Disposal

RNS Number:8168L
Impax Group PLC
02 June 2003




Impax Group plc ("Impax") is pleased to announce the completion of the sale of
the Starks Oil Field in Louisiana to Temsik Investments Ltd.


The net proceeds of sale, after costs and including the repayment of
inter-company balances, are estimated to amount to US$1,334,000 as previously
reported in our Report and Accounts to 30 September 2002. However, the financing
arrangements for the transaction have been changed.


In addition to the $100,000 deposit received on 31 March 2003, Impax has to date
received a further $371,000, of which $286,000 represents the elimination of the
inter company balance due from Impax to CSV Holdings, Inc. which has been sold
as part of this transaction. The balance of the sales proceeds are in the form
of a loan for $840,000, secured by a first mortgage on the Starks Field and by a
pledge of shares, and an unsecured loan representing the balance of monies due
under a working capital adjustment estimated at $228,000.


Both loans are subject to interest at 2% above the Wall Street Journal Prime
Rate and are repayable as follows:


 1. a minimum monthly payment of $25,000 commencing in June 2003

 2. an additional payment of $7.50 for every barrel of oil produced in each
    discrete month above a base level of 4,500 barrels commencing with effect
    from 1 May 2003 production;


 3. an additional payment of $2.00 for every mcf of gas production in each
    discrete month above a base level of 2,500 mcf commencing with effect from 1
    June 2003 production

Also as previously reported, Impax has received a gas production note for a
total amount of US$300,000, payable at the rate of 10% of future gas sales net
of related taxes. The start date for payments under this note has been brought
forward by six months to 1 June 2003.


This important transaction means that Impax is no longer involved in operational
oil field activities. The Group retains its interest in the non-operational
Nukern oil field in California and will now accelerate efforts to dispose of
this.


For further information please contact:

Nigel Taunt, Executive Director                        020 7434 1122
Impax Group plc

John Webb                                              020 7490 3788
Marshall Securities Limited







                      This information is provided by RNS
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