Telephone: 020 7493 8820

Investment Company in the Oil and Gas Sector

TXO's investing policy is to acquire mainly significant minority interests in both listed and unlisted companies and/or assets which the Directors believe represent opportunities to create Shareholder value, within the energy resource and clean technology sectors, globally. The focus will be on fossil fuel resource situations such as oil and gas, coal, coal bed methane which are either: established resources with the ability to be increased through additional exploration and/or to be brought into production; or associated service companies in the energy sector; or in higher risk situations where TXO will provide seed capital to facilitate additional funding. The Company will be an active investor.

Such investments may result in TXO acquiring the whole or part of a company or project. TXO's investments may take the form of equity, joint venture debt, convertible instruments, licence rights or any other financial instruments as the Directors deem appropriate.

The Directors believe that their broad collective experience in the areas of technical evaluation, acquisitions, accounting, corporate and financial management, together with the opinion of consultant experts in the evaluation and exploitation of potential investments, which will assist them in the identification and evaluation of suitable opportunities, will enable the Company to achieve its objectives. Internationally-recognised competent persons and technical experts will be commissioned to prepare reports on the projects being considered by the Company where the Directors consider it necessary. The Directors may undertake the initial project assessments themselves with additional independent technical advice as required. Indeed, the Board as a whole has significant experience in the fossil fuel investment sector and Tim Baldwin, Executive Chairman, was involved in raising finance for several coal company flotations and coal related projects as well as having been on the Board of Saddleback Corporation Limited, an investor in coal mining operations in central Asia.

There is no limit on the number of projects in which the Company may invest and the Company may consider possible opportunities anywhere in the World. It is likely that a substantial portion of the Company's financial resources will be invested in a small number of propositions or in just one investment which may be deemed to be a reverse takeover under the AIM Rules. The Directors have not, however, excluded the possibility of building a broad portfolio of assets. Where this is the case, the Directors intend to mitigate risk by appropriate due diligence and transaction analysis and any transaction constituting a reverse takeover under the AIM Rules will require Shareholder approval.

The Company intends to be a long-term investor and the Directors will place no minimum or maximum limit on the length of time that any investment may be held.

The investing policy allows the Company to invest in early stage projects, providing seed capital, as well as later stage projects.

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