TXO : Athabasca Resources Ltd. Update

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

Athabasca Resources Ltd. Update

TXO, the AIM-quoted energy resource and clean technology investment company, announces that its investee company, Athabasca Resources Limited ("ARL"), has appointed advisers for its proposed AIM Admission, which is planned for the end of September 2014.

In addition, ARL has now raised a total of £305,000 (including the initial funds received from TXO last year). They believe they now have sufficient pre-IPO funds to cover the farm in deposit and initial costs of the AIM Admission. Following the latest Private Placement, TXO's shareholding has been reduced through dilution to 18.8% of the issued equity, from 20%. The implied valuation of ARL post-funding at the placing price is £1.925m.

ARL has entered into agreements to acquire a 50% farm-in interest ("the Farm In") with Nordic Petroleum AS ("Nordic") in four Alberta Crown Leases covering 7,936 hectares in the Athabasca oil sands in Alberta, Canada ("the Chard Leases").

The Chard Leases comprise 31 contiguous sections and it is estimated they contain 240 million barrels of oil in situ, based on a Competent Person's Report carried out by De Golyer & McNaughten in 2012.

Following completion of the IPO and the Farm In, ARL and Nordic are planning to carry out an Appraisal Programme in late 2014 over the Chard Leases.

Infrastructure is excellent with a public highway and railroad crossing the concession, which is surrounded by existing 3rd party oil producing facilities. A number of major oil companies are active in the area, including Statoil, EnCana, ConocoPhillips, Nexen/ PetroCanada, PetroBank, Devon, Meg Energy and Cenovus Energy.

Further information will be given as appropriate.

Tim Baldwin, Chairman and CEO of TXO, commented:

"This is excellent news for TXO shareholders. The recent Placement was done at a significant premium to our earlier investment, and we would expect a further increase in valuation on Admission.

"We have proven in the Bahamas that the filtration technology owned by our other investee company works and believe that it is suitable for the processing of tar sands, which will help improve the profitability of the Chard Leases. Discussions on mutual cooperation are in progress in this respect."

For further information, please contact:

TXO PLC
Tim Baldwin, Chairman                              [phone]

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

Edward Hutton / William Vandyk
Nominated Adviser

Lothbury Financial Services Limited       [phone]
Michael Padley / Chris Roberts

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 ("ARL") which has 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 an 18.8 per cent. interest in Athabasca Resources. It retains a 25 per cent. interest in TOG.