Bac Presentation

Gasol plc2nd Indaba Natural Resources Day20th – 22nd October 2008

… the Africa-focused gas independent

Notice

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Contents

1. 3 key messages

2. The business environment

3. Access to gas

4. Executing our strategy

5. Deliverables

6. Summary

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Gasol has:

• access to gas• is executing its strategy• has identified key milestones

We are on track to aggregate and deliver 5 million tonnes of LNG in 6 years time.

3 Key Messages1. Introduction

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2. The Business Environment

… attractive commercial outlook

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Gas, and particularly LNG, is an exciting sector2. Business Environment

Sources: (1) International Energy Agency: World Energy Outlook 2007 ; (2] CERA ; (3) Flower LNG Associates, November 2007

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Strong Global Prices

e.g., in the US, the Henry Hub natural gas spot price is expected to range between $7-10 per MMBtu in 2008 and $10-12 per MMBtu in 2009 (2)

Combined with Supply Issues

• due to decline in indigenous supplies, consuming countries are more dependent on imports

• due to security of supply concerns, consuming countries want to diversify their gas supplies

• there are challenges to build new pipelines

• supply sources are increasingly more distant from demand

LNG accounts for approximately 84% of the increase in total inter-regional trade (1)

The Gulf of Guinea is an increasingly significant supply source

2. Business Environment

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(1) Source: Wood Mackenzie.

Text

The Gulf of Guinea:-

1. has a significant reserves base

2. is geographically ideally-positioned to meet the increase in demand

3. has proved its ability to deliver reliably substantial gas to the global market

There is an increased role for independents

Space for Gas IndependentsNew niche gas independents can now compete – offering LNG expertise – by forming partnerships along the gas chain

Traditional LNG Model• LNG value-chain dominated by the Majors• Majors offered expertise, technology and strong Balance Sheets

Recent LNG Model• The National Oil Companies have sought to realise the benefits of resource-

ownership but have been constrained by people and finance• Barriers to competition which protected the Majors have broken down• “Demand holders” (utilities, industry) are seeking to go up the chain

2. Business Environment

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3. Access to Gas

… key to viable LNG projects

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Our strategy is grounded in 3 differentiating factors

1. Strong Board and management team

2. Established partnerships

3. Focus on aggregating currently-flared gas and gas from marginal fields

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3. Access to Gas

Our experienced management …

Chairman

Dr Rilwanu Lukman KBE, Legion d’Honneur

Former OPEC President and Secretary General ; Hon Advisor on Strategy & Energy Affairs to HE Nigerian President ; Chairman, Afren plc

… has specialist advice

... and is supported by an effective team

A strong Board…

Theo Oerlemans

Non-Executives

Executives

Haresh KanabarCharles OsezuaPaul BiggsOsman Shahenshah

Rachel EnglishChief Financial Officer

Pwc logo

Soumo BoseChief Executive

Ethelbert CooperFounder of Afren plc;Founder, African Gas Development Corporation

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3. Access to Gas

… has established strong partnerships along the gas value chain

MarketsPipelinesUpstream Liquefaction plant

Shipping

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Accessing small-scale reserves

Developing pipelines to aggregate the gas to a single point

Applying appropriate size/technologies

Working in collaboration with Teekay and others

Selling to high-value export markets and developing domestic markets

3. Access Gas

and is focused on currently flared gas and gas from marginal fields3. Access to gas

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• aggregating small-scale reserves for delivery to conventionally-sized facilities; or• using innovative technology such as floating LNG (> 1 tcf)

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Source: IHS West Africa; Angola, Cameroon, Congo, Equatorial Guinea, Gabon, Ivory Coast and Nigeria.

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… a portfolio of business opportunities


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Upstream access – right of first refusal to Afren gas

Gasol has an exclusive right of first refusal to acquire natural gas from Afren plc providing access to gas in Gulf of Guinea

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Nigeria – Formation of a Gas Aggregation Company

Anambra BasinAnambra Basin

South East NigeriaSouth East Nigeria

Gasol, with its strategic partners, is working to develop, collect and monetise gas for domestic and export purposes in line with the Nigerian Government’s 2008 Gas Master Plan

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Typical LNG development and timeline

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Upstream development 1.00

Aggregation 1.00

LNG Plant3.00

Shipping 0.80

Regasification & Pipelines

0.55

Total 6.35

Cost$/mmbtu

FID1 - 3 years (1) 3 - 4 years (1)

Operation

Gas Asset Development

Gas Aggregation

Pre-FEED & FEED

Financing Construction

Prove up gas

Charter Agreements

Securing Access to Regas

Notes1: Floating LNG anticipated to be quicker than conventional LNG. Timelines assume gas gathering system constructed simultaneously with LNG plant.


