The Africa-focused  
gas independent
Gasol plc Annual Report and Accounts 2008
Gasol plc Annual Report and Accounts 2008
Gasol plc
40 New Bond Street 
London 
W1S 2RX
United Kingdom
tel: +44 (0)20 7290 3300
fax:  +44 (0)20 7290 3330
email: info@gasolplc.com
www.gasolplc.com Gasol plc is an AIM-listed company founded 
to identify and secure commercially attractive 
opportunities in the newly-emerging African 
gas sector. Through a carefully considered 
programme of acquisitions, investments and 
strategic alliances, Gasol aims to become 
the industry’s premier Africa-focused gas 
independent, delivering value by connecting 
African gas to markets worldwide.
Business Review
01 Highlights 2007/08
02 At a Glance
04 Our Strategy
06 Chairman’s Statement
08 Chief Executive Officer’s Statement
12 Financial Review
14 Board of Directors
16 Strategic Advisors
Corporate Governance
17 Directors’ Report
20 Corporate Governance Statement
22 Report of the Remuneration Committee
24 Statement of Directors’ Responsibilities
25 Independent Auditors’ Report
Financial Statements
26 Consolidated Income Statement
27 Consolidated Statement of Changes in Equity
28 Company Statement of Changes in Equity
29 Consolidated Balance Sheet
30 Company Balance Sheet
31 Consolidated Cash Flow Statement
32 Company Cash Flow Statement
33 Notes to the Consolidated Financial Statements
53 Notes to the Company Financial Statements
Shareholder Information
IBC Officers and Professional Partners
Officers and Professional Partners
as at 25 June 2008
Country of incorporation and domicile United Kingdom
        
Legal form Public Limited Company
        
Directors Theo Oerlemans Chairman
 Soumo Bose Chief Executive Officer
 Rachel English Chief Financial Officer
 Osman Shahenshah Non-Executive Director
 Charles Osezua Non-Executive Director
 Paul Biggs Non-Executive Director
 Haresh Kanabar Non-Executive Director
        
Company Secretary Miles Thomas
& Registered Office 40 New Bond Street
 London W1S 2RX
        
Company Number 05350159
        
Nominated Advisor and Broker Jefferies International Ltd
 Vintners Place
 68 Upper Thames Street
 London EC4V 3BJ
        
Accountants Whale Rock Limited
 2nd Floor
 50 Gresham Street
 London EC2V 7AY
        
Auditors BDO Stoy Hayward LLP
 Commercial Buildings
 11-15 Cross Street
 Manchester M2 1WE
        
