GAS Gasol

TIDMGAS

RNS Number : 5982F

Gasol plc

28 April 2014

28 April 2014

Gasol plc

('Gasol' or the 'Company')

(AIM:GAS)

Appointment of Finance Director

Gasol, the AIM listed gas to power company for future generations, is pleased to announce the appointment of Mr. Patrick Garo as Finance Director with effect from 1 July, 2014.

Patrick (aged 49) joins the main Board of Gasol from Lynx Energy, a trading company with downstream assets in the Democratic Republic of the Congo, where he was Chief Financial Officer. Prior to that, he was Chief Financial Officer at Rialto Energy Limited (now named Azonto Petroleum Limited) and was part of the team that listed the company on AIM in April 2012and raised $68 million. Patrick has extensive experience in the oil and gas industries, having served as Group Chief Financial Officer at Perenco, a leading independent E&P company, and also as Country Manager of Perenco's Columbian operations. Patrick spent over 10 years as part of the management team that built up Perenco's business to become one of the largest European E&P companies, with production of over 200,000 barrels of oil per day.

Patrick graduated from the Institut d'Etudes Politiques in Paris majoring in Economics and Finance and holds a Master's degree in International Relations. He initially trained with Ernst & Young as a Senior Auditor in Paris.

Commenting on his appointment, Alan Buxton, Gasol's Chief Operating Officer, said:

"Gasol is progressing into the next phase of its development and now needs a full time Finance Director. We have taken our time to find the best fit for the Company and are delighted to welcome Patrick, with his extensive skill-set, who we believe will further strengthen the management team. He ticks all the boxes in terms of his oil & gas experience, his accounting background, his experience at Perenco and Rialto Energy and his being trilingual."

Patrick Garo said:

"I am delighted to be joining Gasol at this stage of its growth and look forward to delivering on raising finance for its projects in Africa and the Mediterranean. Gasol has started to develop a real niche in the market in gas to power projects and I am excited to be joining the management team to implement the strategy further."

Patrick Garo is, or has been in the previous five years, a Director of the following companies:

 
 Current Directorships   Former Directorships / 
  / Partnerships          Partnerships (past 5 years) 
 -                       Rialto Energy (Ghana) Limited 
                          (BVI) 
                         Rialto Energy (Ghana) Limited 
                          (Ghana) 
                         Rialto Energy UK Limited 
                         Rialto Energy (Côte 
                          d'Ivoire) Limited 
 

The Company confirms that there is no other information which is required to be disclosed pursuant to Rule 17 or Schedule 2, paragraph (g) of the AIM Rules for Companies.

- Ends -

Enquiries

 
 Gasol plc 
  Alan Buxton, Chief Operating    +44 (0) 20 7290 
  Officer                          3300 
 Panmure Gordon (UK) Limited 
  Dominic Morley (Corporate 
  Finance) 
  Callum Stewart (Corporate 
  Finance) 
  Adam Pollock (Corporate         +44 (0) 20 7886 
  Broking)                         2500 
                                  +44 (0) 7768 537 
 Yellow Jersey PR Limited          739 
  Dominic Barretto                 +44 (0) 7799 003 
  Kelsey Traynor                   220 
 

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

END

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