Gasol plc held a presentation on their Africa-focused gas business. They highlighted that LNG is an attractive sector due to strong global demand and prices. Gasol has access to gas reserves in West Africa through partnerships. Their strategy is to aggregate small, stranded gas reserves and supplies from marginal fields for LNG projects. Upcoming deliverables include progressing projects in Nigeria and Equatorial Guinea to achieve a final investment decision for an FLNG facility by 2009 and a conventional LNG plant by 2011.

1. Gasol plc
2nd Indaba Natural Resources Day
20th – 22nd October 2008
… the Africa-focused gas independent

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Slide 2

3. Contents
1. 3 key messages
2. The business environment
3. Access to gas
4. Executing our strategy
5. Deliverables
6. Summary
Slide 3

4. 1. Introduction
3 Key Messages
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.
Slide 4

5. 2. The Business Environment
… attractive commercial outlook
Slide 5
Slide 5

6. 2. Business Environment
Gas, and particularly LNG, is an exciting sector
Combined with Supply Issues
• due to decline in indigenous supplies,
consuming countries are more dependent
on imports
Strong
Global Prices
• due to security of supply concerns,
consuming countries want to diversify their
gas supplies
e.g., in the US, the Henry
Hub natural gas spot price
• there are challenges to build new pipelines
is expected to range
between $7-10 per MMBtu
• supply sources are increasingly more
in 2008 and $10-12 per
distant from demand
MMBtu in 2009 (2)
LNG accounts for approximately 84% of the increase in total
inter-regional trade (1)
Sources: (1) International Energy Agency: World Energy Outlook 2007 ; (2] CERA ; (3) Flower LNG Associates, November 2007
Slide 6

7. 2. Business Environment
The Gulf of Guinea is an increasingly significant supply source
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 Text
(1) Source: Wood Mackenzie.
Slide 7

8. 2. Business Environment
There is an increased role for independents
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
Space for Gas Independents
New niche gas independents can now compete – offering LNG expertise – by
forming partnerships along the gas chain
Slide 8

9. 3. Access to Gas
… key to viable LNG projects
Slide 9
Slide 9

10. 3. Access to Gas
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
Slide 10

11. 3. Access to Gas
Our experienced management …
A strong Board…
Chairman
Theo Oerlemans
Soumo Bose Rachel English
Executives Chief Executive Chief Financial Officer
Pwc
logo
Osman Shahenshah Paul Biggs Charles Osezua Haresh Kanabar
Non-
Executives
Dr Rilwanu Lukman KBE, Legion d’Honneur Ethelbert Cooper
… has specialist Former OPEC President and Secretary General ; Founder of Afren plc;
Hon Advisor on Strategy & Energy Affairs to HE
advice Nigerian President ; Chairman, Afren plc
Founder, African Gas Development Corporation
... and is supported by an
effective team
Slide 11

12. 3. Access Gas
… has established strong partnerships along the gas value chain
Upstream Pipelines Liquefaction Shipping Markets
plant
Accessing small- Developing pipelines Applying Working in Selling to high-value
scale reserves to aggregate the gas appropriate collaboration with export markets and
to a single point size/technologies Teekay and others developing domestic
markets
Slide 12

13. 3. Access to gas
and is focused on currently flared gas and gas from marginal fields
• aggregating small-scale reserves for delivery to conventionally-sized facilities;
or
• using innovative technology such as floating LNG (> 1 tcf)
Source: IHS West Africa; Angola, Cameroon, Congo, Equatorial Guinea, Gabon, Ivory Coast and Nigeria.
Slide 13

14. 4. Executing our strategy
… a portfolio of business opportunities
Slide 14
Slide 14

15. 4. Executing our strategy
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
Slide 15

16. 4. Executing our strategy
Nigeria – Formation of a Gas Aggregation Company
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
Anambra Basin
South East Nigeria
Slide 16

17. 4. Executing our strategy
Typical LNG development and timeline
Cost FID Operation
1 - 3 years (1) 3 - 4 years (1)
$/mmbtu
Upstream
development 1.00 Prove up gas Gas Asset Development
Aggregation 1.00 Gas Aggregation Pipeline Construction
LNG Plant Pre-FEED &
3.00 FEED
Financing Construction
Shipping 0.80 Charter
Agreements
Regasification & 0.55
Securing Access
Pipelines to Regas
Total 6.35
Notes
1: Floating LNG anticipated to be quicker than conventional LNG. Timelines assume gas gathering system constructed simultaneously with LNG plant.
Slide 17

18. 4. Executing our strategy
Equatorial Guinea – marketing gas
Gasol is working in Joint Venture with
Sonagas to develop gas from the
Zafiro field (the gas is currently flared)
Slide 18

19. 4. Executing our strategy
Gulf of Guinea– identifying project opportunities
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.
Slide 19

20. 4. Executing our strategy
Gasol offers potential and growth
Near-term focus Long-term goals
Foundation
Operations
LNG: Operations
LNG : Implementation Phase Phase
Portfolio of Gas
Gasol 2008 Projects
FLNG FID – 2009
Conventional LNG FID – 2011
Business Development
Phase
... the premier Africa-
focused gas independent
Upstream Nigeria – Equatorial Other
Access Gas Guinea Regional
Aggregation Initiatives
Progress in our business development activities – marked by progress against clear yearly
deliverables – will be reflected in near-term share price appreciation.
Slide 20

21. 5. Deliverables
…a clear path to success
Slide 21
Slide 21

22. 5. Deliverables
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
Slide 22

23. 5. Deliverables
...and significant project progress
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 LNG
by 2015
Slide 23

24. 6. Summary
…the premier Africa-focused gas independent
Slide 24
Slide 24

25. 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
Slide 25

26. Appendices
26
Slide 26

27. Appendix
Acquisition of African LNG
1. Gasol secured control of African LNG with equity
stake increasing from 20% to 100%
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%)
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
Slide 27

28. Appendix
Corporate Structure
Gasol plc
100% 75% 75%
AfLNG AFGAS IL AFGAS Nigeria Ltd
Liquefaction, shipping, Gas gathering, pipelines, Gas infrastructure and other
regasification and marketing and other infrastructure gas activities in Nigeria
of LNG
Slide 28

29. 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
Slide 29

30. Appendix
Afren plc
• 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
Slide 30