Pipeline Construction

Equatorial Guinea – marketing gas

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Gasol is working in Joint Venture with Sonagas to develop gas from the Zafiro field (the gas is currently flared)


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Gasol has formed a strategic alliance with EDF, with the objective of assessing opportunities in the Gulf of Guinea, (excluding Nigeria), and identifying gas projects.

Gulf of Guinea– identifying project opportunities


Foundation Operations

LNG: Operations Phase

Portfolio of Gas Projects

... the premier Africa-focused gas independent

Gasol offers potential and growth

LNG : Implementation Phase

FLNG FID – 2009 Conventional LNG FID – 2011

Gasol 2008

Business Development Phase


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Near-term focus Long-term goals

Upstream Access

Other Regional Initiatives

Equatorial Guinea

Nigeria –Gas Aggregation

Progress in our business development activities – marked by progress against clear yearly deliverables – will be reflected in near-term share price appreciation.

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5. Deliverables

…a clear path to success

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Financial Year 2009

Commitment Delivered to date

1. Strengthen the Board • Appointment of Theo Oerlemans as Non-Executive Chairman

• Appointment of Rachel English as CFO

✓

2. Acquire African LNG ✓

3. Broaden Partnerships • EDF• Teekay Corporation

✓

4. Project advances • German/Nigerian Government Agreement signed/ JV project given flagship status

✓

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5. Deliverables

...and significant project progress

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Commitment FY 2009

1. Nigeria • Further strengthen local relationships e.g.• MoU with Federal Republic of Nigeria

• Secure Regional Aggregator status

• Secure sufficient gas supply

2. Equatorial Guinea • Secure rights to gas

We are on track to deliver 1 FLNG by 2012 and 1 conventional LNGby 2015

5. Deliverables

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6. Summary

…the premier Africa-focused gas independent

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Summary

• Gas is an exciting sector and offers niche opportunities for independents

• Gasol is focused on aggregating stranded gas and gas from marginal fields in the Gulf of Guinea region of West Africa, primarily by developing LNG projects.

• Gasol is securing access to gas and has identified a series of business development activities which will provide long-term growth.

• Gasol is an exciting “ground floor” opportunity

We aim to be the premier Africa-focused gas independent

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26

Appendices

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2. Consideration satisfied in the form of Gasol shares based on:-– relative value of Gasol and African LNG businesses– maintaining existing shareholder’s economic interest in African LNG

3. AFGAS became the majority shareholder in the Enlarged Group (63%)

Acquisition of African LNG

1. Gasol secured control of African LNG with equity stake increasing from 20% to 100%

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Specific business opportunities

• Upstream access - right of first refusal to market the gas assets of Afren plc

• Nigerian Gas Aggregation project working with E.ON Ruhrgas AG

• Rights to market gas from Equatorial Guinea

Appendix

Corporate Structure

100% 75% 75%

Liquefaction, shipping, regasification and marketing

of LNG

Gas gathering, pipelines, and other infrastructure

Gas infrastructure and other gas activities in Nigeria

AFGAS Nigeria Ltd

Gasol plc

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AFGAS IL AfLNG

Appendix

Major Shareholders

Shares held (m) % of issued shares

African Gas Development Corporation 497.4 63.00

Synergy Asset Management Limited 75.0 9.04

Gasol Employee Benefit Trust 50.6 6.10

Blue Star Capital plc 21.6 2.61

Standard Life 20.4 2.46

Afren plc 19.4 2.34

Artemis 14.0 1.69

Credit Agricole Asset Management SGR 12.5 1.51

African Dawn Equity Partners 10.0 1.21

Gaia Resources Fund 8.0 0.97

Bradshaw Asset Management 5.5 0.75

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Appendix

• An AIM-listed Africa-focused exploration and production independent

• Strong Management team led by Dr Rilwanu Lukman (Chairman) and Osman Shahenshah (CEO)

• Current portfolio of 17 assets in 7 African countries – Nigeria, Gabon, Congo Brazzaville, Cote d'Ivoire, Ghana, Angola and the Joint Development Zone of Nigeria - Sao Tome & Principe JDZ

• Production target of15,000-20,000 barrels of oil per day met in 2008

• Strategic alliance agreement in August 2006 gave Gasol right of first refusal to liquefy and market Afren’s gas assets

Afren plc

Appendix

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Documents

Bac Presentation