TXO PLC has acquired a 30% shareholding in a newly-formed joint venture company (JV) called Oil Tech Royalties Inc (OTR) for cash consideration of US$74,250. OTR has secured a licence to the intellectual property rights (IPR) of an oil technology held by one of the JV shareholders to commercially promote the oil technology in specific regions around the world.

The IPR incorporates a proprietary acoustic flow reactor valve ("RAP"). According to a third party technology report commissioned as part of the due diligence, the RAP is capable of changing the aggregate state of matter such as heavy crude oil and diesel by changing the dissolution, diffusion and crystallisation speeds in treatment so as to disperse and emulsify the oil.

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