Baker Steel Regulatory News (BSRT)

BAKER STEEL RESOURCES TRUST LIMITED

(Incorporated in Guernsey with registered number 51576 under the provisions of The Companies (Guernsey) Law, 2008 as amended)

1 September 2014

Subscription for new shares in Global Oil Shale Group plc

Baker Steel Resources Trust Limited (the "Company") announces that it has agreed to subscribe £585,000 as part of a pre-IPO fundraising of up to £15 million currently being undertaken by Global Oil Shale Group plc ("GOS").

The indicated GOS subscription price is 70 pence per share. The final subscription price will be determined by the pre-IPO round and in consultation with existing and potential new investors, co-ordinated by Strand Partners and ABG Sundal Collier (with a minimum subscription price of 40 pence per share, being the level of GOS' previous financing).

GOS is a private oil shale developer whose key assets are the Tarfaya oil shale project in Morocco and the Julia Creek oil shale project in Queensland, Australia. The Julia Creek tenements cover an area of 1041 square kilometres and contain JORC defined Indicated and Inferred Resources of 2.18 billion barrels of shale oil at grades of 40 - 90 litres per tonne and average of 61 litres per tonne at zero moisture. GOS has also signed a Memorandum of Understanding with the Moroccan authorities for development of a block containing a non-compliant resource of 376 million barrels of shale oil in Tarfaya at oil grades of 60 - 95 litres per tonne. Proceeds from the pre-IPO fundraising will be used for a feasibility study and associated works in relation to the Tarfaya oil shale project and leading up to a planned IPO in 2015 for financing first production of oil and electricity from oil shale in Morocco.

The Company acquired a 5.65% interest in GOS in early July 2014 at a price of 35 pence per GOS share through the issue of 3.3 million new Ordinary Shares in the Company.

The fundraising is expected to close during the fourth quarter of 2014, and the Company will have the option to settle its subscription commitment either in cash or through the issue of new Ordinary Shares in the Company at the most recent unaudited NAV per share.

Further details of the Company and its investments are available on the Company's website www.bakersteelresourcestrust.com 

Enquiries:

Baker Steel Resources Trust Limited +44 20 7389 8237

Francis JohnstoneTrevor Steel

Numis Securities Limited +44 20 7260 1000

David Benda (corporate)

James Glass (sales)