Solicitors K&L Gates LLP
 110 Cannon Street
 London EC4N 6AR
        
Registrars Neville Registrars Limited
 Neville House 
 18 Laurel Lane 
 Halesowen
 West Midlands B63 3DA
Public Relations Pelham PR 
 1 Cornhill 
 London EC3V 3ND Business review Corporate governan Ce Finan Cial statements s hareholder in Formation
01 Annual Report and Accounts 2008 g asol plc
h ighlights 2007/08
Option to acquire the remaining 80% of 
African LNG Holdings successfully exercised 
since year-end.
Co-operation agreement signed between 
African LNG, E.ON Ruhrgas AG and  
Afren plc to assess the feasibility of developing, 
aggregating and monetising Nigerian gas 
reserves for domestic and export purposes. 
Significant strengthening of the Board with the 
appointments of the Chief Executive Officer 
and two Non-Executive Directors during the 
year under review, of Dr Lukman as Strategic 
Advisor to the Board and, since the year-end,  
of a Non-Executive Chairman, a Chief Financial 
Officer and Mr Ethelbert Cooper as Strategic 
Advisor to the Board.
Acquisition of 75% of Afgas Infrastructure 
Limited, a project company established to 
support the gas infrastructure-related activities 
in the Gulf of Guinea region, and of 75% of 
Afgas Nigeria Limited.
>
>
>
> Nigeria
Côte
d’Ivoire
Cameroon
Gulf of
Guinea
Gabon
Congo
Angola
Equatorial
Guinea
02 g asol plc Annual Report and Accounts 20082008
At a Glance
g asol’s goal is to identify and secure commercially attractive 
opportunities arising in a frica following the end to the traditional 
domination of the gas chain by the oil and gas majors. Through its 
strategy of aggregating small-scale reserves, creating alliances in the 
gas chain, focusing on lng , using technology innovatively and 
building an experienced and well-connected team, g asol is ideally 
placed to become the premier a frica-focused gas independent.
200
tcf
estimated proved and probable gas 
reserves in the Gulf of Guinea
over
180
tcf
estimated proved and probable gas 
reserves in Nigeria
Nigeria 180.0
Angola 12.2
Equatorial Guinea 8.0
Cameroon 3.4
Gabon 2.2
Côte d’Ivoire 1.5
Congo  1.2
Untapped gas reserves (tcf) 03 Annual Report and Accounts 2008 g asol plc
Business review Corporate governan Ce Finan Cial statements s hareholder in Formation
w hy independent?
w hy gas?
w hy lng ?
w hy a frica?
w hy g asol?
Gasol is a gas independent, with the specialist skills and knowledge 
to exploit the changing marketplace. Through its focus on gas 
aggregation in Africa; its strategic alliances and alignment with host 
governments; its innovative use of technology; and its experienced 
board and management team, with their African expertise and 
relationships, it is well-placed to develop a substantial gas business.
Gasol believes the global gas market will continue to provide  
value-enhancing opportunities for the foreseeable future. Prices  
are currently at record levels in many markets and global gas demand 
is forecast by the International Energy Agency to grow at over 2% 
per annum to 2030, driven by economic growth and the demand 
for gas-fired power generation.
Given the depletion of US and European indigenous supplies, 
the challenge of building new pipeline infrastructure and the 
geographical distances, LNG is becoming increasingly attractive. 
Demand is set to rise by over 8% per annum to 2020. Moreover, as 
the LNG market becomes increasingly global, there will be increased 
opportunities to benefit from pricing arbitrage between  
the regional markets. 
As traditional reserves of natural gas decline and the large consumer 
nations seek new, secure sources of supply, relatively underdeveloped 
African fields become increasingly valuable. 
The robust commercial environment, together with improvements in 
technology, has allowed previously uneconomic gas finds to be 
aggregated and brought to market.
The Gulf of Guinea, with over 200 trillion cubic feet of reserves, 
nearly 90% of which are situated in Nigeria, is particularly well-
situated geographically between the large US and European 
customers and the rapidly-growing Far East markets. 
The competitive landscape has changed fundamentally; the producing 
countries want greater rewards from their resources, while barriers to 
entry such as technology and finance, which previously gave the oil 
majors almost insurmountable advantages, have been significantly 
lowered, allowing others to compete.  04 g asol plc Annual Report and Accounts 20082008
Our Strategy
g asol value chain
g asol’s strategy is to identify and develop commercially attractive 
opportunities in the gas sector, with initial focus on liquefied natural gas 
(lng ), sourced from a frica’s g ulf of g uinea region. o ur aim is to create  
a substantial value chain through a series of partnerships involving gas 
gathering, liquefaction and the shipment and regasification of lng into 
high-value markets worldwide. 
u pstream
p ipeline
l iquefaction
s hips
r egasification and marketing
Securing access to low-cost small-scale reserves
Gasol seeks preferential access to gas through partnerships with 
upstream players such as Afren, with whom we have exclusive right  
of first refusal to purchase and market its natural gas. 
Pipelines – building infrastructure to aggregate gas
Gasol intends to develop gas gathering, transportation and processing 
facilities to aggregate sufficient gas from numerous small sites to 
make monetisation viable. 
Liquefaction – building plants to export stranded gas 
Gasol is assessing and developing opportunities for conventional 
land-based plant, as well as smaller land and floating plants, in 
collaboration with strategic partners. 
Ships – transporting LNG to world markets
Gasol will explore opportunities to invest in LNG shipping, as part 
of the gas value chain. 
Regasification and marketing – benefiting from high-value, 
high-growth world markets, supporting local markets
Gasol’s strategy is to develop long-term LNG sales contracts with key 
export markets, access regasification capacity, and seek arbitrage 
opportunities. Gasol will also help develop local gas markets, selling 
to local industry and power stations. 05 Annual Report and Accounts 2008 g asol plc
Business review Corporate governan Ce Finan Cial statements s hareholder in Formation
Five factors give g asol its unique strategic advantage in a competitive 
world: a focus on aggregating smaller-scale gas reserves; a strong team 
supported by eminent strategic advisors; a frican expertise and cultural 
affinity; skilled use of the latest technology; and “value chain” partnerships. 
Five strategic differentiators
o ur gas aggregation policy  
to access and monetise  
low-cost reserves
o ur strong team
o ur a frican focus, 
expertise and cultural affinity
o ur innovative use 
of technology
o ur partnerships connecting
 the gas value chain
Historically, international oil companies have tended to neglect 
smaller-scale gas finds in West Africa, although large-scale resources 
of associated and non-associated gas have been developed to supply 
traditional land-based multi-train liquefaction plants. Following the 
recent disintermediation within the industry, Gasol is working with 
partners such as Afren, E.ON and Sonagas to unlock the value in 
smaller deposits by aggregating their reserves.
Gasol has brought together a management team with substantial 
experience of the gas sector and LNG in particular. Between them 
they have worked for some of the industry’s most successful companies, 
such as Shell, BG Group, Nigeria LNG and Egyptian LNG. The 
Board is privileged to have access to the invaluable expertise and 
relationships of its Strategic Advisers and their extensive experience  
in developing gas opportunities in Africa. 
Gasol takes particular pride in its understanding of and respect for 
the culture of the countries in which it operates, and seeks to ensure 
that its business is conducted with a view to sharing the commercial 
benefits. We will be working closely with host governments and 
communities to align our business to local priorities; for example, gas 
will be available to domestic power sectors as well as for supplying 
LNG export markets. 
Gasol is exploring innovative technologies designed to exploit smaller 
gas fields. These include the new, smaller-scale liquefaction 
technologies and floating liquefaction units, which can facilitate 
commercial liquefaction at a lower threshold of proven gas reserves 
than current solutions. 
Gasol has already successfully developed relationships and alliances 
with companies along the value chain, including utility majors, 
national oil and gas companies, and other independents. These 
include partnerships with E.ON Ruhrgas AG and Teekay 
Corporation, both leading companies in their own fields. 06 g asol plc Annual Report and Accounts 20082008
Chairman’s Statement
for the year ended 29 February 2008
I was honoured to be invited to become Chairman of Gasol as it 
embarks on its new trajectory following the acquisition of the 
remaining 80% shareholding in African LNG Holding. The 
combined resources of the enlarged Group represent an excellent 
springboard from which to achieve our targets of becoming the 
leading Africa-focused gas independent.
“ The combined resources of the enlarged
g roup represent an excellent springboard 
from which to achieve our targets of 
becoming the leading a frica-focused  
gas independent.” 07 Annual Report and Accounts 2008 g asol plc
Business review Corporate governan Ce Finan Cial statements s hareholder in Formation
Gasol has an initial focus on Liquefied Natural Gas (LNG). This has 
traditionally been a business for the “big boys”: the oil majors and 
national oil companies. However, with the opening up of many new 
markets, deregulation and new technical developments, the LNG 
business has become global and very dynamic. This has created 
opportunities for smaller, nimble, independent players, not only in 
regasification, shipping and trading, but also in liquefaction. 
I personally have been involved in the LNG business for more than 
30 years, seeing it develop from an integrated, regional business, with 
very few projects and customers, to the multi-project, multi-
destination, fast-growing industry it is today.
Of the various LNG projects with which I have been involved, the 
Nigeria LNG project is a perfect example: who would have thought, 
after the slow and painful realisation of the first two trains, that it 
would become a shining instance of what can be achieved with 
positive cooperation between Government, local authorities and 
people, and the companies involved, contributing not only financially 
but also in the training and development of many local staff?
I look forward to seeing Gasol build on this kind of cooperation 
throughout West Africa, helping independents and local resource 
owners to create value for their assets. 
Finally, our future success depends on a strong Board. The 
appointments of Soumo Bose, previously CFO at Egyptian LNG, 
as our Chief Executive Officer, followed by the arrival of Rachel 
English, formerly in senior management at BG Group and Shell, 
as Chief Financial Officer, offer us precisely the executive experience 
and calibre required. I am also pleased to announce that Dr Charles 
Osezua, Chairman of the Owel-Linkso Group, a leading gas 
company in West Africa, and Mr Paul Biggs, a partner of Trinity 
International LLP, have been appointed as Non-Executive Directors. 
Gasol is further strengthened by the appointment of two eminent 
Strategic Advisors to the Board: Dr Rilwanu Lukman and, in June, 
Mr Ethelbert Cooper. 
Theo Oerlemans
Chairman
Opportunities now exist for 
independents in LNG
Value Creation through co-operation 
and sharing of strengths
Gasol management 
significantly enhanced 08 g asol plc Annual Report and Accounts 20082008
Chief Executive Officer’s Statement
for the year ended 29 February 2008
The financial year 2007/08, together with the period following the 
year-end, represents a milestone in the evolution of Gasol. We have 
considerably strengthened the Board and management team; 
completed the acquisition of 100% of African LNG and 75% of both 
Afgas Infrastructure Limited and Afgas Nigeria; established strategic 
alliances with two major international organisations, E.ON (Europe’s 
largest integrated utility), and Teekay Corporation (the marine 
services company); and have built upon our existing relationship 
with Afren plc.
With these achievements in place, the Company is ideally 
positioned to build a substantial business along the gas value chain 
and it is with pride that I present my first review as Gasol’s Chief 
Executive Officer. 
“ w ith strong fundamentals in the gas and
lng business and key acquisitions, g asol 
is now in a position to take its business to 
the next level.” 09 Annual Report and Accounts 2008 g asol plc
Business review Corporate governan Ce Finan Cial statements s hareholder in Formation
“The past year has been  
a watershed for g asol;  
its acquisitions and 
partnerships have ideally 
positioned the Company to 
build a substantial business 
along the gas value chain.”
Our strategy is to monetise gas reserves in Africa, which historically 
have been regarded as stranded; we have an initial focus on Nigeria 
and Equatorial Guinea. Given the substantial reserves in this region, 
we see exciting growth opportunities. We intend to establish a series 
of partnerships involving gas gathering, liquefaction of natural gas 
and the shipment and regasification of LNG into high-value markets 
worldwide. We are also exploring synergistic gas monetisation 
opportunities such as Liquefied Petroleum Gas (LPG) and Gas to 
Liquids (GTL).
The fundamentals of the gas markets and, within them, of LNG, are 
robust. Global demand for gas and LNG is forecast to continue to 
grow and prices are expected to remain at their current high levels  
for the foreseeable future. Gasol is in prime position to take advantage  
of this market, due to our expertise and knowledge of the African gas 
sector, where the aggregation of “stranded gas” discoveries now 
represents a particularly attractive business opportunity. 
During the period under review, Gasol acquired a 75% equity stake 
in Afgas Infrastructure Limited, which has development activities in 
gas aggregation and processing systems, and 75% of Afgas Nigeria 
Limited, whose activities are focused on gas infrastructure and other 
gas related activities in Nigeria. The combined cash consideration for 
these acquisitions was £400,000.
Since the financial year end, Gasol has exercised its option to acquire 
the remaining 80% of African LNG, a landmark development for 
Gasol and its shareholders, providing the springboard from which we 
will build a significant gas business in the Gulf of Guinea. African 
LNG brings a combination of business opportunities at various stages 
of development, relationships in the region, and a management team 
with significant experience in African oil and gas. The vendor, African 
Gas Development Corporation (“AFGAS”), and those acting in 
concert with AFGAS, now hold approximately 63% of Gasol’s issued 
share capital. 
Gasol – an African gas play
We have completed some  
important acquisitions
The gas sector continues  
to be attractive  10 g asol plc Annual Report and Accounts 20082008
We are actively developing key relationships and alliances with 
companies along the gas value chain in order to progress our business 
development activities.
Gasol’s strategic relationship with Afren plc – which includes our 
right of first refusal to purchase gas – provides access to a significant 
number of small-scale gas reserves in Africa. In March 2008, Afren 
signed Production Sharing Contracts for blocks OPL 907 and 917 in 
the gas rich Anambra basin area of Nigeria; OPL 907 contains the 
Akukwa gas and condensate discovery while OPL 917 contains the 
Igbariam gas and oil discovery. 
In January 2008, African LNG entered into a cooperation agreement 
with Afren and E.ON Ruhrgas AG to investigate the availability and 
accessibility of gas in Nigeria, with a focus on the Anambra Basin and 
South Eastern regions. The parties intend to develop, collect and 
monetise gas for domestic and export purposes, in line with the Federal 
Government of Nigeria’s Gas Master Plan and are working to evaluate 
the opportunity, focusing upon, inter alia, upstream data, and the cost 
of infrastructure development, the capacity of and technology to be 
used in any potential liquefaction facility, and the location of facilities. 
Gasol’s strategic relationship with Afgas provides an opportunity to 
work with Sonagas, the state-owned gas company of Equatorial 
Guinea, under a joint venture agreement to monetise gas located 
offshore. During the year under review, Afgas assigned its rights 
under this Joint Venture (subject to consent from Sonagas and other 
necessary approvals) to sell and market gas to African LNG.
In April, Gasol and African LNG signed important Heads of 
Agreement with Teekay Corporation, which owns and operates  
LNG carriers and other marine energy transportation and production 
vessels, to develop LNG capacity using floating LNG technologies. 
One of my first tasks following my appointment was to ensure that, 
in order to deliver our strategy, Gasol had access to the highest levels 
of skill and experience. 
In this respect, we are delighted to welcome Theo Oerlemans as 
Non-Executive Chairman of Gasol. Theo spent almost 40 years 
Chief Executive Officer’s Statement
continued
Gas aggregation and monetisation – Nigeria
Upstream – Alliance with Afren plc
Gas infrastructure and monetisation – 
Equatorial Guinea
Heads of Agreement for floating LNG  
– Teekay Corporation
We have strengthened our team 
We have made good progress in our 
organic business development 11 Annual Report and Accounts 2008 g asol plc
Business review Corporate governan Ce Finan Cial statements s hareholder in Formation
with Shell, developing and managing international gas projects, 
and has extensive West African experience. Theo himself has 
already reported on some of our other key appointments, including 
the appointment of Rachel English as Chief Financial Officer, 
which have significantly strengthened the quality and calibre 
of the Gasol Board. 
Attracting and retaining high quality staff is vital to our business 
success. Our acquisition of African LNG has already endowed us 
with a ready-formed team of professionals, considerably experienced 
in the gas industry and in African LNG in particular, and we will 
continue to build our management team in line with our business 
growth and strategy. Important additions to our senior team include 
Miles Thomas, appointed Company Secretary in June 2008, and 
Mike Burdon, who joined as Commercial Director of African LNG. 
Miles has experience advising on banking, corporate and project 
finance transactions at Latham & Watkins and White & Case. Mike 
was formerly head of the London LNG practice at Poten & Partners.
The year ahead is promising; with strong fundamentals in the gas and 
LNG business and key acquisitions in place, Gasol is now in a position 
to take its business to the next level. We expect to see good progress in 
the various projects and opportunities being pursued by the Company. 
However, we are building a business with long-term horizons, large 
capital requirements, and dependencies on host government policies, 
which means we also have various challenges to overcome. These 
include the increasing capital cost of projects, which has delayed 
several projects worldwide and the intensified competition from 
energy majors and sovereign states in the race for gas assets and 
energy security.
Gasol has an innovative business model and, with its strategic 
differentiators as a niche player, is well-placed to meet these 
challenges, convert its opportunities into successes and deliver  
value to shareholders.
Soumo Bose
Chief Executive Officer
Outlook and challenges 12 g asol plc Annual Report and Accounts 20082008
Financial Review
for the year ended 29 February 2008
I am pleased to have joined Gasol at this exciting period in its 
development and I very much look forward to the journey ahead.
Financial results
The Group recorded a loss for the year of £2.73m (2007: £1.13m), 
equating to a loss per share of 1.75p (2007: 0.89p). This comprised 
mainly business development costs and conservatively managed 
administrative expenses and represents the strengthening of the 
management team and the implementation of Gasol’s business 
development plan. The movements in goodwill and intangible assets 
relate to the acquisitions during the year of Afgas Infrastructure 
Limited and Afgas Nigeria Limited. Gasol maintains a strong 
balance sheet with net assets of £8.03m at 29 February 2008 
(28 February 2007: £10.58m).
We are selecting and structuring our opportunities 
As Soumo articulates in his statement, our aim is to capitalise on 
opportunities in the gas sector as they arise from a now more 
disintermediated, or fragmented, value chain. The challenge will  
be to select those with the greatest potential and structure them to 
mitigate the risks and maximise the rewards. A process to establish 
an investments framework to evaluate and select the most 
commercially attractive opportunities has been implemented.
“w e have reviewed our internal financial 
controls, established a financial reporting 
framework and enhanced our management 
processes to prepare us for growth.” 13 Annual Report and Accounts 2008 g asol plc
Business review Corporate governan Ce Finan Cial statements s hareholder in Formation
Cash expenditure during the year amounted to £3.5m, of which 
£0.7m related to non-recurring expenditure. In April 2008, Gasol 
announced the successful placing of 50,000,000 ordinary shares, 
which raised £4m from new investors and existing shareholders; the 
proceeds are financing our current business development activities. 
Further funding will be sought as new opportunities crystallise and/
or existing projects mature into the next phase of development. 
Since my arrival, we have reviewed our internal financial controls, 
established a financial reporting framework and enhanced our 
management processes to prepare us for growth. We are also 
exercising cost control procedures to manage our costs while 
supporting business growth.
The gas sector offers tremendous opportunity to create value. 
However, it is a sector with inherent risks that a business like  
ours, with long-term horizons, large capital requirements, and 
dependencies on host government policies, must guard against. Gasol 
has put in place a system for risk management that identifies, assesses 
and manages the risks, a system that will be kept under constant 
review as our business matures. 
Gasol is committed to communicating our strategy and plans to 
shareholders, with regular updates on progress.
Gasol is committed to maintaining high standards of corporate 
governance, as detailed on pages 20 to 21. Although AIM-listed 
companies are not obliged to comply with the Combined Code on 
Corporate Governance, we have adopted the principles appropriate 
for a company of our size.
Rachel English
Chief Financial Officer
We have raised capital 
We are spending our capital wisely…
…and managing our risks 
We have a transparent investor 
relations programme 
We are committed to the highest 
standard of corporate governance  14 g asol plc Annual Report and Accounts 20082008
Board of Directors
Theo Oerlemans has over 40 years’ experience in gas and LNG. 
He had a long and distinguished career at Shell, mostly in the 
development and management of Shell’s international gas and  
LNG business. As a Director of Shell International Gas Ltd he  
was involved in the development of Shell LNG Projects such as 
Sakhalin, Oman, Brunei and Malaysia. From 1993 to 1997 he was 
Managing Director and Chief Executive of Nigeria LNG Limited.
Mr Oerlemans holds an MSc in Engineering from the University  
of Delft.
Mr Theo Oerlemans (70)
Chairman 
Soumo Bose has had an extensive international career. He brings 
substantial global experience of the gas sector, having lived and worked 
in Egypt, China, India, UK, France and Netherlands. At BG Group, 
he was Chief Financial Officer and BG’s senior representative at 
Egyptian LNG. At SHV Gas, he held a variety of senior management 
positions, including reporting directly to the Global CEO.
Mr Bose is a member of the Institute of Chartered Accountants of 
India and a graduate of the University of Calcutta.
Soumo Bose (45)
Chief Executive Officer 
Rachel English has 23 years’ international experience in the energy 
sector, working along the energy chain in exploration & production, 
LNG and power. She has held senior positions in leading energy 
companies, most recently at BG Group and Shell, with 
responsibilities spanning corporate strategy, mergers and acquisitions, 
business planning, project finance and business development. 
Ms English is a Fellow of the Institute of Chartered Accountants in 
England and Wales and a graduate of the University of Oxford.
Rachel English (46)
Chief Financial Officer  15 Annual Report and Accounts 2008 g asol plc
Business review Corporate governan Ce Finan Cial statements s hareholder in Formation
Dr. Charles Osezua is an authority on the emerging West African gas 
market, with oil and gas industry experience spanning 20 years. 
Dr. Osezua is Chairman of the Owel-Linkso Group in Nigeria, a 
services company providing solutions to the oil and gas sector. 
Formerly, he was Special Assistant on Petroleum Matters to the Head 
of State, Federal Republic of Nigeria and a member of the Technical 
Advisory Committee of Nigeria LNG Limited.
 
