Gasol plc Gasol formalises BenGaz JV (0872T)

TIDMGAS

RNS Number : 0872T

Gasol plc

10 December 2012

Gasol plc

('Gasol' or the 'Company')

(AIM: GAS)

Gasol formalises BenGaz JV

Gasol plc, the West African energy development company, today announces that it has signed a Joint Venture Agreement ("Agreement") with Societe BenGaz S.A. ("BenGaz"), following the agreement in principle between the two companies announced on 3 September, 2012.

Under the terms of the Agreement, Gasol and Bengaz will form a JV company branded Cogaz S.A ("Cogaz"), which will market gas in Benin, Togo and other countries in the West African region. All natural gas to be sold by Cogaz will be purchased from Gasol or one of its affiliates.

Furthermore Gasol and Bengaz have also signed an asset management agreement, under the terms of which Gasol will provide management assistance to BenGaz in respect of its 2% stake in the 690km offshore West African Gas Pipeline established to transport natural gas from Nigeria to consumers in Benin, Togo and Ghana.

Gasol is working to station a Floating Storage and Regasification Unit in Cotonou harbor to take on and store gas supplies for transmission through local infrastructure and the WAGP to Cogaz's customers, which will include power plants and other major industrial consumers in the region.

Cogaz has already signed a Memorandum of Understanding for gas supply with Communaute Electrique du Benin, the electricity authority for Benin and Togo.

Gasol's Chief Operating Officer, Alan Buxton, said:

"We are pleased that we have been able to make progress with our plans so quickly. The Board believes that in Bengaz Gasol has found a complementary partner who, like us, is motivated to bring gas supply to West Africa, with a view to diversifying away from more expensive liquid fuels and promoting the growth of industry in the region."

- Ends -

For further information, please contact:

 
 Gasol plc 
  Alan Buxton, Chief Operating 
  Officer                         [phone] 
  www.gasolplc.com                 3300 
 Panmure Gordon (UK) Limited 
  Dominic Morley (Corporate 
  Finance)                        [phone] 
  Callum Stewart (Corporate        2500 
  Finance) 
  Adam Pollock (Corporate 
  Broking) 
 
  Yellow Jersey PR Limited         [phone] 
  Dominic Barretto                 739 
 

Notes to Editors:

About Gasol plc

Gasol aims to provide African gas for the next generation. The Company's prime focus is the monetisation of Nigerian and other gas reserves through the supply of natural gas and LNG to power projects and other industrial users in West Africa. There are four main components Gasol's strategy: to source gas reserves; to supply gas and LNG; to develop gas infrastructure; and to encourage the growth of gas-fired generation in West Africa.

Gasol's shares have been listed on AIM's London Stock Exchange since 2005. Its ticker code is 'GAS'.

Please visit the Company's website at: www.gasolplc.com

This information is provided by RNS

The company news service from the London Stock Exchange

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