TIDMGAS
RNS Number : 9594C
Gasol plc
09 May 2012
Gasol plc
('Gasol' or the 'Company')
Further Senior Management Appointments, Strategy Update and
Award of Share Options
Gasol (AIM: GAS) the West African energy development company,
provides the following strategy update and is pleased to announce
the appointment of David Shipway as Head of Upstream Gas Projects
and Michael Kunz as Head of Power Project Development.
Strategy update
Gasol's strategy is to develop its own gas reserves in the Gulf
of Guinea and to supply this gas to power projects in West Africa.
The Company is currently working to develop its projects and the
necessary infrastructure in pursuit of this objective, in
conjunction with its partners.
Until natural gas reserves become available, Gasol is working on
plans that will secure availability of regasified LNG as an interim
fuel supply to support current power generation requirements in the
West African region.
Regasified LNG is used in Europe, the Middle East, China and
Latin America as a cost effective means of delivering gas where
pipeline gas is not available or shortages prevail. Gasol's
regasification orientated supply activities to the West African
region are intended as a shorter term measure, which will allow for
more cost effective and environmentally friendly gas-fired power
generation until such time as they can be replaced with secure
supplies of low-cost pipeline gas.
The interim supply measures will involve Gasol installing a
Floating Storage and Regasification Unit in a port in the region
and supplying regasified LNG from that vessel to pipelines for
transmission to power hubs. In cases where it is a gas supplier to
power projects, Gasol will also aim, in due course, to acquire
minority equity positions in those power supply facilities.
Senior management appointments
In line with the Company's revised strategy, Gasol has today
announced the appointment of David Shipway as Head of Upstream Gas
Projects and Michael Kunz as Head of Power Project Development,
both of whom will report to the recently appointed Chief Operating
Officer, Alan Buxton.
David Shipway worked for British Gas for 10 years, followed by
three years with Duke Energy as Head of Trading and Marketing,
before forming Galveston LNG in 2003. Galveston was backed by the
Harvard University Fund and developed businesses in LNG
re-gasification, liquefaction, trading, shipping and storage. David
was instrumental in Galveston's establishment of Kitimat LNG, a
liquefaction project, to cater to the demand for exporting gas due
to the huge quantities of LNG shale gas available in North
America.
Dr. Michael Kunz has over 20 years' experience in the power
industry, where he has focused on the structuring and financing of
independent power projects (IPPs) and other large infrastructure
projects. Prior to joining Gasol, Michael served as General Counsel
to two IPP developers, Rolls-Royce Power Ventures Ltd and
Burmeister & Wain Scandinavian Contractor A/S. Before that, he
was in private practice for 10 years with Dewey Ballantine (now
Dewey & LeBoeuf). Michael holds a Bachelor of Science degree in
finance and a Juris Doctor degree from Georgetown University.
Award of Share Options
Gasol is pleased to announce the grant today of options over
6,000,000 shares in the Company to each of David Shipway and
Michael Kunz. In addition, the Company also announces the grant of
options over 4,000,000 shares in the Company to Miles Thomas,
General Counsel of Gasol. Full details of the options granted are
set out in Annex 1.
Commenting on the appointments, Gasol's Chief Operating Officer,
Alan Buxton, said:
"I am delighted that we have secured two such highly qualified
candidates for these positions and am confident that we now have
the right senior management team in place to deliver on our gas to
power strategy in Africa."
- Ends -
Enquiries
Gasol plc
Alan Buxton, Chief Operating Officer +44 (0) 20 7290 3300
Panmure Gordon (UK) Limited
Dominic Morley (Corporate Finance)
Callum Stewart (Corporate Finance)
Adam Pollock (Corporate Broking) +44 (0) 20 7459 3600
Pelham Bell Pottinger
Olly Scott +44 (0) 20 7861 3891
Annex 1
David Shipway has today been granted the following options over
the Company's ordinary shares:
Vesting date Number of shares vesting Exercise price
8 May 2012 666,666 1 pence
------------------------- ---------------
8 May 2012 666,666 2 pence
------------------------- ---------------
8 May 2012 666,666 3 pence
------------------------- ---------------
8 May 2013 666,667 1 pence
------------------------- ---------------
8 May 2013 666,667 2 pence
------------------------- ---------------
8 May 2013 666,667 3 pence
------------------------- ---------------
8 May 2014 666,667 1 pence
------------------------- ---------------
8 May 2014 666,667 2 pence
------------------------- ---------------
8 May 2014 666,667 3 pence
------------------------- ---------------
Total 6,000,000
------------------------- ---------------
Michael Kunz has today been granted the following options over
the Company's ordinary shares:
Vesting date Number of shares vesting Exercise price
8 May 2012 666,666 1 pence
------------------------- ---------------
8 May 2012 666,666 2 pence
------------------------- ---------------
8 May 2012 666,666 3 pence
------------------------- ---------------
8 May 2013 666,667 1 pence
------------------------- ---------------
8 May 2013 666,667 2 pence
------------------------- ---------------
8 May 2013 666,667 3 pence
------------------------- ---------------
8 May 2014 666,667 1 pence
------------------------- ---------------
8 May 2014 666,667 2 pence
------------------------- ---------------
8 May 2014 666,667 3 pence
------------------------- ---------------
Total 6,000,000
------------------------- ---------------
Miles Thomas has today been granted the following options over
the Company's ordinary shares:
Vesting date Number of shares vesting Exercise price
8 May 2012 1,333,334 1 pence
------------------------- ---------------
8 May 2012 1,333,333 2 pence
------------------------- ---------------
8 May 2012 1,333,333 3 pence
------------------------- ---------------
Total 4,000,000
------------------------- ---------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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