Charles Osezua (55)
Non-Executive Director
Paul Biggs, a project finance specialist with a focus on emerging 
markets, is a Senior Partner of the specialised law firm Trinity 
International LLP. 
Prior to joining Trinity, Mr Biggs was head of the Project Finance 
Group at Cadwalader, Wickersham & Taft LLP, and before that a 
partner at CMS Cameron McKenna. Mr Biggs also spent five years 
at the Commonwealth Development Corporation.
Paul Biggs (42)
Non-Executive Director 
Osman Shahenshah has 20 years’ experience in oil and gas finance, 
developing and implementing projects worldwide, working with the 
Major and National Oil Companies. 
He is the Chief Executive Officer of Afren plc, the Africa-focused  
oil independent. His career has included senior positions at the 
International Finance Corporation, Dresdner Kleinwort Wasserstein 
and Medicredito Centrale.
Osman Shahenshah (46)
Non-Executive Director
Haresh Kanabar has 20 years’ experience in senior management of 
various companies and industries, including many AIM –listed 
companies. He is currently a director of Aurum Mining plc, Blue Star 
Capital plc, Indian Restaurants Group plc, Silentpoint plc, 
Silentpoint Property Limited, India Star Energy plc and Venteco plc.
Prior to this Mr. Kanabar held a number of management and senior 
finance positions in five companies since 1997.
Haresh Kanabar (50)
Non-Executive Director  16 g asol plc Annual Report and Accounts 20082008
Strategic Advisors
Mr Cooper has been active in the African natural resources sector  
for over 25 years. 
During the 1980s he devised and led an initiative to restructure  
what, at the time, was Liberia’s biggest industrial project – an iron  
ore mining company with capital investment of over $600m.  
Mr Cooper also formed Liberia’s mining parastatal, whose 
management, marketing and financing requirements were  
contracted to Mr Cooper’s companies. 
Mr Cooper is a founding member and Chairman of the Liberian 
International Development Foundation and a Founder and Director 
of the African’s African American Foundation. Mr Cooper is also a 
member of the National Advisory Board of WEB Du Bois Institute 
of African Studies at Harvard University.
Ethelbert J L Cooper (54)
Strategic Advisor to the Board  
 
Dr Lukman is an internationally known and respected figure in the 
oil and gas industry.
He is currently the Honorary Advisor on Energy and Strategic 
Matters to the President of Nigeria and is also Non-Executive 
Chairman of Afren plc. Previously key appointments have included: 
Secretary General of OPEC (six years), President of OPEC (nine 
sessions), Nigerian Minister of Petroleum Resources, Special Advisor 
to the Nigerian President for Oil and Gas, Nigerian Minister of 
Foreign Affairs, Nigerian Minister of Mines, and Founder and 
Chairman of the African Petroleum Producers Association. 
Dr Lukman holds a Bachelor of Science degree from the Royal 
College of Mines, Imperial College (London), and follow-on 
diplomas, including doctorates, from prestigious institutions 
including the University of Leoben (Austria), McGill University 
(Montreal), University of Bologna (Italy) and Ahmadu Bello 
University and the University of Maiduguri in Nigeria. He was made 
a Knight of the British Empire (KBE) in 1989 and Officer of the 
Legion d’Honneur of France in 1990.
Dr Rilwanu Lukman (69)
Strategic Advisor to the Board  
  17 Annual Report and Accounts 2008 Gasol plc
Business review Corporate G overnan Ce Finan Cial statements s hareholder in Formation Directors’ Report
for the year ended 29 February 2008
The Directors present their report on the Company and the Group, together with the audited financial statements for 
the year ended 29 February 2008.
Principal activities of the business
The principal activity of the Company is to seek, evaluate and capitalise on acquisition and investment opportunities 
in the gas sector. 
Business review and future developments
A review of the Group’s operations and future developments is set out in the Chief Executive’s report.
Key performance indicators
Key performance indicators include:
Meeting articulated milestones on existing projects
Control of costs to budgets 
Identifying and securing further high quality acquisitions
Principal risks and uncertainties
The activities of the Group are subject to a number of risks; if any of these risks were to materialise the Group’s 
business, financial condition and results of future operations could be materially adversely affected by, among other 
things, delays, increased costs and/or reduced revenues. The principal risks are detailed in the Group’s Readmission 
Document of 31st May 2008 and include risks relating to the proposed business model, competitive risk, funding risk, 
dependence on key executives, political, regulatory and economic uncertainty, and general risks such as general 
economic conditions.
Going concern
The Directors are confident that sufficient funding is in place to enable the Group to continue to meet its present 
obligations as they fall due for at least the next twelve months. Accordingly, the Directors continue to adopt the going 
concern basis in preparing the financial statements.
Result and dividend
The results of the Group for the year ended 29 February 2008 are set out on pages 26 to 59.
The Directors do not recommend payment of a dividend for the year.
Directors
The names of individuals who served as directors of the Company from the beginning of the year are as follows:
Name of Director 
John Vergopoulos  Resigned 2 July 2007
Haresh Kanabar
Angus Robertson  Resigned 2 July 2007
Osman Shahenshah
Paul Biggs  Appointed 3 July 2007
Charles Osezua  Appointed 3 July 2007
Soumo Bose  Appointed 9 September 2007
Rachel English  Appointed 14 April 2008
Theo Oerlemans  Appointed 25 June 2008
Directors’ remuneration and Directors’ interests
Details of the Directors’ remuneration and their interests in the equity share capital of Gasol are set out in the Report 
of the Remuneration Committee on pages 22 to 23.
Related Party transactions
Details of related party transactions are contained in note 26 to the consolidated financial statements.
>
>
> 18 Gasol plc Annual Report and Accounts 2008al 
Report 2008
Job:	 10689_GASOL_AR07_Mid_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
Financial instruments and treasury policy
Information on the Group’s use of financial instruments and management of financial risks is discussed in note 24 to 
the consolidated financial statements.
Creditor payment policy
The Company has no formal code or standard which deals specifically with the payment of suppliers. However, the 
Company’s policy on the payment of all creditors is to ensure that the terms of payment, as specified and agreed with 
the supplier, are not exceeded. The average credit period taken for trade purchases is 30 days (2007: 18 days).
Share capital
On 8 April 2008, Gasol announced the successful placing of 50 million ordinary shares with institutional investors, 
raising £4m before fees and expenses. Afren Plc, of which Osman Shahenshah is Chief Executive Officer, subscribed 
for 9,379,100 ordinary shares as part of the placing.
Substantial shareholdings
As at the date of this report, so far as the Directors are aware, the only persons who are directly or indirectly interested 
in 3% or more of the nominal value of the Company’s ordinary share capital are as follows:
     Number Ordinary shares 
     of ordinary as % of issued 
     shares held share capital
African Gas Development Corporation Limited    522,442,866  63.00%
Synergy Asset Management Limited    75,000,000 9.04%
Gasol Employee Benefit Trust     50,624,198  6.10%
Charitable and political donations
No charitable or political donations were made during the year (2007: £nil).
Events after the balance sheet date
As referred to above, a placing of 50 million ordinary shares with institutional investors was announced on 8 April 
2008, thus increasing the issued ordinary share capital of the Company from 155,766,666 to 205,766,666 shares. The 
new ordinary shares began trading on 11 April 2008.
On 18 April 2008, Gasol announced the potential exercise of its option to acquire the outstanding 80% of the issued 
share capital of African LNG Holdings Ltd (“African LNG”), in which it already held a 20% interest. Such a 
transaction would constitute a reverse takeover under AIM rules and would significantly change Gasol’s current 
ownership structure. In response to abnormal movements in Gasol’s share price, the Directors requested, and were 
granted by AIM, a temporary suspension in the trading of the Company’s shares.
On 24 June 2008, Gasol completed the acquisition of the balance of 80% of the issued share capital of African LNG. 
The purchase was satisfied by the issue of 623,067,064 new Gasol shares issued fully paid, which represents 
approximately 75% of the Company’s enlarged share capital. Mr Theo Oerlemans joined the Gasol Board as Non-
Executive Chairman, Mr Ethelbert Cooper was appointed Special Advisor to the Board, and Mr Miles Thomas was 
appointed Company Secretary.
Directors’ Report
for the year ended 29 February 2008 continued Job:	 10689_GASOL_AR07_Mid_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
19 Annual Report and Accounts 2008 Gasol plc
Business review Corporate G overnan Ce Finan Cial statements s hareholder in Formation Disclosure of information to auditors
So far as each Director at the date of approval of this report is aware, there is no relevant audit information of which 
the Company’s auditors are unaware and each Director has taken all steps that he or she ought to have taken to make 
himself or herself aware of any relevant audit information and to establish that the auditors are aware of that information.
Auditors
BDO Stoy Hayward LLP have expressed their willingness to continue in office as auditors and a resolution to 
reappoint them will be proposed at the forthcoming Annual General Meeting.
Recommendation
The Board considers that the resolutions to be proposed at the Annual General Meeting are in the best interests of the 
Company and it is their unanimous recommendation that shareholders support them.
On behalf of the Board of Directors:
Rachel English
Chief Financial Officer
25 June 2008 20 Gasol plc Annual Report and Accounts 2008al 
Report 2008
Job:	 10689_GASOL_AR07_Mid_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
Corporate Governance Statement
for the year ended 29 February 2008
The Directors are committed to maintaining high standards of corporate governance. Whilst AIM companies are not 
obliged to comply with the Combined Code, the Board intend, so far as is practicable given the Company’s size and 
nature, to comply with the Combined Code. The Group also intends to comply with the principles of the Corporate 
Governance Guidelines for AIM Companies published by the Quoted Companies Alliance in 2005, so far as it is 
practical for a company of Gasol’s size.
The Directors have established an Audit Committee, Remuneration Committee and Nominations Committee, each 
with formally delegated rules and responsibilities. 
The Company has adopted a model code for Directors’ and key employees’ share dealings which the Directors believe 
is appropriate for an AIM quoted company. The Directors and the Proposed Director will comply with Rule 21 of the 
AIM Rules relating to Directors’ dealings and in addition will take all reasonable steps to ensure compliance by the 
Group’s applicable employees (as defined in the AIM Rules).
The Board of Directors
The Board of Directors is responsible for formulating, reviewing and approving the Group’s strategy, budgets, major 
items of capital expenditure and acquisitions, and reporting to the shareholders. 
Theo Oerleman’s role within Gasol is as Chairman and also as a consultant. All other Non-Executive Directors are 
independent of management and free from any business or other relationship which could materially interfere with the 
exercise of their independent judgement.
The Company intends to hold at least four Board meetings throughout each year. The Directors also established 
during the year an Audit Committee, a Nominations Committee, a Remuneration Committee, and an Investment 
Committee, each with formally defined rules and responsibilities.
The Audit, Risk Management and Corporate Governance Committee ensures that financial reporting procedures, 
internal controls, corporate governance practices and risk management systems are thoroughly reviewed and adhered 
to, and reviews the Company’s internal and external audits. The committee comprises Paul Biggs (Chairman) and 
Haresh Kanabar. It will meet as appropriate and when required. The Company’s external auditors will be invited on a 
regular basis to attend these meetings.
The Nomination Committee is responsible for regularly reviewing the structure, size and composition of the Board, 
arranges succession planning for directors and senior executives, and nominates potential candidates to the Board. It 
meets at least once each year and comprises Osman Shahenshah (Chairman) and Soumo Bose.
The Remuneration Committee is responsible for determining and agreeing with the Board the remuneration of the 
Executive, and ensuring that the Group’s management team are appropriately incentivised to encourage enhanced 
performance. It meets twice a year and comprises Osman Shahenshah (Chairman) and Paul Biggs. Further details  
on the Remuneration Committee are detailed in the Report of the Remuneration Committee on pages 22 and 23.
The Investment Committee is responsible for reviewing capital expenditure, project appraisals and final investment 
decisions. It meets twice a year and currently comprises Charles Osezua (Chairman), Paul Biggs, Osman Shahenshah 
and Soumo Bose. Job:	 10689_GASOL_AR07_Mid_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
21 Annual Report and Accounts 2008 Gasol plc
Business review Corporate G overnan Ce Finan Cial statements s hareholder in Formation Attendance at Board Meetings
 
