Gasol announced that Charles Osezua will head the steering committee of the Zafiro gas monetization project in Equatorial Guinea being developed by SONAF G.E. SA, a joint venture between Gasol and Sociedad Nacional de Gas, G.E. ("SONAGAS G.E."), the national gas company of Equatorial Guinea. In his new role, Charles will provide strategic direction to this project and oversee its execution. Following this appointment, he has stepped down from the Gasol Board of Directors.
During the past year, Charles has been instrumental in achieving progress in the Zafiro gas project, leading to Gasol's direct joint venture with SONAGAS G.E. and commitment of gas in the Zafiro Development Area, Block B to SONAF for developing gas monetization project along with associated infrastructure.
Charles brings substantial experience and expertise in the emerging West African gas markets. A professional engineer with a distinguished career with the Nigerian National Petroleum Corporation (NNPC), he 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.
Charles has been awarded a bonus of $ 50,000 and 2,315,083 shares for his contribution to the Zafiro project over the past year. Application has been made for the New Ordinary Shares to be admitted to trading on AIM which is expected to take effect on July 1, 2009. Following admission to trading of the New Ordinary Shares, the Company's issued share capital will comprise 1,047,945,711 ordinary shares, which figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in Gasol under the FSA's Disclosure and Transparency Rules. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.
Charles Osezua commented, "I am delighted that Gasol has made significant progress in its various project opportunities in West Africa and more specifically in Equatorial Guinea. Gasol is well on its way to achieving its vision to become Africa's premier independent gas company. I am very pleased to be part of the team to develop the Zafiro gas monetization project. I look forward to bringing my expertise and experience in the West African gas business to the team."
Soumo Bose, Chief Executive of Gasol, commented, "It has been an honor to work so closely with Charles Osezua over the past few years. Charles helped set the foundations of the Company to realize its vision. We are pleased that Charles’s extensive experience will now be available directly to the Zafiro project to ensure its continued progress."
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