New CEO Commences

Gasol plc ('Gasol' or 'the Company') announces arrival of new Chief Executive Officer

The Board of Gasol is pleased to announce that Soumo Bose has commenced work as Chief Executive Officer following his appointment in July this year.

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 liquefied natural gas (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.

Mr Haresh Kanabar, the outgoing Chief Executive, will continue as a Director on the Gasol Board. The Board expresses its appreciation for the efforts of Mr Kanabar during the early stages of Gasol's development.

Mr Soumo Bose, Chief Executive, said: "I am delighted to join Gasol at an exciting stage of its transition into a major Africa-focused LNG player. I look forward to working under the guidance of Gasol's strong Board and of Dr Rilwanu Lukman, and with my colleagues in the management team, to build a substantial portfolio in LNG, which is expected to continue to be one of the fastest growing segments in the energy spectrum."

For further information:

Gasol plc
Suomo Bose, Chief Executive
+44 (0)20 7290 3300

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

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

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, following the acquisition of 20% of African LNG Holdings Limited (AfLNG).

Gasol's strategic objective is to become a significant independent Gulf of Guinea focused player across the entire LNG value chain, in partnership with governments, energy and utility majors and independents. The Company's aim is to procure, liquefy and sell 5 million tonnes of LNG within five years with a longer term plan of achieving 10 million tons of LNG capacity therby capturing substantial gas monetisation value by connecting low cost African gas to high value markets in US and Europe.

Significant progress has been made, through its investee company AfLNG, in business development initiatives consisting of three conventional LNG projects and a floating LNG export project, in Central and Western Africa. Discussions have progressed with several major utility companies and energy funds on commercial arrangements and partnerships, which are expected to facilitate the funding of these projects.

Gasol acquired a 20% shareholding in AfLNG in September 2006 and has the option to acquire the remaining 80%. Gasol plans to exercise this option before the end of 2007 as it is expected to bring substantial value to Gasol shareholders.

Gasol's LNG strategy is underpinned by strong upstream Africa-focused alliances with:

• Afren plc (an AIM-listed Africa-focused exploration and production company, currently with a portfolio of 9 assets across 5 African countries and a development and production target of 15,000-20,000 barrels per day by mid-2008). Via a Strategic Alliance Agreement entered into in August 2006, Gasol has first refusal rights to liquefy and market Afren's gas assets; and
• African Gas Development Corporation which has an exclusive joint venture with SONAGAS, the national gas company of the Republic of Equatorial Guinea. SONAGAS has exclusive responsibility for Equatorial Guinea's interest in all existing and future gas related projects in the country.

Through its subsidiary Afgas Infrastructure Limited (AIL), Gasol has made progress in discussions which are expected to underpin development of its gas gathering and pipeline projects to support the initiatives of Sonagas and AIL in Central & Western Africa. Gasol has also 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 its gas related projects. Substantial value from tolling fees is expected to accrue as this business develops.

Gasol derives the benefit of a strong board with unparalleled experience and relationships in the oil and gas business in Africa - consisting of Dr Osman Shahenshah (CEO of Afren plc), Director Dr Charles Osezua (formerly a Special Assistant to the Nigerian Head of State on petroleum matters and now Chairman of the Owel-Linkso Group, a leading gas company in West Africa); Mr Paul Biggs (a project finance specialist and partner of Trinity International LLP) and Mr Haresh Kanabar. Dr Rilwanu Lukman (ex OPEC President and Secretary General and currently Chairman of Afren plc) is the Strategic Advisor to the Board.

Gasol's Management team, under the leadership of Mr Soumo Bose, is well positioned to drive the strategy forward to establish Gasol as a leading Africa focused LNG player.

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

About African LNG

AfLNG is a company with a formidable management team with vast experience of the oil and gas industry and uniquely of LNG in Africa. AfLNG'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.

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.

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 "AIM:AFR". Further information is available from the Company's website, www.afren.com.

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