Gasol plc  Board Audit Remuneration Nomination Investment
Number of meetings  3 0 1 1 1
Soumo Bose  3   1 1
Haresh Kanabar  2   
Osman Shahenshah  3  1 1 1
Paul Biggs  3  1  1
Charles Osezua  2    0
Internal Financial Control and Reporting
The Board is responsible for establishing and maintaining the Group’s system of internal controls and reviewing its 
effectiveness. The procedures, which include inter alia financial, compliance matters and risk management, are 
reviewed on an on-going basis. The Board approves the annual budget and performance against budget is monitored 
and reported by the Board. The internal control system can only provide reasonable and not absolute assurance against 
material misstatement or loss. The Board has considered the need for an internal audit function but does not consider 
it necessary at the current time.
Relations with shareholders
The Company reports to shareholders twice a year. The Company dispatches the notice of its Annual General 
Meeting, together with a description of the items of special business, at least 21 working days before the meeting. 
Each substantially separate issue is the subject of a separate resolution and all shareholders have the opportunity to put 
questions to the Board at the Annual General Meeting. The chairmen of the Audit and Remuneration Committees 
normally attend the Annual General Meeting and will answer questions which may be relevant to their responsibilities.
Directors’ Share Dealings
The Company has adopted a model code for Directors’ and key employees’ share dealings which the Directors believe 
is appropriate for an AIM quoted company. The Directors will comply with Rule 21 of the AIM Rules relating to 
Directors’ dealings and, in addition, will take all reasonable steps to ensure compliance by the Group’s applicable 
employees (as defined in the AIM Rules). 22 Gasol plc Annual Report and Accounts 2008al 
Report 2008
Job:	 10689_GASOL_AR07_Mid_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
Report of the Remuneration Committee
for the year ended 29 February 2008
Information not subject to audit
Statement of compliance
This report does not constitute a Directors’ Remuneration Report in accordance with the Directors’ Remuneration 
Report Regulations 2002, which do not apply to AIM-listed companies. 
The Company has applied the principles relating to Directors’ remuneration as set out below.
Remuneration Committee
The Remuneration Committee reviews the performance of the Executive Directors and sets and reviews the scale and 
structure of their remuneration and the terms of their service agreements with due regard to the interests of shareholders. 
In determining the remuneration of executive Directors, the Remuneration Committee seeks to attract and retain 
executives of the highest calibre. The Remuneration Committee also makes recommendations to the Board concerning 
the allocation of share options to employees. No Director is permitted to participate in discussions or decisions concerning 
his own remuneration. At the date of this document, the Remuneration Committee comprises two Non-Executive 
Directors and is chaired by Mr Osman Shahenshah. The Remuneration Committee has formal terms of reference.
At the invitation of the committee chairman, Executive Directors may attend the proceedings.
None of the committee members has any personal financial interests (other than as shareholders) or conflicts of 
interest arising from cross-directorships. The committee has access to professional advice from internal and external 
advisors where relevant.
The Remuneration Committee is responsible, inter alia, for determining the remuneration of the Executive Directors, 
and the grant of share options. 
Policy on Executive Directors’ remuneration
Remuneration packages are designed to motivate and retain Executive Directors to ensure the continued development 
of the Company and to reward them for enhancing value to shareholders. The main elements of the remuneration 
package for Executive Directors are basic salary or fees, benefits and share option incentives.
Share incentives
The Directors believe that attracting, motivating and retaining employees of appropriate calibre is vital to the 
continued success of the Group. The continued incentivisation of key employees is very important, as their skills  
and experience, and their supplier and customer relationships, are key to the continued success of the Group.
Audited information
Directors’ remuneration
The remuneration of the Directors for the year ended 29 February 2008 is shown below:
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Aggregate emoluments of Executive Directors    403,082 221,918
Payments to Non-Executive Directors    137,892 31,280
Total Directors’ remuneration     540,974 253,198
   
There were no pension benefits accruing to Directors in year. 
The key management personnel of the Group are the Directors of Gasol.
No Director exercised any share options during the year. Details of Directors’ shareholdings can be found in the 
Directors’ Report.
Of the aggregate remuneration paid to Executive Directors, £126,018 (2007: £32,453) was in the form of share-based 
payments. Job:	 10689_GASOL_AR07_Mid_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
23 Annual Report and Accounts 2008 Gasol plc
Business review Corporate G overnan Ce Finan Cial statements s hareholder in Formation Of the aggregate remuneration paid to Non-Executive Directors, £53,954 (2007: £16,280) was in the form of share-
based payments.
The highest paid Director received total emoluments in the year in respect of service of £285,249 (2007: £89,523).
Directors’ interests
The beneficial interests of the Directors in the ordinary shares of the Company at 29 February 2008 are as follows:
     Ordinary shares of 0.5p each
     At 29 February  At 28 February 
     2008 2007
Haresh Kanabar     Nil Nil
Osman Shahenshah     Nil Nil
Paul Biggs     Nil Nil
Charles Osezua     333,333 Nil
Soumo Bose     Nil Nil
  
The Directors’ interests in options over the equity share capital of the Company at 29 February 2008 are as follows:
 
 At 1 March  Exercised/ At 29 February  Exercise  Exercisable 
 2007 Granted Lapsed 2008 Price From  To
Haresh Kanabar 500,000 –  –  500,000 15p 25/08/2006 25/08/2009
Osman Shahenshah 500,000 –  –  500,000 15p 25/08/2006 25/08/2009
Paul Biggs –  500,000 –  500,000 15p 27/06/2007 05/06/2010
Charles Osezua –  500,000 –  500,000 15p 27/06/2007 21/06/2010
Soumo Bose –  400,000 –  400,000 15p 06/06/2007 05/06/2012
Soumo Bose –  400,000 –  400,000 15p 06/06/2008* 05/06/2013
Soumo Bose –  400,000 –  400,000 25p 06/06/2008* 05/06/2013
Soumo Bose –  400,000 –  400,000 35p 06/06/2008* 05/06/2013
Soumo Bose –  400,000 –  400,000 25p 06/06/2009* 05/06/2014
Soumo Bose –  400,000 –  400,000 35p 06/06/2009* 05/06/2014
Soumo Bose –  800,000 –  800,000 75p 06/06/2009 05/06/2014
* If Gasol’s closing mid-market share price is an average of 50p or above over a continuous period of 30 days before 30 September 2008 then the options marked with an 
asterisk become exercisable immediately.
If Gasol’s closing mid-market share price is at an average of 75p or above over a continuous period of 30 days before  
30 September 2009 or 100p or above over a continuous period of 30 days before 30 September 2010, an additional 
1,000,000 options will be granted at an exercise price of 10p per ordinary share.
No Director exercised share options during the year.
The market price of the ordinary shares of the Company at 29 February 2008 was 9.38p and the range during the year 
was 4.75p to 10.75p.
This report was approved by the Board of Directors on 25 June 2008 and signed on its behalf by:
Osman Shahenshah
Chairman, Remuneration Committee
25 June 2008 24 Gasol plc Annual Report and Accounts 2008al 
Report 2008
Job:	 10689_GASOL_AR07_Mid_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
Statement of Directors’ Responsibilities
The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any 
time the financial position of the Company, for safeguarding the assets of the Company, for taking reasonable steps 
for the prevention and detection of fraud and other irregularities and for the preparation of a Directors’ Report which 
complies with the requirements of the Companies Act 1985. 
The Directors are responsible for preparing the annual report and the financial statements in accordance with the 
Companies Act 1985. The Directors have chosen to prepare financial statements for the Group in accordance with 
International Financial Reporting Standards (IFRS) as adopted by the European Union and the rules of the London 
Stock Exchange for companies trading securities on the Alternative Investment Market. The Directors have chosen to 
prepare financial statements for the Company in accordance with IFRS.
Group Financial Statements
International Accounting Standard 1 requires that financial statements present fairly for each financial year the 
Group’s financial position, financial performance and cash flows. This requires the faithful representation of the 
effects of transactions, other events and conditions in accordance with the definitions and recognition criteria for 
assets, liabilities, income and expenses set out in the International Accounting Standards Board’s “Framework for  
the preparation and presentation of financial statements”. In virtually all circumstances, a fair presentation will be 
achieved by compliance with all applicable IFRS. A fair presentation also requires the Directors to:
consistently select and apply appropriate accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and 
understandable information; and
provide additional disclosures when compliance with the specific requirements in IFRS is insufficient to enable 
users to understand the impact of particular transactions, other events and conditions on the entity’s financial 
position and financial performance. 
Parent Company Financial Statements
Company law requires the Directors to prepare financial statements for each financial year which give a true and fair 
view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these 
financial statements, the Directors are required to:
select suitable accounting policies and apply them consistently;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 
will continue in business;
make judgements and estimates that are reasonable and prudent; and 
state whether applicable accounting standards have been followed, subject to any material departures disclosed and 
explained in the financial statements.
Website
Financial statements are published on the Group’s website in accordance with legislation in the United Kingdom 
governing the preparation and dissemination of financial statements, which may vary from legislation in other 
jurisdictions. The maintenance and integrity of the Group’s website is the responsibility of the Directors. The 
Directors’ responsibility also extends to the ongoing integrity of the financial statements contained therein.
>
>
>
>
>
>
> Job:	 10689_GASOL_AR07_Mid_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
25 Annual Report and Accounts 2008 Gasol plc
Business review Corporate G overnan Ce Finan Cial statements s hareholder in Formation Independent Auditors’ Report
for the year ended 29 February 2008
Independent auditors’ report to the shareholders of Gasol plc
We have audited the Group and parent company financial statements (the “financial statements”) of Gasol plc for the year 
ended 29 February 2008, which comprise the Consolidated Income statement, the Consolidated and Company Balance 
Sheets, the Consolidated and Company Cash Flow Statements, the Consolidated and Company Statements of Changes in 
Equity and the related notes. These financial statements have been prepared under the accounting policies set out therein.
Respective responsibilities of Directors and auditors
The Directors’ responsibilities for preparing the financial statements in accordance with applicable law and International 
Financial Reporting Standards (IFRS) as adopted by the European Union are set out in the statement of Directors’ 
responsibilities. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory 
requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view and have been properly 
prepared in accordance with the Companies Act 1985 and whether the information given in the Directors’ Report is 
consistent with those financial statements. We also report to you if, in our opinion, the Company has not kept proper 
accounting records, if we have not received all the information and explanations we require for our audit, or if information 
specified by law regarding Directors’ remuneration and other transactions is not disclosed.
We read other information contained in the Annual Report and consider whether it is consistent with the audited 
financial statements. This other information comprises only the Chairman’s Statement, Chief Executive Officer’s 
Statement, Financial Review, Directors’ Report, Corporate Governance Statement, Report of the Remuneration 
Committee and Statement of Directors’ Responsibilities. We consider the implications for our report if we become  
aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do  
not extend to any other information.
Our report has been prepared pursuant to the requirements of the Companies Act 1985 and for no other purpose. No 
person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and 
for the purpose of the Companies Act 1985 or has been expressly authorised to do so by our prior written consent. Save as 
above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly 
disclaim any and all such liability.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the 
Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and 
disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made  
by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to 
the Group’s and Company’s circumstances, consistently applied and adequately disclosed. We planned and performed our 
audit so as to obtain all the information and explanations which we considered necessary in order to provide us with 
sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, 
whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of 
the presentation of information in the financial statements.
Opinion
In our opinion:
the Group financial statements give a true and fair view, in accordance with IFRS as adopted by the European Union, 
of the state of the Group’s affairs as at 29 February 2008 and of its loss for the year then ended;
the parent company financial statements give a true and fair view, in accordance with IFRS as adopted by the 
European Union as applied in accordance with the provisions of the Companies Act 1985, of the state of the parent 
company’s affairs as at 29 February 2008;
the financial statements have been properly prepared in accordance with the Companies Act 1985; and
the information given in the Directors’ Report is consistent with the financial statements.
BDO Stoy Hayward LLP
Chartered Accountants and Registered Auditors 
Manchester, 25 June 2008
>
>
>
> 26 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
Consolidated Income Statement
for the year ended 29 February 2008
     Year ended Year ended 
     29 February  29 February 
     2008 2007 
    Notes £ £
Administrative expenses     (2,883,364) (1,343,123)
Loss from operations    4 (2,883,364) (1,343,123)
Finance income    6 156,185 210,423
Finance costs    7 (553) –
Loss before taxation     (2,727,732) (1,132,700)
Tax expense    8 – –
Loss for the year     (2,727,732) (1,132,700)
Loss per ordinary share
    
Basic and diluted loss per share    10 (1.75p) (0.89p)
    
All results relate to continuing activities.
All losses for the year are attributable to equity shareholders of the parent.
The notes on pages 33 to 59 form part of these financial statements. 27 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
Consolidated Statement of Changes in Equity
for the year ended 29 February 2008
  Share  Share Translation Retained 
  capital Share premium reserve  earnings Total 
  £ £ £ £ £
Balance at 1 March 2006  457,500 3,327,915 – (122,494) 3,662,921
Loss for the year and total recognised 
income and expense for the year – – – (1,132,700) (1,132,700)
Recognition of share-based payments – – – 789,133 789,133
New equity share capital subscribed 321,333 6,936,078 – – 7,257,411
Balance at 28 February 2007  778,833 10,263,993 – (466,061) 10,576,765
Exchange rate translation  – – (2,303) – (2,303)
Loss for the year  – – – (2,727,732) (2,727,732)
Total recognised income and 
expense for the year  – – (2,303) (2,727,732) (2,730,035)
Recognition of share-based payments – – – 179,971 179,971
Balance at 29 February 2008  778,833 10,263,993 (2,303) (3,013,822) 8,026,701
          
Share capital account
Share capital records the nominal value of shares in issue.
Share premium account
Share premium records the receipts from issue of share capital above the nominal value of the shares. Share premium is 
stated net of direct issue costs.
Translation reserve
Translation gains and losses arising on the retranslation of net assets of subsidiaries whose presentational currency is 
not sterling are recognised directly in equity in the Translation reserve.
Retained earnings
Retained earnings records the cumulative profits less losses recognised in the income statement, net of any 
distributions and share-based payments made. 
The notes on pages 33 to 59 form part of these financial statements. 28 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
Company Statement of Changes in Equity
for the year ended 29 February 2008
   Share  Share Retained 
   capital Share premium earnings Total 
   £ £ £ £
Balance at 1 March 2006   457,500 3,327,915 (122,494) 3,662,921
Loss for the year and total recognised income 
and expense for the year   - - (845,355) (845,355)
Recognition of share-based payments  - - 789,133 789,133
New equity share capital subscribed  321,333 6,936,078 - 7,257,411
Balance at 28 February 2007   778,833 10,263,993 (178,716) 10,864,110
Loss for the year and total recognised income and 
expense for the year   - - (1,686,883) (1,686,883)
Recognition of share-based payments  - - 179,971 179,971
Balance at 29 February 2008   778,833 10,263,993 (1,685,628) 9,357,198
Share capital account
Share capital records the nominal value of shares in issue.
Share premium account
Share premium records the receipts from issue of share capital above the nominal value of the shares. Share premium is 
stated net of direct issue costs.
Retained earnings
Retained earnings records the cumulative profits less losses recognised in the income statement, net of any 
distributions and share-based payments made.
The notes on pages 33 to 59 form part of these financial statements. 29 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
Consolidated Balance Sheet
as at 29 February 2008
     29 February 28 February  
     2008 2007 
    Notes £ £
Assets   
n on-current assets   
Goodwill    11 5,734,413 5,624,989
Intangible assets    12 506,200 –
Property, plant and equipment    13 370,843 129,669
t otal non-current assets     6,611,456 5,754,658
   
