TXO PLC (the "Company")
UPDATE ON NEW JOINT VENTURE COMPANY TASMANIA OIL AND GAS LIMITED ("TOG")
TXO plc, the AIM quoted oil and gas investment company provides an update to the announcement dated 3rd December 2012 on Tasmania Oil and Gas Limited ("TOG"), in which the Company has a current equity holding of 25%.
The Board of TOG announced today that:
Status Exploration License EL14/2009
The Receiver Managers of Great South Land Minerals Limited (in Liquidation, Receivers and Managers appointed) ("GSLM") has agreed with the mutual consent of Mineral Resources Tasmania ("MRT"), the state ministry, to an adjournment of the Appeal that was listed for the 21st of January 2013 to a new date of 22nd of April 2013. This appeal is in respect of MRT's notification of their intention to revoke GSLM's Exploration Licence EL 14/2009 that is currently valid until May 2015.
This Appeal adjournment is important as it provides TOG with the opportunity to further strengthen the case for the exploitation of EL 14/2009 including a rescheduled drilling program that will be presented to MRT, ahead of the adjourned hearing.
Competent Persons Report in respect of Licence EL14/2009
A Competent Persons Report ("CPR") is being prepared for and on behalf of TOG by Senergy (GB) Limited, in consultation with Global Exploration Services Limited and GSLM. The report is in its final stages of preparation and the TOG Board is encouraged by its contents.
GSLM and a Proposed Deed of Company Arrangement ("DOCA")
TOG continues to work in conjunction with the proposed Administrators and Receivers Managers of GSLM, in order to prepare a draft DOCA. The DOCA will require the approval of a majority of GSLM's creditors prior to its sanction by the Court.
Smartwin Legal Counterclaim
The respective legal teams for both Empire and Smartwin International Limited have agreed that witness depositions in relation to the court case will take place on 28th to 31st January 2013 in New York State, USA.
TOG has an agreement with Empire to receive half of any successful award of damages or out of Court Settlement found in their favour.
The TXO Chairman, Tim Baldwin commented:
"We are pleased to report on progress at TOG. It is particularly encouraging to get the support of a range of parties, in the preparation of the DOCA and the Appeal to retain title over Exploration License EL14/2009. We will keep shareholders updated on progress."
For further information, please contact:
TXO PLC
Tim Baldwin, Chairman +44 (0) 207 518 4300
Fox Davies Capital Limited
Richard Hail +44 (0) 20 3463 5027
Simon Leathers +44 (0) 20 3463 5022
Lothbury Financial Services Limited
Michael Padley +44 (0) 20 3440 7620
This information is provided by RNS
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