Proposed acquisition of 80% of African LNG

Gasol plc ('Gasol' or 'the Company')

Proposed acquisition of 80% of African LNG

• Proposed acquisition of 80% of African LNG Holdings Ltd ("African LNG").
• Approval of waiver of the obligation to make a mandatory offer under Rule 9 of the City Code on Takeovers and Mergers.
• Application for Re-Admission to AIM.
• Notice of General Meeting.
• Gasol shares resume trading.

Gasol plc (AIM:GAS) is pleased to announce the publication of its re-admission document and circular ("Admission Document") in respect of the proposed acquisition from African Gas Development Corporation Limited ("AFGAS") of 80 per cent. of African LNG ("Acquisition"), the project company of which Gasol currently owns 20 per cent., to announce the resumption of trading of its shares to the AIM Market of the London Stock Exchange, and to announce the appointment of Mr Theo Oerlemans as Non-Executive Chairman.

Transaction highlights:

• Gasol shares resume trading today.
• The proposed acquisition of 80% of African LNG is to be satisfied by the issue of 623,067,064 new fully paid Gasol shares ("Consideration Shares") which will be issued on completion of the Acquisition. The Consideration Shares will represent approximately 75 per cent. of the Company's enlarged share capital.
  It has been agreed that 497,442,866 Consideration Shares will be allotted and issued to AFGAS. The balance of the Consideration Shares will be allotted and issued to AFGAS's nominees, being the Gasol employee trust ("EBT") (50,624,198 Consideration Shares) and Synergy Asset Management Limited ("Synergy") (75,000,000 Consideration Shares).
• African LNG brings a combination of business opportunities at various stages of development, relationships and an experienced management team with significant experience in the oil and gas industry and liquefied natural gas ("LNG") in Africa.
• On successful re-admission to the AIM, Mr Theo Oerlemans, currently Chairman of African LNG, will join the Gasol board as Non-Executive Chairman, and Mr Ethelbert Cooper, co-founder of Afren plc and African LNG, will become a Strategic Advisor to the Board.
• The Acquisition will result in AFGAS acquiring control of the Company and amounts to a reverse takeover under the AIM Rules for Companies. Accordingly, the Acquisition is subject to a number of approvals from the Company's shareholders, such approvals shall be sought at an extraordinary general meeting of the Company on Tuesday 24 June 2008.

Soumo Bose, Gasol's Chief Executive Officer, said:

"The acquisition of the remaining 80 per cent of African LNG is a key milestone for Gasol and its shareholders. The acquisition will strengthen further Gasol's Board, its management team and its relationships in sub-Saharan Africa; I particularly look forward to Mr Theo Oerlemans joining the Gasol Board as Non-Executive Chairman. The acquisition also brings to Gasol a number of LNG business development opportunities in the region and will thus position Gasol to become the premier Africa-focused gas independent."

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Enquiries

Gasol plc Tel: 020 7290 3300
Soumo Bose, Chief Executive
Rachel English, Chief Financial Officer
Uzo Ijewere, Investor Relations

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Alex Walters
Charles Goodwin

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Jack Pryde
Neil Schroeder
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