Current assets   
Trade and other receivables    14 410,748 122,178
Cash and cash equivalents    23 1,446,955 5,007,036
t otal current assets     1,857,703 5,129,214
t otal assets     8,469,159 10,883,872
   
Liabilities   
Current liabilities   
Trade and other payables    15 368,302 155,227
Short-term borrowings     16 – 7,723
t otal current liabilities     368,302 162,950
   
n on-current liabilities   
Long-term borrowings    17 74,156 144,157 
t otal non-current liabilities     74,156 144,157
t otal liabilities     442,458 307,107
n et assets     8,026,701 10,576,765
   
e quity   
Share capital    19 778,833 778,833
Share premium account     10,263,993 10,263,993
Translation reserve     (2,303) –
Retained losses     (3,013,822) (466,061)
t otal equity attributable to equity holders of the parent   8,026,701 10,576,765
   
The notes on pages 33 to 59 form part of these financial statements.
The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2008.
Rachel English
Chief Financial Officer 30 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
Company Balance Sheet
as at 29 February 2008
     29 February 28 February  
     2008 2007 
    Notes £ £
Assets   
n on-current assets   
Investment in subsidiary undertakings   35 6,790,400 6,090,400
Property, plant and equipment    36 310,498 129,669
t otal non-current assets     7,100,898 6,220,069
   
Current assets   
Trade and other receivables    37 1,294,779 82,236
Cash and cash equivalents     1,312,130 4,992,861
t otal current assets     2,606,909 5,075,097
t otal assets     9,707,807 11,295,166
   
Liabilities   
Current liabilities   
Trade and other payables    38 350,609 423,333
Short-term borrowings     39 – 7,723
t otal current liabilities     350,609 431,056
t otal liabilities     350,609 431,056
n et assets     9,357,198 10,864,110
   
e quity   
Share capital    19 778,833 778,833
Share premium account     10,263,993 10,263,993
Retained losses     (1,685,628) (178,716)
t otal equity attributable to equity holders of the parent   9,357,198 10,864,110
   
The notes on pages 33 to 59 form part of these financial statements.
The financial statements were approved by the Board of Directors and authorised for issue on 25 June 2008.
Rachel English
Chief Financial Officer 31 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
Consolidated Cash Flow Statement
for the year ended 29 February 2008
     Year ended Year ended 
     29 February 28 February  
     2008 2007 
    Notes £ £
Loss before taxation     (2,727,732) (1,132,700)
   
Adjustments for:   
Finance income     (156,185) (210,423)
Finance costs     553 
Depreciation charges     131,038 2,759
  Share-based payment charge     179,971 48,733
   
Operating cash flows before movements in working capital   (2,572,355) (1,291,631)
Increase in receivables     (253,382) (80,602)
  Increase in payables     174,703 54,419
n et cash absorbed by operating activities    (2,651,034) (1,317,814)
   
Cash flows from investing activities   
   
Interest received     156,185 210,423
Expenditure on development of intangible assets    (253,430) –
Purchases of property, plant and equipment    (371,095) (128,318)
Purchase of subsidiary undertakings inclusive of costs and net cash acquired 21 (375,489) (991,005)
n et cash absorbed by investing activities    (843,829) (908,900)
   
Cash flows from financing activities   
   
Interest paid      (553) –
Proceeds from issue of share capital net of issue costs   – 2,877,411
Payment of long-term borrowings    (70,001) –
n et cash (absorbed by)/generated from financing activities   (70,554) 2,877,411
n et (decrease)/increase in cash and cash equivalents   (3,565,417) 650,697
   
Effect of movement in foreign exchange rates    13,059 –
Cash and cash equivalents at start of year     4,999,313 4,348,616
Cash and cash equivalents at end of year   23 1,446,955 4,999,313
   
The notes on pages 33 to 59 form part of these financial statements. 32 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
Company Cash Flow Statement
for the year ended 29 February 2008
     Year ended Year ended 
     29 February 28 February  
     2008 2007 
    Notes £ £
Loss before taxation     (1,686,883) (845,355)
Adjustments for:   
Investment revenues     (155,314) (210,156)
Finance costs     553 –
Depreciation of property, plant and equipment    116,578 2,759
  Share-based payment expense     179,971 48,733
     (1,545,095) (1,004,019)
Operating cash flows before movements in working capital   
Increase in receivables     (1,212,543) (65,235)
  (Decrease)/increase in payables     (72,724) 346,527
n et cash absorbed by operating activities    (2,830,362) (722,727)
   
Cash flows from investing activities   
Interest received     155,314 210,156
Purchases of property, plant and equipment    (297,407) (128,318)
Acquisition of subsidiaries    21 (400,000) (1,000,000)
Capital contributions made to subsidiaries    (300,000) (600,000)
n et cash absorbed by investing activities    (842,093) (1,518,162)
   
Cash flows from financing activities   
Proceeds from issue of share capital net of issue costs   – 2,877,411
Interest paid      (553) –
n et cash (absorbed by)/generated from financing activities   (553) 2,877,411
n et (decrease)/increase in cash and cash equivalents   (3,673,008) 636,522
Cash and cash equivalents at start of year    4,985,138 4,348,616
Cash and cash equivalents at end of year   41 1,312,130 4,985,138
   
