Board Changes and Update

New Management Appointments and Corporate Update

Gasol plc ("GASOL" or the "Company") announces new management appointments and a corporate update.

• Appointment of industry Chief Executive
• Reinforcement of the Board
• Appointment of Dr Rilwanu Lukman as Strategic Advisor
• Corporate Update

New Management Appointments

The Board of Gasol is pleased to announce the appointment of Soumo Bose as Chief Executive of the Company. The Board is also pleased to announce the appointments of Paul Biggs and Charles Osezua as Non-Executive Directors of the Company and Dr Rilwanu Lukman as a Strategic Advisor to the Board. The reinforced management team led by Soumo Bose combines a track record of unparalleled LNG experience with a strong African oil and gas focus.

Soumo Bose, aged 43, most recently held a senior management position with BG plc, as Chief Financial Officer of Egyptian LNG ("ELNG"). ELNG is a US$2 billion LNG joint venture between BG plc, Petronas, Gaz de France and Egyptian State oil and gas companies, linking Egyptian natural gas to markets in Europe, North America and Asia. ELNG represents one of the largest investments in North Africa with annual capacity of 7.2 million tonnes over two LNG trains, supplying LNG to Gaz de France and the BG Group under 20 year sales arrangements. The US$1.8 billion financing for ELNG - secured from an international consortium of banks - represents the largest project financing to date in Egypt and won several international awards for its innovative structure. As Chief Financial Officer, Mr Bose played a key role in establishing ELNG as a world class LNG business.

Prior to BG plc, Mr Bose held a variety of senior management positions with SHV Gas, the world's leading distributor of Liquefied Petroleum Gas (LPG), operating in 25 countries across Europe, Asia and South America and, with leading brands including Calorgas in the UK and Primagaz in continental Europe. During his international career with SHV Gas, where he held several board level positions, Mr Bose lived and worked in the UK, France, Netherlands, China and India. In his most recent position with SHV Gas, Mr Bose reported directly to the Global Board, in leading roles covering strategy, operations and business development across the global business portfolio. Mr Bose has been a member of the Institute of Chartered Accountants of India since 1986.

Charles Osezua, aged 54 years, is an authority on the emerging West African gas market and will play an important role in helping Gasol establish itself as a leading player in this market. A professional engineer with a distinguished career with the Nigerian National Petroleum Corporation (NNPC), Mr Osezua was at the forefront of championing gas utilization and development initiatives, both within and outside of government. He is currently Chairman of the Owel-Linkso Group in Nigeria and founded Gaslink Nigeria Limited, Nigeria's premier gas utility company and operator of the Greater Lagos gas distribution system. He was also formerly Special Assistant to the Head of State, Federal Republic of Nigeria on Petroleum Matters and a member of the Technical Advisory Committee of Nigeria LNG Limited. Mr. Osezua has received a number of honors and awards in recognition of his pioneering work, amongst which are the Officer of the Order of Niger (OON) from the Federal Government of Nigeria in October 2005, the Knighthood of St. Gregory the Great from Pope Benedict the XVI in May 2006, the NNPC Group Managing Director's Merit Award, the West African International Gold Award for excellence in Enterprise in May 2001, the Distinguished West African Corporate Achievers Gold Award in June 2002. Mr. Osezua is also a Fellow of the Nigerian Society of Engineers.

Paul Biggs, aged 40 years, is a project finance specialist with a focus on emerging markets. He has worked on a number of substantial infrastructure projects across Africa. He is currently a Senior Partner of the specialized law firm Trinity International LLP. Prior to joining Trinity, Mr Biggs was head of the Project Finance Group at Cadwalader, Wickersham & Taft LLP and before that a partner at CMS Cameron McKenna. Mr Biggs spent five years at the Commonwealth Development Corporation. Mr Biggs is a recognized expert in the energy and natural resources and project finance fields according to UK Legal Experts 2006 and is commended in both Chambers UK and Legal 500.

As Strategic Advisor to the Board, Dr Lukman will assist Gasol in further leveraging the Company's Gulf of Guinea relationships and building on the existing infrastructure business, in tandem with African LNG's developing gas monetisation strategy in West Africa. Dr. Lukman's significant previous appointments include Secretary General of OPEC (five terms), President of OPEC (nine sessions), Nigerian Minister of Petroleum Resources, Special Adviser to the Nigerian President for Oil and Gas, Nigerian Minister of Foreign Affairs, Nigerian Minister of Mines, and Founder and Chairman of the African Petroleum Producers Association. Dr Lukman is currently Non-Executive Chairman of Afren plc (AIM:AFR).

The Board of Gasol today accepted the resignations of Angus Robertson and John Vergopoulos as Non-Executive Directors of the Board, both of whom were instrumental in Gasol's early development. Upon Soumo Bose joining the Board in September 2007 as Chief Executive, Haresh Kanabar, the current Chief Executive, will continue as a Director.

Corporate Update

Since the Company's listing in March 2005, Gasol has continued to establish itself in the fastest growing segment of the international oil and gas sector - liquefied natural gas ("LNG"). LNG is emerging as the swing gas supplier in an increasingly global market, particularly given depleting indigenous European and US gas supplies and concerns over the security of European gas supplies.

