Gasol plc Loan Repayment (1637A)

TIDMGAS

RNS Number : 1637A

Gasol plc

15 March 2013

Gasol plc

("Gasol" or the "Company")

(AIM: GAS)

Gasol Repays Convertible Loan Facility

Gasol (AIM: GAS), the West African energy development company, is pleased to announce that it has repaid the GBP2.5 million Convertible Loan Facility entered into on 24 August 2012 (the "Loan") in its entirety. The Loan, which has been fully drawn down, was entered into with African Gas Development Corporation Limited ("AfGas") and could have been repaid, in accordance with the Loan agreement, in November 2012, February 2013 and May 2013.

The Loan has been repaid using part of the proceeds of the successful issuance of a $20 million bond, announced on 7 March 2013.

As AfGas is Gasol's largest shareholder, the early repayment of the Loan is considered a related party transaction under the AIM Rules for Companies. The Directors of Gasol having consulted with Panmure Gordon (UK) Limited, the Company's Nominated Adviser, consider the terms of this transaction to be fair and reasonable insofar as its shareholders are concerned.

Alan Buxton, Chief Operating Officer at Gasol, commented: "We have been very grateful for the financial support provided by Afgas prior to our raising external funding and are confident that, as our largest shareholder, Afgas will continue to be supportive going forward."

- Ends -

For further information, please contact:

 
 Gasol plc 
  Alan Buxton, Chief Operating    +44 (0) 20 7290 
  Officer                          3300 
 Panmure Gordon (UK) Limited 
  Dominic Morley (Corporate 
  Finance) 
  Callum Stewart (Corporate       +44 (0) 20 7886 
  Finance)                         2500 
  Adam Pollock (Corporate 
  Broking) 
 
  Yellow Jersey PR Limited 
  Dominic Barretto                 +44 (0) 20 3664 
  Anna Legge                       4087

Notes to Editors:

About Gasol plc

Gasol plc's strategy is to provide African gas for the next generation. 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.

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

END

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