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12 Feb 2009 07:00
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12Β February 2009
Gasol plc
("Gasol" or "the Company")
Strategic Investment in Gasol plc
Gasol plc (AIM: GAS.L)Β announces that it has successfully raised Β£1Β million through a placing of shares.
Gasol today announces the successful placing ofΒ 200,000,000Β ordinary shares withΒ Afren plcΒ ("Afren")Β at 0.5 pence raising Β£1 million.
The placing shares will, when issued, rank pari passu in all respects with the existing ordinary shares of Gasol. An application has been made to AIM for the new ordinary shares to be admitted and it is expected that trading will commence onΒ 17Β February 2009. The Company's total and issued share capital outstanding following the Placing willΒ beΒ 1,048,712,830Β shares.
The proceeds, to be used for general working capital,Β will allow GasolΒ to continue its business development activities, which will provide the gas monetization route for Afren's gas reserves, both secured and under negotiation. Gasol has made significant progress to dateΒ on a number of potential gas monetisationΒ opportunitiesΒ in the Gulf of GuineaΒ by developing solutions for gas monetisation and working with midstream and downstream partners who can provide LNG off-take and market access opportunities.Β Gasol continues to progress strategic financing discussions withΒ otherΒ potential partners.
The placing was priced at a 10 per cent. discount to Gasol's closing mid market price of 0.55 pence on 10 February 2009. TheΒ total funding will take Afren's ownership to 21.3%. Osman Shahenshah, a Non-Executive Director of Gasol, is Chief Executive of Afren. Therefore, theΒ investmentΒ is considered a related party transaction under the AIM Rules for Companies. The Directors of Gasol,Β excluding Mr Shahenshah,Β having consulted with Jefferies International Limited, the Company's Nominated Adviser, consider the terms of the transaction to be fair and reasonable insofar as its shareholders are concerned.
Soumo Bose, CEO Gasol, commented:
"The strategic investment is an important step in Gasol's development. We look forward to continued progress on several existing gas monetisation projects in West Africa, with Afren as our upstream partner."
Enquiries
Gasol plcΒ
Tel: 020 7290 3300 Soumo Bose, Chief Executive OfficerΒ
Uzo Ijewere, Investor Relations
Caroline, Investor Relations
Pelham PR
Tel: 020 7743 6670 Alex Walters
Charles Goodwin
Jefferies International LimitedΒ
Tel: 020 7029 8000 Jack Pryde
Oliver Griffiths
About Gasol
Gasol's strategy is to identify and develop commercially attractive opportunities in the gas sector, with initial focus on liquefied natural gas (LNG), sourced from Africa'sΒ GulfΒ ofΒ GuineaΒ region.Β
Through theΒ creation ofΒ a substantial value chainΒ viaΒ a series of partnerships involving gas gathering, liquefaction and the shipment and regasification of LNG into high-value markets worldwide, Gasol aims to becomeΒ the premier Africa-focused gas independent.
Gasol works in partnership with governments, energy majors, utilities and independents in Africa, theΒ USAΒ andΒ Europe.Β
Further information is available from the Company's website:Β www.gasolplc.com
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