TXO PLC - Port Authority Licence Granted for GBG

FOR IMMEDIATE RELEASE 13 February 2012

TXO PLC

("TXO (Berlin: UZI.BE - news) " or the "Company")

TXO PLC: PORT AUTHORITY LICENCE GRANTED FOR GRAND BAHAMA GROUP LIMITED ("GBG")

Update on licence application GBG

Further to the announcement on 20 October 2011, the Board of TXO Plc ("TXO" or "the Company") is pleased to announce that Morgan Oil Marine (Bahamas) Limited ("Morgan Oil Marine") a 100% subsidiary of the Grand Bahama Group Limited ("GBG") has been granted an exclusive licence by the Grand Bahama Port Authority, now formally approved by the Government of the Commonwealth of the Bahamas. The licence entitles Morgan Oil Marine to engage in the business of the collection of ships slops, tank washings and waste oil from ships for reprocessing and recycling into useable oil and the sale of same. This in addition to the import and export of Castol Oil products to international ships in transit to and from the Port of Freeport, Grand Bahama. TXO holds 143 ordinary shares (a shareholding of 14.3%) in GBG.

Morgan Oil Marine has already been appointed the exclusive BP Castrol Marine Limited distributor of lubricants, for the whole of the Commonwealth Bahamas.

This is a significant opportunity to supply the large volume of ships that visit the highly strategic Freeport, being one of the fastest expanding deep water ports in the region, including those on the eastern seaboard of the USA.

Initially, Morgan Oil Marine intends to supply BP Castrol branded marine lubricants to international ships that are either passing through or visiting the port. Subject to further funding, Morgan Oil Marine will offer collection facilities for ships slops, tank washings and other waste oils. The company then intends to build facilities for the reprocessing of such waste into heavy fuel and base oils, for pre-identified local and international markets.

Morgan Oil Marine has negotiated a lease option with The Freeport Harbour Company for over 3 acres of prime deep water frontage, ideally positioned to allow Morgan Oil Marine to develop both the BP Castrol distributorship and waste oil recycling businesses. The lease agreement is currently being prepared. Morgan Oil Marine have commissioned plans for the development of this wharf frontage.

Extension of Option (Euronext: OPTI.NX - news) with GBG

The existing shareholders of the GBG have granted an extension to the call option granted to TXO to 31^st December 2012. The Option shall be exercisable at the call of TXO, in one part or more, the first part being for Forty (40) Ordinary Shares at the Purchase Price of Two Hundred Thousand Pounds sterling (£200,000) being £100,000 cash and £100,000 Ordinary Shares in the capital of TXO plc at a nominal price of 0.75p per Ordinary Share. The remaining part being for Four Hundred and Thirty Eight (438) Ordinary Shares at the Purchase Price of Two Million Nine Hundred and Sixty Five Thousand Pounds sterling (£2,965,000) or if for part only the relevant proportion thereof on or before 31 December 2012. If the option were fully exercised, TXO will hold 621 Shares, representing a 42.2% shareholding in the GBG.

The Company announces today that it has repaid One Hundred Thousand Pounds Sterling (£100,000) of the Convertible Loan note issued on 11 November (Stuttgart: A0Z24E - news) 2011.

The Company also advises the following 8k filing made by US-based Empire Energy Corporation International ("Empire (Other OTC: EMLAF.PK - news) ") (Pink Sheets: EEGC.pk):

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8395145.

Further announcements regarding this will be made by TXO in due course.

Tim Baldwin, Chairman of TXO commented "We are excited the approval of this licence by the Port Authority, gives Morgan Oil Marine the green light to put the business plan that it has been developing in to action. We are delighted that we have negotiated an extension to the existing option to allow TXO shareholders to participate further in this business."

For further information, please contact:

TXO PLC

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

Beaumont Cornish Limited

Roland Cornish and James Biddle +44 (0) 20 7628 3396