The notes on pages 33 to 59 form part of these financial statements. 33 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008
1. Basis of preparation
The principal accounting policies adopted in the preparation of the financial statements are set out below. The policies 
have been consistently applied to all the periods presented, unless otherwise stated. 
These financial statements have for the first time been prepared in accordance with International Financial Reporting 
Standards and IFRIC interpretations adopted by the European Union (“EU”) (“IFRS”) and also those parts of the 
Companies Act 1985 applicable to companies preparing their accounts under IFRS. 
An explanation of how the transition from UK accounting standards to IFRS has affected the reported financial 
position and financial performance of the Group is included within note 28. 
In the current year the Group has adopted IFRS 7 Financial Instruments: disclosures along with a complementary 
amendment to IAS 1, Presentation of financial Statements – Capital disclosures, which is effective for annual 
reporting periods beginning on or after 1 January 2007. IFRS 7 introduces new disclosures to improve information 
reported in relation to financial instruments. It requires the disclosure of qualitative and quantitative information 
about exposure to risks arising from financial instruments including specified minimum disclosures about credit risk, 
liquidity risk and market risk, including sensitivity to market risk.
Five interpretations issued by the International Financial Reporting Interpretation Committee (“IFRIC”) are effective 
for the current period. These are: IFRIC 7 Applying the Restatement Approach under IAS 29; Financial Reporting 
in Hyperinflationary Economies, IFRIC 8 Scope of IFRS 2; IFRIC 9 Reassessment of Embedded Derivatives; 
IFRIC 10 Interim Financial Reporting and Impairment; and IFRIC 11 Group and Treasury Share Transactions.  
The adoption of these Interpretations has not led to any impact on the Group’s accounts from adoption. 
The IASB and IFRIC have issued the following standards and interpretations which were not effective for the current 
reporting period.
International Accounting Standards (IAS/IFRS) Effective date
Improvements to IFRSs 1 January 2009
IFRS 8 – Operating Segments 1 January 2009
IAS 1* Amendment – Presentation of financial statements: a revised presentation 1 January 2009
IAS 23* Amendment – Borrowing costs 1 January 2009
IAS 27* Amendment – Consolidated and separate financial statements 1 July 2009
IFRS 2* Amendment – Share based payment: vesting conditions and cancellations 1 January 2009
IFRS 3* Revised – Business combinations 1 July 2009
IAS 32 and 1* Amendment – Puttable financial instruments and obligations arising on Liquidation 1 January 2009
IFRIC 12* – Service concession arrangements 1 January 2008
IFRIC 13* – Customer loyalty programmes 1 July 2008
IFRIC 14* – (IAS 19) The limit on a defined benefit asset,  
  minimum funding requirements and their interaction 1 January 2008
The proposed amendment in respect of IAS 27 “Consolidated and separate financial statements” will result in the 
share of losses attributable to non-controlling interests being split out from amounts attributable to equity holders of 
the parent company upon consolidation. Based on the current year’s reported results, the Group would derecognise 
£724,799 in respect of losses attributable to non-controlling interests. It is not currently possible to determine what  
the corresponding amounts will be at the date of adoption of the amendment. With the exception of the proposed 
amendment to IAS 27, the adoption of these standards, interpretations and amendments in the table above will  
not significantly affect the Group’s reported results of operations or financial position.
Items marked * have not yet been endorsed by the EU at the date of these financial statements. 34 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
2. Significant accounting policies
Basis of consolidation
The consolidated financial statements present the results of the Company and entities controlled directly or indirectly 
by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and 
operating policies of an investee entity so as to obtain benefits from its activities. In assessing control, potential voting 
rights that presently are exercisable or convertible are taken into account.
The Company holds an option to purchase the remaining 80% of the issued share capital of African LNG Holdings 
Limited.
The existence of the option gives the Company effective control over African LNG Holdings at the balance sheet date 
and at 28 February 2007.
Minority interests in the net assets or liabilities of consolidated subsidiaries are identified separately from the Group’s 
equity therein. Minority interests consist of the amount of those interests at the date of the original business 
combination (see below) and the minority’s share of changes in equity since the date of the combination. Losses 
applicable to the minority in excess of the minority’s interest in the subsidiary’s equity are allocated against the 
interests of the Group except to the extent that the minority has a binding obligation and is able to make an additional 
investment to cover the losses. For this reason, no minority interests are recognised in these financial statements.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
The Company has taken advantage of the exemption under section 230 of the Companies Act 1985 and has not 
presented its income statement in these financial statements. The Company’s income statement includes a loss after tax 
of £1,686,883 (2007: £845,355).
Business combinations 
The results of subsidiaries acquired in the year are included in the income statements from the date they are acquired. 
On acquisition, all of the subsidiaries’ assets and liabilities that exist at the date of acquisition are recorded at their fair 
values, reflecting their condition at that date.
Goodwill
All business combinations are accounted for by applying the purchase method. Goodwill arising on consolidation 
represents the excess of the consideration paid on acquisition over the Group’s interest in the fair value of the 
identifiable assets (including any intangible assets), liabilities and contingent liabilities acquired. Goodwill is not 
amortised but is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated 
impairment losses. Goodwill which is recognised as an asset is reviewed for impairment at least annually. Any 
impairment is recognised immediately in profit or loss and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units expected to 
benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested 
for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable 
amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first 
to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on 
the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed 
in a subsequent period.
On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the 
determination of the profit or loss on disposal.
Internally-generated intangible assets
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 35 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
An internally-generated intangible asset arising from the Group’s development activities is recognised only if all of the 
following conditions are met:
an asset is created that can be identified;
it is probable that the asset created will generate future economic benefits; and
the development cost of the asset can be measured reliably.
Internally-generated intangible assets are amortised on a straight-line basis over their useful lives from the point at 
which they are brought into use. Where no internally-generated intangible asset can be recognised, development 
expenditure is recognised as an expense in the period in which it is incurred. 
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards 
of ownership to the lessee. All other leases are classified as operating leases.
Rentals payable under operating leases are charged to income on a straight line basis over the term of the relevant lease.
Foreign currencies 
The individual financial records of each group company are recorded in the currency of the primary economic 
environment in which it operates (its functional currency). For the purposes of producing consolidated financial 
statements, the results and financial position of each group company are expressed in pounds sterling, which is the 
functional currency of the company, and the presentation currency for the consolidated financial statements.
In maintaining the financial records of the individual companies, transactions in currencies other than the entity’s 
functional currency (foreign currencies) are recorded at the rates of exchange prevailing on the dates of the transactions. 
When consolidated results are produced, monetary assets and liabilities that are denominated in foreign currencies are 
retranslated at the rates prevailing on the date of the balance sheets. Non-monetary items carried at fair value that are 
denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. 
Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
Exchange differences arising on the settlement of monetary items, and on the retranslation of monetary items, are 
included in profit or loss. Exchange differences arising on the retranslation of non-monetary items carried at fair value 
are included in profit or loss except for differences arising on the retranslation of non-monetary items in respect of 
which gains and losses are recognised directly in equity. For such non-monetary items, any exchange component of 
that gain or loss is also recognised directly in equity.
For the purpose of presenting consolidated financial statements, the assets and liabilities of the group’s foreign 
operations are translated at exchange rates prevailing on the balance sheet date. Income and expense items are 
translated at the average exchange rates for the year, unless exchange rates fluctuate significantly during that year,  
in which case the exchange rates at the date of transactions are used. Exchange differences arising, if any, are classified 
as equity and transferred to the group’s translation reserve. Such translation differences are recognised as income or  
as expenses in the year in which the operation is disposed of.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of 
the foreign entity and translated at the closing rate.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in 
the income statements because it excludes items of income or expense that are taxable or deductible in other years and 
it further excludes items that are never taxable or deductible. The Group’s liability for current tax is calculated using 
tax rates that have been enacted or substantively enacted by the balance sheet date.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and 
liabilities on an accounting basis and the corresponding tax bases used in the computation of taxable profit, and is 
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable 
>
>
> 36 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
2. Significant accounting policies continued
Taxation continued
temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be 
available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised 
if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in 
a business combination) of other assets and liabilities in a transaction that affects neither the tax profit nor the 
accounting profit.
Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and 
associates, and interests in joint ventures, except where the Group is able to control the reversal of the temporary 
difference and it is probable that the temporary difference will not reverse in the foreseeable future.
Deferred tax is measured using tax rates that have been enacted or substantively enacted by the balance sheet date and 
are expected to apply when the related deferred tax asset or liability is realised or settled.
Property, plant and equipment
Office equipment and fixtures and fittings are stated at cost less accumulated depreciation and any recognised 
impairment loss. The cost is its purchase cost together with any incidental costs of acquisition.
Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under 
construction, over their estimated useful lives, using the straight-line method over the following periods:
Office equipment 2 years
Fixtures and fittings 4 years
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales 
proceeds and the carrying amount of the asset and is recognised in income.
Impairment of non-financial assets
At each balance sheet date, the Group reviews the carrying amounts of its non-financial assets to determine whether 
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable 
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does 
not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the 
cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated 
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market 
assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows 
have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the 
carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is 
recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is 
increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not  
exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset  
(or cash-generating unit) in prior years. A reversal of an impairment loss is recognised as income immediately.
Financial instruments
Financial assets and financial liabilities are recognised at fair value in the Group’s balance sheet when the Group 
becomes a party to the contractual provisions of the instrument.
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 37 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
Trade receivables
Trade receivables do not carry interest. They are initially recognised at fair value, and are subsequently measured at 
amortised cost. Where amortisation is insignificant, receivables are stated at their nominal value unadjusted to reflect 
discounting for the time value of cash flows recoverable and are reduced by appropriate allowances for estimated 
irrecoverable amounts.
Financial liabilities and equity
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements 
entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after 
deducting all of its liabilities.
Trade payables
Trade payables are not interest bearing. They are initially recognised at fair value, and subsequently measured at 
amortised cost. Where amortisation is insignificant, payables and are stated at their nominal value.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits, and other short-term highly liquid 
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of  
changes in value. The group considers all highly liquid investments with original maturity dates of three months  
or less to be cash equivalents.
Borrowings
Loans from other group companies are provided at zero interest. Gasol has the option to repay these loans at any time. 
Gasol can only be required to repay the loans on the receipt of 12 months notice. Therefore these loans are classified as 
non-current liabilities. They are initially measured at fair value and subsequently at amortised cost.
Provisions
Provisions are recognised when the group has a present obligation as a result of a past event, and it is probable that the 
group will be required to settle that obligation. Provisions are measured at the directors’ best estimate of the expenditure 
required to settle the obligation at the balance sheet date, and are discounted to present value where the effect is material.
Share-based payments
The Group has applied the requirements of IFRS 2 Share-based Payment. In accordance with the transitional 
provisions, IFRS 2 has been applied to all grants of equity instruments after 7 November 2002 that were unvested  
at 1 January 2005.
The Group issues equity-settled share-based payments to certain employees. Equity-settled share-based payments are 
measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value 
determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the 
vesting period, based on the Group’s estimate of shares that will eventually vest and adjusted for the effect of non 
market-based vesting conditions.
Fair value is measured by use of the Black Scholes model. The expected life used in the model has been adjusted, based 
on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.
Investment income
Investment income relates to interest income, which is accrued on a time basis, by reference to the principal 
outstanding and at the effective interest rate applicable. 38 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
2. Significant accounting policies continued
Loss from operations
Loss from operations is stated after crediting all operating income and charging all operating expenses, but before 
crediting or charging finance income or expense.
Segmental reporting
Gasol currently operates only one class of business and all operations are based out of the same location, being the 
United Kingdom. As such, no separate analysis of the performance and position of business segments has been 
disclosed in the financial statements.
3. Critical accounting judgements and key sources of estimation uncertainty
In the process of applying the Group’s accounting policies, which are described in note 2, management has made the 
following judgements that have the most significant effect on the amounts recognised in the financial statements 
(apart from those involving estimations, which are dealt with below).
Key sources of estimation uncertainty
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, 
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the 
next financial year, are discussed below.
Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to 
which goodwill has been allocated. The value in use calculation requires the entity to estimate the future cash flows 
expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value.
The value of the majority of the goodwill is underpinned by the future cash flows expected to be generated through 
the development of early stage opportunities arising in African LNG Holdings Limited (“African LNG”).
African LNG has put in place agreements, whereby they will get first right of refusal over certain gas reserves that will 
be acquired by an upstream partner in Nigeria. The business model intends to take advantage of opportunities 
presented by the increase in availability of marginal fields and the associated gas. As the downstream partner, African 
LNG will earn revenues through the liquefaction and distribution of gas from the marginal fields.
The main risks and sensitivities associated with the goodwill relate to the upstream partner securing sufficient gas 
volumes from a range of asset owners. The commercial terms of this may also vary significantly.
The project options being assessed at present would take between three and five years to construct, with the targeted 
commercial start being 2014.
Global demand for Liquefied Natural Gas (“LNG”) has increased by roughly 3% per annum over the last four years 
and it is envisaged that this trend will continue.
For discounting purposes, a rate of 12.5% has been used, to reflect the cost of capital associated with this type of 
development.
Assuming operating phases of roughly 20 years for most of the potential developments and cash inflows commencing 
in 2014 and discounting back to a present value, the carrying value of goodwill related to African LNG is supported 
entirely. 
Impairment of other intangible assets
Assessing the value of other intangible assets recognised by the Group requires the entity to estimate the future cash 
flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value.
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 39 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
The value of the intangible assets held in Afgas Infrastructure Limited (“AIL”) is underpinned by the future cash 
flows expected to be generated from the use of subsea pipelines and related infrastructures developed by AIL.
The main risks and sensitivities associated with the development relate to ability of the upstream partner, Sociedad 
Naciaonal de Gas de Guinea Equatorial, to arrange the necessary gas supplies to implement the project.
The project is estimated to have a commercial start date of 2011 and an initial operational life of 10 years.
For discounting purposes, a rate of 15% has been used, to reflect the cost of capital associated with this type  
of development.
Discounting back to a present value, the carrying value of the intangible assets in AIL is supported entirely.
4. Loss from operations
Loss from operations is stated after charging:
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Depreciation of property, plant and equipment    131,038 2,759
Staff costs     696,899 245,635
Operating lease payments     159,667 –
Share-based payments     179,971 48,733
Auditors’ remuneration   
As auditors (Parent)     21,000 15,000
As auditors (Subsidiaries)     5,000 5,000
Corporate finance services     – 7,050
  Other     8,500 –
   
Staff costs presented above include fees paid to directors of the Company and are shown net of share-based payments 
made to Directors. In both 2007 and 2008, all of the share-based payments charge included in the loss for the year 
related to share options granted to directors of Gasol. Further information on the valuation of share-based payments is 
disclosed in note 20.
5. Staff costs
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Directors’ fees and emoluments     540,974 253,198
Wages and salaries     278,755 26,950
Social security costs     57,141 14,220
     876,870 294,368
   
The average number of employees (including executive directors) employed by the Group during the year was:  
     n umber Number
Management and finance     9 5
Administrative and support     3 –
     12 5
   
Further information regarding the remuneration of directors is included in the Report of the Remuneration 
Committee on pages 22 to 23. 40 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
6. Finance income
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Interest received on bank deposits    156,185 210,423
   
7. Finance costs
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Interest paid on bank overdrafts     553 –
   
8. Taxation
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Loss before taxation      (2,727,732) (1,132,700)
   
Loss before taxation at the standard rate of corporation tax in the UK of 30% (2007: 30%) (818,320) (339,810)
   
Effects of:   
Expenses not deductible for tax purposes    93,303 58,535
Unutilised tax losses     725,017 281,275
Current tax charge     – –
   
The Group has incurred tax losses for the year and a corporation tax charge is not anticipated. The amount of the 
unutilised tax losses has not been recognised in the financial statements as the recovery of this benefit is dependent  
on the future profitability of certain subsidiaries, the timing of which cannot be reasonable foreseen.
If the Group makes profits in the future, unrecognised timing differences of £3,476,802 at 29 February 2008 
(28 February 2007: £1,060,078) would be recognised at a rate of 28%.
9. Dividends
No dividend has been paid or proposed for the year ended 29 February 2008 (2007: £nil). 
10. Loss per ordinary share
The calculation of a basic loss per share of 1.75p for the year (2007: 0.89p) is based on the loss for the year attributable 
to equity holders of Gasol Plc of £2,727,732 (2007: £1,132,700) and on the weighted average number of shares in issue 
during the year of 155,766,666 (2007: 127,856,895).
Due to the loss incurred during the year, a diluted loss per share has not been reported as this would serve to reduce 
the basic loss per share.
At 29 February 2008, there were 55,650,000 potentially dilutive shares in issue (28 February 2007: 51,450,000) as part 
of a share-based payment scheme.
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 41 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
11. Goodwill
      £
Cost   
At 1 March 2006      –
Additions      5,624,989
   
At 28 February 2007      5,624,989
Additions      109,424
At 29 February 2008      5,734,413
Accumulated impairment losses   
At 1 March 2006, at 28 February 2007 and at 29 February 2008    – 
   
Carrying amount   
At 29 February 2008      5,734,413
At 28 February 2007      5,624,989
At 28 February 2006      –
   
No impairment in goodwill has been identified in the year (2007: £nil).
 
Goodwill acquired in a business combination is allocated, at acquisition, to the cash generating units (CGUs) that are 
expected to benefit from that business combination. Before recognition of impairment losses, the carrying amount of 
goodwill has been allocated as follows:
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
African LNG Holdings Ltd     5,624,989 5,624,989
Afgas Nigeria Limited     51,569 –
Afgas Infrastructure Limited     57,855 –
     5,734,413 5,624,989
   
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to 
which goodwill has been allocated.
Details of key assumptions and variables used are outlined in note 3. 
12. Other intangible assets   
      £
Cost   
At 1 March 2006 and 28 February 2007     –
Acquired through business combinations     252,770
Additions      253,430
At 29 February 2008      506,200
Amortisation   
At 1 March 2006, 28 February 2007 and 29 February 2008    – 
   
Carrying amount   
At 29 February 2008      506,200
At 28 February 2007      –
At 28 February 2006      – 42 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
12. Other intangible assets continued
No impairment in other intangible assets has been identified in the year (2007: £nil) and no amortisation has been 
charged as the cash generating units to which the assets have been allocated have not yet been brought into full 
operation.
13. Property, plant and equipment
    Office  Fixtures 
    equipment and fittings Total 
    £ £ £
Cost    
At 1 March 2006    4,110 – 4,110
Additions    39,534 88,784 128,318
At 28 February 2007    43,644 88,784 132,428
Additions    43,436 327,659 371,095
Acquired through business combinations   1,117 – 1,117
At 29 February 2008    88,197 416,443 504,640
    
d epreciation    
At 1 March 2006    – – –
Charge for the year    2,759 – 2,759
At 28 February 2007    2,759 – 2,759
Charge for the year    42,460 88,578 131,038
At 29 February 2008    45,219 88,578 133,797
    
Carrying amount    
At 29 February 2008    42,978 327,865 370,843
At 28 February 2007    40,885 88,784 129,669
At 28 February 2006    4,110 – 4,110
    
No impairment losses have been realised on any property, plant and equipment during the year.
14. Trade and other receivables
     29 February 28 February 
     2008 2007 
     £ £
Trade receivables     337,791 92,150
Prepayments and accrued income    66,524 30,028
Amounts owed by related parties    6,433 –
     410,748 122,178
  
