of used lubricating oils, heavy fuel oil washings, contaminated fuels, tank residues, sludges, emulsions and oil interceptors ("Used Oils") together with the remediation of storage tanks, pipe works and ground soil contaminated with such Used Oils.

The new contract relates to the remediation of a significant quantity of Used Oils from three storage "ponds" that are the legacy of a previous occupier of a major oil storage and transhipment terminal located in the Bahamas, now operated by one of the world's largest oil and gas companies.

An initial 43,000 barrels had been previously excavated from the pond 1 and held in a tank. These are now being processed at the terminal, located on Grand Bahama, but outside of the Freeport bonded area. It is intended that upon completion of processing the remediated oil will be collected and sold to a US based refinery at market value, with MOM being entitled to a material proportion of the proceeds of sale. Work will then commence on the oil remaining in pond 1 and in ponds 2 and 3.

MOM will work alongside TXO's two other investee companies, namely Oil Recovery Services Limited ("ORS"), who will be using their waste oil reprocessing technology and Oil Tech Royalties Inc. ("OTR") who have already delivered one of their acoustic flow reactor valves to site.

The commercial prospects for the successful execution of this contract are significant for MOM and its subcontractors. The project is expected to be completed within the next three months with the first consignment of oil being sold by the month end. It is hoped that performance of this contract will help create a track record for MOM and act as a blueprint for a number of other contracts in respect of which MOM is tendering both within the Bahamas and elsewhere in the world.

Tim Baldwin, Chairman and CEO of TXO, said: "TXO is delighted with this contract which goes a considerable way to endorsing not only our investment in GBG, but also the joined-up strategy of our investment in ORS and OTR, where the whole is greater than the sum of its parts. We see an exciting future ahead for TXO as it makes its mark as a new and innovative player whose investee companies are capable of winning substantial contracts in the emerging global oil remediation sector."

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.

As a result of the recent investments TXO is now focussed on areas which deal with either waste oils or heavy and contaminated oils. In the enhanced recovery of oil, the reprocessing of contaminated oil and the allied remediation of dirty water 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 ORS, OTR, GBG and ARL.

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 a 20 per cent. interest in Athabasca Resources. It retains a 25 per cent. interest in TOG.

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