Gasol Acquisition of Energie de Côte Won't Proceed

LONDON-- Gasol PLC (GAS.LN), an energy company focusing on gas constrained countries, said Wednesday that its proposed acquisition of Energie de Côte d'Ivoire S.A. won't proceed because conditions of a sale and purchase agreement with GDF SUEZ E&P International S.A can't be satisfied.

MAIN FACTS:

-Further to the conditional Sale and Purchase Agreement it entered into with GDF SUEZ E&P International S.A. to acquire a 12% non-operating interest in Block CI-27 through the acquisition of 100% of the issued share capital of Energie de Côte d'Ivoire SA it has been informed on Feb. 18 that the seller has received exercising notices in relation to the existing CI-27 Block partners' pre-emption rights.

-The relevant condition in the SPA cannot therefore be satisfied and, accordingly, the acquisition will not proceed.

-Company's shares restored to trading on AIM at 7.30 a.m. on Feb. 19.

-Shares at 0832 GMT, up a penny, or 2.7%, at 19 pence valuing the company at GBP6.1 million.

-Write to Rory Gallivan at [e-mail]; Twitter: @RoryGallivan

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