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
15. Trade and other payables
     29 February 28 February 
     2008 2007 
     £ £
Other taxes and social security     12,342 -
Accruals     292,355 87,036
Trade payables     63,605 68,191
     368,302 155,227
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 43 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
Trade and other payables comprise amounts outstanding for trade purchases and ongoing costs. The average credit 
period taken for trade purchases is 30 days (2007: 18 days).
The Group has financial risk management policies in place to ensure that all payables are paid within the credit 
timeframe and no interest has been charged by any suppliers as a result of late payment of invoices during the year.
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
16. Short-term borrowings
     29 February 28 February 
     2008 2007 
     £ £
Bank overdrafts     – 7,723
     – 7,723
   
Bank overdrafts are used to manage short-term liquidity requirements and are repayable on demand.
17. Long-term borrowings
     29 February 28 February 
     2008 2007 
     £ £
Loan due to related party     74,156 144,157
     74,156 144,157
   
The long-term borrowings of the Group relate to amounts borrowed from African Gas Development Corporation 
Limited, the main share holder in African LNG. The amounts are provided in order to fund the working capital of 
African LNG and are not repayable unless notice is given 12 months in advance of the proposed repayment date.
The Group has no other external borrowings.
There is no significant difference between the carrying value and fair value of Gasol’s long-term borrowings.
18. Operating lease arrangements
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments under non-
cancellable operating leases, which fall due as follows:
     29 February 28 February 
     2008 2007 
     £ £
Within one year     151,200 –
In the second to fifth years     453,600 –
     604,800 –
   
At the balance sheet date, the Group had no outstanding commitment for future minimum operation lease payments 
after the next five years. 44 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
19. Share capital
   29 February 28 February 29 February 28 February 
   2008 2007 2008 2007 
   n umber Number £ £
Authorised:    
Ordinary shares of 0.5p each   400,000,000 400,000,000 2,000,000 2,000,000
    
Issued and fully paid:    
Ordinary shares of 0.5p each   155,766,666 155,766,666 778,833 778,833
    
The Company has one class of ordinary share which carries no right to fixed income.
No new shares were issued during the year (2007: 64,266,666).
20. Share options and other share-based payments
All options granted during the year were granted to Directors of the Company and are detailed in the Report of the 
Remuneration Committee on page 23.
Ordinary shares resulting from the exercise of any such rights will rank pari passu in all respects with the ordinary 
shares in issue at the time of such exercise.
The following illustrates the number and weighted average exercise prices (WAEP) of, and movements in, share 
options during the year.
   n umber of  Number of 
   share options  share options 
   Year ended w Aep Year ended WAEP 
   29 February pence 28 February pence 
   2008 2008 2007 2007
Outstanding at beginning of the year  51,450,000 14.91 30,200,000 6.66
Granted during the year   4,200,000 32.14 31,250,000 19.72
Exercised during the year   – n/a (10,000,000) 5.00
Outstanding at end of the year   55,650,000 16.21 51,450,000 14.91
Exercisable at end of the year   52,850,000 14.91 51,450,000 14.91
    
The weighted average remaining contractual life of the options outstanding at the balance sheet date was 1.60 years 
(28 February 2007: 2.27 years).
The following table lists the inputs to the model used to determine the fair value of options granted:
     Year ended Year ended 
     29 February 28 February 
     2008 2007
Option pricing model used     Black-s choles Black-Scholes
Weighted average share price at grant date (pence)    5.80 10.40
Weighted average exercise price (pence)    32.14 14.91
Weighted average contractual life (years)    6.53 3.00
Share price volatility (%)     120% 60%
Dividend yield     0% 0%
Risk-free interest rate (%)     5.7% 5.5%
  
In forming the volatility assumptions the directors have considered the volatility of the share price since the date of 
listing. The volatility of companies operating in the same sector has also been reviewed. 
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 45 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
The total share-based payment expense for 2008 was £179,971 (2007: £48,733).
No share-based payment liability existed at 29 February 2008 (2007: £nil).
All share-based payments are equity settled.
21. Acquisition of subsidiaries
On 15 March 2007 the Group acquired 75% of the issued share capital of Afgas Infrastructure Limited and a 
beneficial interest in 75% of the issued share capital of Afgas Nigeria Limited for a combined cash consideration  
of £400,000. This transaction has been accounted for by the purchase method of accounting.
    Afgas Nigeria Limited Afgas Infrastructure Limited
   Book value Fair value Book value Fair value 
   £ £ £ £
Property, plant and equipment   608 608 423 423
Intangible assets   –  –  252,770 252,770
Trade and other receivables   10,190 10,190 25,000 25,000
Cash and cash equivalents   24,511 24,511 –  – 
Trade and other payables   (22,926) (22,926) –  – 
t otal net assets   12,383 12,383 278,193 278,193
    
The share of the net assets acquired is the total of the net assets of the entity being acquired as a minority interest in 
retained losses is not permitted under IFRS.
Consideration (satisfied by cash)    63,952  336,048
Share of net assets acquired    (12,383)  (278,193)
Goodwill    51,569  57,855
    
n et cash outflow arising on acquisition    
Cash consideration    (63,952)  (336,048)
Cash and cash equivalents acquired   24,511  – 
    (39,441)  (336,048)
    
Afgas Infrastructure Limited contributed £485,685 to the Group’s loss before tax for the year between the date of 
acquisition and the balance sheet date.
Afgas Nigeria Limited increased the Group’s loss before tax by £176,864 for the year between the date of acquisition 
and the balance sheet date.
There would have been no significant impact on the loss for the year had the acquisitions of Afgas Nigeria Limited 
and Afgas Infrastructure Limited taken place on the first day of the year. 46 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
22. Subsidiaries
Details of the Company’s subsidiaries at 29 February 2008 are as follows:
 Place of  Proportion of Proportion of 
 incorporation  ownership  of voting 
 (or registration)  interest power held 
Name and operation Activity % %
African LNG Holdings Limited The Republic of Seychelles LNG operations 20% 20%
African LNG Services Limited United Kingdom Services company 20% 20%
Afgas Infrastructure Limited The Republic of Seychelles Infrastructure  
  development 75% 75%
Afgas Nigeria Limited Nigeria Energy research 75% 75%
On 7 May 2008 Gasol exercised its option to purchase the remaining 80% of the issued share capital of African LNG 
Holdings Limited from African Gas Development Corporation Limited (AFGAS). The purchase is to be satisfied by 
the issue of 623,067,064 new fully paid Gasol shares which will be issued subject to the successful completion of the 
acquisition. The new shares will represent approximately 75% of the Company’s enlarged share capital.
The acquisition will result in AFGAS acquiring a controlling interest in Gasol and is classified as a reverse takeover 
under the AIM rules for Companies. The acquisition is subject to a number of approvals from the Company’s 
shareholders which will be sought at an extraordinary general meeting of the Company on Tuesday 24 June 2008.
23. Cash and cash equivalents
     29 February 28 February 
     2008 2007 
     £ £
Cash at hand and in bank     1,446,955 14,174
Overdraft     – (7,723)
Treasury reserve deposits     – 4,992,862
Net cash and cash equivalents at the end of the year   1,446,955 4,999,313
  
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise 
cash at bank and other short-term highly liquid investments with an original maturity of three months or less.
The majority of the cash balances are held with reputable banks registered in the United Kingdom.
24. Financial instrument risk exposure and management
The Group is exposed to risks that arise from its use of financial instruments. This note describes the Group’s 
objectives, policies and processes for managing those risks and the methods used to measure them. Further 
quantitative information in respect of these risks is presented throughout these financial statements.
Principal financial instruments
The principal financial instruments used by the Group, from which financial instrument risk arises, are as follows:
trade receivables 
cash at bank
bank overdraft
trade and other payables
other borrowings
General objectives, policies and processes
The Board has overall responsibility for the determination of the Group’s risk management objectives and policies. 
The Board receives monthly reports from the Group Financial Controller through which it reviews the effectiveness  
of the processes put in place and the appropriateness of the objectives and policies it sets.
>
>
>
>
>
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 47 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
The overall objective of the Board is to set polices that seek to reduce risk as far as possible without unduly affecting 
the Group’s competitiveness and flexibility. Further details regarding these policies are set out below: 
Credit risk
The Group’s principal financial assets are bank balances and trade and other receivables.
Credit risk arises principally from the Group’s cash balances with further risk arising due to its trade receivables. 
Credit risk is the risk that the counterparty fails to repay its obligation in respect of the amounts owed.
The concentration of the Group’s credit risk is considered by counterparty, geography and by currency. The Group has 
a significant concentration of cash held on deposit with one large bank in the United Kingdom. At 29 February 2008 
the concentration of credit risk with that bank was £1,282,612 (28 February 2007: £4,535,371), consisting of 
£1,171,112 in cash deposits and a rental deposit of £111,499 held in trust.
There are no other significant concentrations of credit risk at the balance sheet date.
Cash and cash equivalents
The total estimated credit risk of the Group at 29 February 2008 was £1,791,179 (28 February 2007: £5,099,186).
There is no significant difference between the carrying value and fair value of cash and cash equivalents.
Trade receivables
The exposure to trade receivables is not currently extensive and no formal procedure is in place for monitoring and 
collecting amounts owed to Gasol. A risk management framework will be developed over time, as appropriate to the 
size and complexity of the business.
No trade and other receivables are past their due settlement date. The Directors consider that the carrying amount of 
trade and other receivables approximates to their fair value and no impairment has been deemed necessary in the year 
(2007: £nil).
Liquidity risk
Liquidity risk arises from the Group’s management of working capital and the finance charges and principal 
repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial 
obligations as they fall due.
The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they 
become due.
The Group monitors its cash balance on a daily basis and produces forecasts of its required expenditure over the 
coming year for review by management. Management can then take action to secure the right amount of funding  
at the appropriate time. At the year end the projections indicate that the Group expects to have sufficient access to 
liquid resources to meet its obligations.
There is no significant difference between the carrying value and fair value of the current and non-current financial 
liabilities recorded in the Group’s balance sheet.
Of the liabilities of the Group, bank overdrafts are repayable on demand and trade payables fall due within 30 days.  
At 29 February 2008, with the exception of the £74,156 of long-term borrowings, all liabilities on the balance sheet 
fall due within 30 days. 48 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
24. Financial instrument risk exposure and management continued
Maturity of financial liabilities
     Due within 30 days Due after one year 
     £ £
At 29 February 2008
Accruals     292,355 –
Trade payables     63,605 –
Long-term borrowings     – 74,156
t otal financial liabilities     355,960 74,156
   
At 28 February 2007
Bank overdraft     7,723 –
Accruals     87,036 –
Trade payables     68,191 –
Long-term borrowings     – 144,157
t otal financial liabilities     162,950 144,157
   
Market risk
With the exception of cash and cash equivalents, the Group has no interest bearing assets or liabilities or significant 
amounts held in foreign currencies. The Group therefore has no sensitivity to foreign exchange rates at either year end.
A 1% increase in interest rates across the year would have led to an increase in net interest income of £32,359  
(2007: £46,740).
Financial instruments by class and by category
 
      Loans and Receivables
     29 February  28 February 
     2008 2007 
     £ £
Current financial assets   
Trade and other receivables     344,236 92,150
Cash and cash equivalents     1,446,955 5,007,036
t otal current financial assets     1,791,191 5,099,186
   
Financial liabilities measured at amortised cost
     29 February  28 February 
     2008 2007 
     £ £
Current financial liabilities   
Overdraft     – 7,723
Accruals     292,355 87,036
Trade payables     63,605 68,191
t otal current financial liabilities    355,960 162,950
   
Non-current financial liabilities   
Long-term borrowings     74,156 144,157
t otal non-current financial liabilities    74,156 144,157
t otal financial liabilities     430,116 307,107
   