On 1 September 2006, the Company announced the acquisition of a 20 per cent. shareholding in African LNG Holdings Ltd ("African LNG"), a business whose strategic intention is to become the premier independent LNG company in the Gulf of Guinea. Gasol also entered into a Share Option Agreement with African LNG pursuant to which Gasol was granted the option to acquire the remaining 80% equity on or before 22 August, 2007. The parties have since agreed to vary the terms of this Agreement, by extending the option exercise date to 24 December 2007 and increasing the African LNG valuation discount from 20% to 25%, providing greater potential value to Gasol.

African LNG is a subsidiary of African Gas Development Corporation ("Afgas"), which has an exclusive joint venture with Sonagas, the national gas company of the Republic of Equatorial Guinea, that has exclusive responsibility for the State's interest in all existing and future gas related projects in the country. African LNG is currently focussing its development strategy on three conventional single train LNG projects and a floating LNG project. To facilitate the financing of these projects, African LNG is in discussions with a number of major European utilities in respect of downstream partnerships and long term sales agreements. African LNG seeks to build an initial business of 5 million tonnes of equity LNG over the next 5 years, with a longer term plan of achieving 10 million tonnes of LNG capacity.

Last year, Gasol and African LNG entered into a strategic alliance with Afren plc (AIM: AFR), an African Exploration and Production company with assets in West Africa. Afren is focused exclusively on upstream oil and gas opportunities in Africa and is utilising its well connected board and management to offer stranded gas supplies on a first right of refusal basis to Gasol and African LNG.

It is important to note that Gasol and African LNG have acquired strategic positions in the only two countries in the Gulf of Guinea with LNG capacity, namely Nigeria and Equatorial Guinea.

Haresh Kanabar, current Chief Executive of Gasol plc, commented: "With the strengthening of the management team and Board and the addition of Dr Rilwanu Lukman to provide strategic support, the Company is now well placed to move its strategy to an important second phase of implementation.We are also very fortunate that Soumo Bose, a strong gas industry executive with relevant experience, will be joining Gasol to lead the strengthened management team. Mr Bose's track record with BG plc/Egyptian LNG and SHV Gas will be invaluable in helping Gasol secure appropriate acquisition, investment and strategic alliance opportunities."

For further information:

Gasol plc
Haresh Kanabar, Chief Executive
+44 (0)20 7297 0010

Jefferies International Ltd
Toby Hayward
Oliver Griffiths
+44 (0) 20 7618 3500

Buchanan Communications
Mark Court
James Strong
+44 (0)20 7466 5000

Director disclosures:

Soumo Bose holds or has held directorships in the five years preceding his appointment at Gasol as follows:

Paul Biggs holds or has held directorships in the five years preceding his appointment at Gasol as follows:

Charles Osezua holds or has held directorships in the five years preceding his appointment at Gasol as follows:

There are no other matters to be disclosed in relation to Schedule 2 paragraph (g) and (i) of the AIM Rules.

Background Information

About Gasol plc

Gasol plc was established in February 2005 to identify and secure acquisition and investment opportunities in the oil and gas sectors. Following its IPO on the London Stock Exchange on 16 March 2005, Gasol has since refined its strategy to focus on opportunities in liquefied natural gas in the Gulf of Guinea region of West Africa. The Company was successfully re-admitted to AIM on 1st September, 2006.

Gasol made its first acquisition, of a 20% shareholding in African LNG Holdings Ltd ("African LNG"), in September 2006. Gasol also entered into a Share Option Agreement with African LNG pursuant to which Gasol was granted the option to acquire the remaining 80% equity on or before 22nd August, 2007. The parties have since agreed to vary the terms of this Agreement, by extending the option exercise date to 24th December and increasing the African LNG valuation discount from 20% to 25%.

Gasol has also acquired a 75 per cent. stake in Afgas Infrastructure Limited, a company established to support the gas infrastructure-related activities under the Joint Venture with Sonagas, the national gas company of the Republic of Equatorial Guinea that has exclusive responsibility for the State's interest in all existing and future gas related projects in the country. Gasol has entered into Heads of Agreement with Acergy (NASDAQ NM:ACGY; Oslo Stock exchange: ACY) and AMEC (LSE:AMEC) with a view to providing all required subsea pipelines, facilities and related infrastructure for the gas related projects.

Gasol shares trade under the ticker symbol "GAS". Further information is available from the Company's website, www.gasolplc.com.

About African LNG

African LNG is a company with a formidable management team with vast experience of the oil and gas industry and uniquely of LNG in Africa. African LNG intends to become the premier independent integrated LNG company in the Gulf of Guinea with planned operations across the LNG value chain, from gas gathering and liquefaction to shipping, storage and re-gasification in the Atlantic Basin.

African LNG's management team comprises Theo Oerlemans, who has spent the majority of his 31-year career with the Royal Dutch Shell Group of Companies where he held senior positions in Shell's Sakhalin, Malaysia, Brunei and Oman LNG projects and was the CEO of Nigeria LNG, responsible for launching what has become the largest private sector LNG project in the world; Dr. Rilwanu Lukman is Chairman of the Board of African LNG.

About Afren plc

Afren (www.afren.com) was founded in December 2004 by a management team including Dr Rilwanu Lukman with the vision to become the leading pan African independent Exploration and Production company. Since the Initial Public Offering in March 2005, Afren has rapidly expanded its African portfolio across five countries; Nigeria, São Tomé and Príncipe, Gabon, Congo and Angola. The Group is expecting to produce 15 to 20,000 barrels per day by early 2008 from its current portfolio.

Afren shares trade under the ticker symbol "AFR". Further information is available from the Company's website, www.afren.com.

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