Gasol Gains UK4 Million For LNG Gulf Of Guinea Project

Gasol announces the successful placing of 50,000,000 ordinary shares with new and existing institutional investors at 8 pence raising UK4 million, before fees and expenses.

The placing represents in aggregate approximately 30 per cent. of the issued share capital. The placing shares will, when issued, rank pari passu in all respects with the existing ordinary shares of Gasol. An application has been made to AIM for the new ordinary shares to be admitted and it is expected that trading will commence on April 11, 2008. The Company's total and issued share capital outstanding following the Placing will be 205,766,666 shares.

The proceeds, to be used for general working capital, will contribute to the on-going assessment of a number of LNG related opportunities in the Gulf of Guinea.

Afren Plc, of which Osman Shahenshah is Chief Executive Officer, will subscribe for 9,379,100 Ordinary Shares in the Placing. This investment is therefore considered a related party transaction under the AIM Rules for Companies. The Directors of Gasol, excluding Mr Shahenshah, having consulted with Jefferies International Limited, the Company's Nominated Advisor, consider the terms of the transaction to be fair and reasonable insofar as its Shareholders are concerned.

Soumo Bose CEO Gasol commented, "The response from existing and new investors to the share offering has been positive and we remain on track to achieving our objective to become a leading independent LNG player in the Gulf of Guinea."