Acquisition

RNS Number:3042U
International Energy Group Ld
16 January 2004

Friday, 16th January 2004



                       INTERNATIONAL ENERGY GROUP LIMITED

                            ACQUISITION IN PORTUGAL


IEG today announced the acquisition of twenty-two individual liquefied petroleum
gas networks at Vilamoura in Southern Portugal by its subsidiary Gascan, for a
total consideration of Euro4.75 Million.

The networks consist of 6,000 connected villas and apartments, and four golf
complexes, together with piped infrastructure laid to connect a further 6,000
apartments over the next five years.

This acquisition brings the Gascan connected customer base to a total of 54,600
with a further 20,000 contracted customers yet to be connected, and will make
Gascan one of the largest suppliers of domestic propane piped gas in the
country.

Paul Fairclough, Chief Executive of IEG said, "We are delighted with the
continually increasing contribution to group earnings from our Portuguese
business.  This acquisition demonstrates our continued commitment to our
strategy of expanding organically and by acquisition".


                                  -   ends   -


Enquiries:

Paul Fairclough, Chief Executive
Mike Richards, Finance Director
International Energy Group Limited                       Tel:  [phone]


Peter Otero, Financial Dynamics                          Tel:  [phone]




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