FOR IMMEDIATE RELEASE 17 February 2012
TXO PLC
("TXO (Berlin: UZI.BE - news) " or the "Company")
TXO PLC: EMPIRE ENERGY CURRENTLY APPLYING FOR EXPLORATION LICENSES
The Board of TXO Plc ("TXO") announces today that Empire Energy Corporation International ("Empire (Other OTC: EMLAF.PK - news) ") (Pink Sheets: EEGC.pk) is applying for exploration licenses with the intent to develop identified Tasmania Basin black coal potential. TXO has a US$1.5m convertible loan note in Empire which gives the Company a call option to acquire a 19.9% equity interest in Empire (on a fully diluted basis) or be paid back in full.
Subject to shareholder approval of the amendment to TXO's investing policy at the forthcoming AGM, TXO will be awarded by Empire, in recognition of previous support and introductions, 10 per cent carried interest in the ordinary share capital in the Special Purpose Vehicle ("SPV").
Two Exploration Licence Applications over the Mt Lloyd Area have been submitted by Empire to the Director of Mines at Mineral Resources Tasmania. Both are Category 2 Minerals (Berlin: HQL.BE - news) including Coal and Coal Bed Methane. The first covers approximately 250km2 of land in the Northern Mt Lloyd area of Southern Tasmania. The second covers approximately 250km2 of land in the Southern Mt Lloyd area of Southern Tasmania.
Tim Baldwin, Chairman of TXO commented "We are excited that TXO shareholders will be able to directly benefit from any upside from Empire's proposed drilling and further seismic surveys to prove up possible resources and reserves to a Joint Ore Reserves Committee (JORC) code reporting standard on the license areas."
For further information, please contact:
TXO PLC
Tim Baldwin, Executive Chairman +44 (0) 20 7518 4300
Beaumont Cornish Limited
Roland Cornish and James Biddle +44 (0) 20 76283396
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