07:06 TXO PLC - Empire Update RNS

TXO plc ("TXO" or the "Company")

Empire Update

The Company notes the announcement made by Empire Energy Corporation International ("Empire") (Pink Sheets: EEGC.pk) and can confirm that Coleridge Resources Inc ("Coleridge"), in which Alpha Prospects plc (Plus Markets: APHP.pz) has a 25% shareholder, has signed a non-binding option agreement with Empire (the "Option"). The Option gives Empire the right to acquire all of the issued common stock of Coleridge within 90 days (which may be extended at Empire's discretion by a further 90 days). Whilst the consideration for 100% of the issued common stock of Coleridge is $35m, as announced by Empire, shareholders in the Company should be aware that, there is no guarantee that the Option will be exercised or that Empire has sufficient funds to satisfy the consideration. TXO has recently met with the South Korean parties that Empire has formed various relationships with. These parties are well connected in their domestic market and are interested in the energy markets because of the high level of energy imports required by the Korean economy.

In addition Empire has confirmed it is making preparations to drill its Bellevue prospect early April. TXO has recently visited the Tasmanian operations and can verify that plans are advanced in this regard subject to government approvals and available funding being satisfactory to the drilling contractors. We cannot verify at this stage that these conditions have been completely satisfied and we expect Empire to clarify these conditions precedent shortly.

Enquiries:

TXO Tim Baldwin Tel: 020 7518 4300

Roland Cornish and James Biddle 0207 628 3396