News

May 27, 2009

Gasol Raises Additional Funding To Sustain West Africa Gas Vision

AIM-quoted Gasol plc has secured a dollop of extra cash through a share placing to continue moving forward its West African gas strategy.

The company is seeking to unlock gas fields in the Gulf of Guinea, principally through smaller scale liquefied natural gas (LNG) projects. This still evolving technology will, in theory, be able to harness gas from stranded fields in order to monetise it.

The UK-based company has sealed agreements with principal shareholders African Gas Development Corporation Ltd (AfGas) and Afren plc that will net it £1 million. AfGas will provide 75 per cent of the committed funds, with Afren the...