Gasol plc Update on Energie de Côte d'Ivoire SA. acquisition (7819G)

TIDMGAS

RNS Number : 7819G

Gasol plc

12 May 2014

Gasol plc

('Gasol' or the 'Company')

(AIM: GAS)

Update on Energie de Côte d'Ivoire S.A. acquisition

Gasol announced on 19 February 2014 that GDF SUEZ E&P International S.A. (the "Seller") had received exercising notices in relation to the existing CI-27 Block partners' pre-emption rights.

On signing the financing facility agreement and in accordance with the terms of the sale and purchase agreement, Gasol paid the Seller a deposit of US$2,000,000. Following the exercise of pre-emption by the existing partners the Seller has returned the deposit. The sale and purchase agreement also provided for the payment of a break fee on exercise of pre-emption by the existing partners and it has now been agreed between the parties that the Seller will pay, and Gasol will accept, a break fee of US$1,800,000 in return for immediate payment.

- 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 plc is an AIM listed energy development company focusing on gas constrained nations. Power stations in West Africa currently operate predominantly on liquid fuels such as diesel, light crude and jet fuel, but many of these plants are also capable of using gas. Gasol will initially supply these customers with gas from regasified Liquefied Natural Gas ("LNG"), which can provide significant cost savings in the order of 20 to 30 per cent. This involves the delivery of LNG to leased Floating Storage and Regasification Facilities which will be positioned in Cotonou harbour, Benin and will supply the regasified LNG into the West African Gas Pipeline.

The West African Gas Pipeline is a 678km gas pipeline involving an investment of over US$1 billion, built to transport gas from Nigeria to Benin, Togo and Ghana which has been operational since March 2011, but today operates at significantly less than full capacity. Once there is sufficient regional demand for gas, Gasol aims to develop captive gas reserves in offshore Nigeria and will supply this gas through the West African Gas Pipeline. This pipeline gas will be cheaper and therefore displace the LNG derived gas, resulting in further savings for customers.

As part of a consortium called Electrogas Malta, Gasol has also been awarded a LNG-to-power project by Malta's state power utility Enemalta, as the country aims to lower its energy costs. Electrogas Malta is a consortium made up of Gasol, SOCAR Trading SA, GEM Holdings Ltd and Siemens Project Ventures, the equity financial arm of Siemens Financial Services.

Gasol's shares have been listed on London Stock Exchange's AIM since 2005 with the ticker code "GAS". Further information on the Company is available at www.gasolplc.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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