 
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 49 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
25. Capital management
The Group funds itself primarily through equity financing, with very little use of debt finance. The Group has access 
to capital via AIM, on which it is listed. To date, the majority of Gasol’s financing has been raised through placings 
with institutional investors. Gasol has not employed significant debt financing in the past.
26. Related party transactions
In addition to the transactions detailed in the Directors’ Report, the Group entered into the following related party 
transactions.
Haresh Kanabar is a director and shareholder of Blue Star Capital plc (“Blue Star”). At the balance sheet date, Blue 
Star’s held 21,666,666 ordinary shares, representing 13.91% of the issued share capital of Gasol.
At 29 February 2008, the subsidiary, African LNG had an outstanding loan balance of £74,156 (28 February 2007: 
£144,157) due to African Gas Development Corporation Limited (“AGDC”), the remaining 80% owner of African 
LNG Holdings Limited.
During the year, Gasol has incurred £6,433 of expenses on behalf of AGDC. This balance is outstanding at the 
balance sheet date.
Up to the balance sheet date, Gasol has provided funding of £900,000 to African LNG Holdings Limited to fund its 
working capital requirements. These amounts are deemed capital in nature and are not due to be repaid to Gasol.
Up to the balance sheet date, Gasol has provided loans of £828,849 to AIL to fund its working capital requirements. 
Amounts repayable from AIL are short-term and earn no interest on the outstanding loan balances.
Up to the balance sheet date, Gasol has provided loans of £142,116 to Afgas Nigeria Limited to fund its working 
capital requirements. Amounts repayable from Afgas Nigeria Limited are short-term and earn no interest on the 
outstanding loan balances.
An accrual of £66,667 has been made in respect of bonus payments payable to Soumo Bose. The bonus is payable in 
cash when the Board deem that the Group has adequate financial resources to do so but must be settled by the end of 
July 2009. No interest is payable on amounts outstanding.
From the date of the acquisition of the 75% stake in Afgas Infrastructure Limited, Gasol has incurred a total 
of £42,146 in respect of consultancy services rendered by a Owel Linkso, a group of companies for whom Dr. Charles 
Osezua is Chairman. At the year end, Gasol has accrued £5,000 in respect of costs incurred but not yet billed by 
Owel Linkso.
Substantial shareholdings
Gasol is a public limited company listed on AIM and has a diverse shareholder base. Management do not believe that 
there is one ultimate controlling party.
27. Events after the balance sheet date
Events occurring after the balance sheet date are discussed in the Directors’ Report on page 18.
  50 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
28. Explanation of transition to IFRS
This is the first year end that the Group has presented its financial statements under IFRS. The following disclosures 
are required in the year of transition. The last audited financial statements under UK GAAP were for the year ended 
28 February 2007 and the date of transition to IFRSs was therefore 1 March 2006.
(a) Reconciliation of consolidated balance sheet at 1 March 2006 from UK GAAP to IFRS
    
     Effect of 
      transition  
    UK GAAP to IFRS IFRS 
    £ £ £
Assets    
n on-current assets    
Property, plant and equipment    4,110 –  4,110
Current assets     
Trade and other receivables    17,001 –  17,001
Cash and cash equivalents    4,348,616 –  4,348,616
t otal current assets    4,365,617 –  4,365,617
t otal assets    4,369,727 –  4,369,727
    
Liabilities    
Current liabilities    
Trade and other payables    76,806 –  76,806
    
n on-current liabilities    
Convertible loan notes    630,000 –  630,000
t otal liabilities    706,806 –  706,806
n et assets    3,662,921 –  3,662,921
    
e quity    
Share capital    457,500 –  457,500
Share premium account    3,327,915 –  3,327,915
Retained losses    (122,494) –  (122,494)
t otal equity    3,662,921 –  3,662,921
    
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 51 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
(b) Reconciliation of consolidated balance sheet at 28 February 2007 from UK GAAP to IFRS
     Effect of 
      transition  
    UK GAAP to IFRS IFRS 
   Notes £ £ £
Assets    
n on-current assets    
Goodwill   (i) 5,484,364 140,625 5,624,989
Property, plant and equipment    129,669 –  129,669
t otal non-current assets    5,614,033 140,625 5,754,658
    
Current assets    
Trade and other receivables    122,178 –  122,178
Cash and cash equivalents    5,007,036 –  5,007,036
t otal current assets    5,129,214 –  5,129,214
t otal assets    10,743,247 140,625 10,883,872
     
Current liabilities    
Trade and other payables    155,227 –  155,227
Bank overdrafts and loans    7,723 –  7,723
t otal current liabilities    162,950 – 162,950
    
n on-current liabilities    
Trade and other payables    144,157 –  144,157
t otal liabilities    307,107 –  307,107
n et assets    10,436,140 140,625 10,576,765
    
e quity    
Share capital    778,833 –  778,833
Share premium account    10,263,993 –  10,263,993
Retained losses   (i), (ii) (376,810) (89,251) (466,061)
e quity attributable to equity holders of the parent  10,666,016 (89,251) 10,576,765
m inority interest   (ii) (229,876) 229,876  – 
t otal equity    10,436,140 140,625 10,576,765
     52 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
28. Explanation of transition to IFRS continued
(c) Reconciliation of the UK GAAP consolidated statement of profit and loss to the IFRS consolidated income 
statement for the year ended 28 February 2007
    
     Effect of 
      transition  
    UK GAAP to IFRS IFRS 
   Notes £ £ £
Administrative expenses   (i) (1,483,748) 140,625  (1,343,123)
Loss from operations    (1,483,748) 140,625  (1,343,123)
    
Investment revenues    210,423 –  210,423
Loss before tax    (1,273,325) 140,625 (1,132,700)
Tax     –  –  - 
Loss for the year    (1,273,325) 140,625 (1,132,700)
    
(d) Notes to reconciliations explaining the transition to IFRS
i.  Goodwill is not amortised under IFRS but is measured at cost less impairment losses. Under UK GAAP, 
goodwill was amortised on a straight line basis over the time that the Group was estimated to benefit from it.
ii.  Under IFRS, losses applicable to the minority in a consolidated subsidiary may only exceed the minority interest 
in the subsidiary’s equity to the extent that the minority has a binding obligation and is able to make additional 
investment to cover the losses.
iii. There is no impact on the financial statements of the Company resulting from the transition to IFRS.
Notes to the Consolidated Financial Statements
for the year ended 29 February 2008 continued 53 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
Notes to the Company Financial Statements
for the year ended 29 February 2008
29. Significant accounting policies
The separate financial statements of the company are presented as required by the Companies Act 1985. As permitted 
by that Act, the separate financial statements have been prepared in accordance with IFRS.
The principal accounting policies adopted are the same as those set out in note 2 to the consolidated financial 
statements except as noted below.
Investments in subsidiaries are stated at cost less, where appropriate, provisions for impairment.
30. Loss from operations
Loss from operations has been arrived at after charging:
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Depreciation of property, plant and equipment    116,578 2,759
Staff costs     484,548 245,635
Operating lease payments     159,667 – 
Share-based payments     179,971 48,733
Auditors’ remuneration   
As auditors     21,000 15,000
Corporate finance services     – 7,050
  Other     8,500 –
   
Staff costs presented above include fees paid to Directors of the Company and are shown net of share-based payments 
made to Directors. In both 2007 and 2008, all of the share-based payments charge included in the loss for the year 
related to share options granted to directors of Gasol. Further information on the valuation of share-based payments  
is disclosed in note 20.
31. Staff costs
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Directors’ fees and emoluments     540,974 253,199
Wages and salaries     74,692 26,950
Social security costs     48,853 14,219
     664,519 294,368
   
The average number of employees (including executive directors) employed by the Group during the year was:  
     Number Number
   
Management and finance     3 2
Administrative and support     2 1
     5 3
   
Further information regarding the remuneration of directors is included in the Report of the Remuneration 
Committee on pages 22 and 23. 54 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
32. Finance income
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Bank interest     155,314 210,156
   
33. Finance costs
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Bank interest     553 –
   
34. Taxation
     Year ended Year ended 
     29 February 28 February 
     2008 2007 
     £ £
Loss before taxation      (1,686,883) (845,355)
   
Loss before taxation at the standard rate of corporation tax in the UK of 30%  (506,065) (253,607)
   
Effects of:   
Expenses not deductible for tax purposes    88,965 58,535
Unutilised tax losses     417,100 195,072
Current tax charge     – –
   
The Company has incurred tax losses for the year and a corporation tax charge is not anticipated. The amount of the 
unutilised tax losses has not been recognised in the financial statements as the recovery of this benefit is dependent on 
the future profitability of certain subsidiaries, the timing of which cannot be reasonable foreseen.
If the Company makes profits in the future, unrecognised timing differences of £2,163,065 at 29 February 2008 
(28 February 2007: £1,162,966) would be recognised at a rate of 28%.
 
Notes to the Company Financial Statements
for the year ended 29 February 2008 continued 55 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
35. Investments in subsidiary undertakings
The value of the subsidiaries owned by the Company at 29 February 2008 is as follows:
      £
Cost  
At 1 March 2006      –
Additions      6,090,400
At 28 February 2007      6,090,400
Additions      700,000
At 29 February 2008      6,790,400
  
i mpairment  
At 1 March 2006, at 28 February 2007 and at 29 February 2008    –
Carrying amount  
At 29 February 2008      6,790,400
At 28 February 2007      6,390,400
At 28 February 2006      –
  
Afgas Nigeria Limited and Afgas Infrastructure Limited were both acquired in the year. Refer to note 21 for details.
Upon review of the investments held at 29 February 2008, no impairment is deemed necessary to any of the 
investments held by Gasol plc.
36. Property, plant and equipment
    Office Fixtures 
    equipment and fittings Total 
    £ £ £
Cost    
At 1 March 2006    4,110 – 4,110
Additions    39,534 88,784 128,318
At 28 February 2007    43,644 88,784 132,428
Additions    44,131 253,276 297,407
At 29 February 2008    87,775 342,060 429,835
    
d epreciation    
At 1 March 2006    – – –
Charge for the year    2,759 – 2,759
At 28 February 2007    2,759 – 2,759
Charge for the year    42,143 74,435 116,578
At 29 February 2008    44,902 74,435 119,337
    
Carrying amount    
At 29 February 2008    42,873 267,625 310,498
At 28 February 2007    40,855 88,784 129,669
At 28 February 2006    4,110 – 4,110
    
No impairment losses have been realised on any property, plant and equipment during the year. 56 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
37. Trade and other receivables
     29 February 28 February 
     2008 2007 
     £ £
Other receivables     249,628 52,208
Prepayments and accrued income    66,524 30,028
Amounts owed by related parties    6,433 –
Amounts owed by subsidiaries     972,194 –
     1,294,779 82,236
  
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
38. Trade and other payables
     29 February 28 February 
     2008 2007 
     £ £
Trade payables     45,912 51,812
Other taxes and social security     12,342 –
Accruals     292,355 371,521
     350,609 423,333
  
Trade and other payables comprise amounts outstanding for trade purchases and ongoing costs. The average credit 
period taken for trade purchases is 30 days.
The Company has financial risk management policies in place to ensure that all payables are paid within the credit 
timeframe and no interest has been charged by any suppliers as a result of late payment of invoices during the year.
The Directors consider that the carrying amount of trade and other payables approximates to their fair value.
39. Short-term borrowings
     29 February 28 February 
     2008 2007 
     £ £
Bank overdrafts     – 7,723
     – 7,723
   
Bank overdrafts are used to manage short-term liquidity requirements and are repayable on demand.
40. Operating lease arrangements
At the balance sheet date, the Company had outstanding commitments for future minimum lease payments under 
non-cancellable operating leases, which fall due as follows:
     29 February 28 February 
     2008 2007 
     £ £
Within one year     151,200 –
In the second to fifth years     453,600 –
     604,800 –
   
At the balance sheet date, the Company had no outstanding commitment for future minimum operation lease 
payments after the next five years.
Notes to the Company Financial Statements
for the year ended 29 February 2008 continued 57 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
41. Cash and cash equivalents 
     29 February 28 February 
     2008 2007 
     £ £
Cash at hand and in bank     1,312,130 –
Overdraft     – (7,723)
Treasury reserve deposits     – 4,992,861
Net cash at the end of the year     1,312,130 4,985,138
  
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise 
cash at bank and other short-term highly liquid investments with an original maturity of three months or less.
All cash is held with reputable banks registered in the United Kingdom.
Bank overdrafts are used to manage short-term liquidity requirements and are repayable on demand.
42. Financial instrument risk exposure and management
The Company is exposed to risks that arise from its use of financial instruments. This note describes the Company’s 
objectives, policies and processes for managing those risks and the methods used to measure them. Further 
quantitative information in respect of these risks is presented throughout these financial statements.
Principal financial instruments
The principal financial instruments used by the Company, from which financial instrument risk arises, are as follows:
trade receivables
amounts owed by subsidiaries
cash at bank
bank overdraft
trade and other payables
other borrowings
General objectives, policies and processes
The Company’s risk management objectives and policies are aligned with those of the Group and are outlined in 
note 24 to the consolidated financial statements.
Further details regarding the Company’s exposure to risks from the use of financial instruments are set out below:
Credit risk
Credit risk arises principally from the Company’s cash balances and amounts owed from subsidiaries. Credit risk is the 
risk that the counterparty fails to repay its obligation in respect of the amounts owed.
Cash and cash equivalents
The exposure to credit risk arising from cash and cash equivalents is discussed in note 41.
There is no significant difference between the carrying value and fair value of cash and cash equivalents.
Trade receivables
The exposure to trade receivables is not currently extensive and no formal procedure is in place for monitoring and 
collecting amounts owed to Gasol. A risk management framework will be developed over time, as appropriate to the 
size and complexity of the business.
There is no significant difference between the carrying value and fair value of trade receivables.
>
>
>
>
>
> 58 Gasol plc Annual Report and Accounts 2008al Report 
2008
Job:	 10689_GASOL_AR07_bck_AW	 Proof:	 03	 Proof Read by:
Operator:	tim	 Date:	 22.07.08	
Server:	 Studio	1	 Set-up:	 rich	 First	Read/Revisions
42. Financial instrument risk exposure and management continued
Credit risk continued
Amounts owed by subsidiaries
Gasol lends money to subsidiaries to fund their working capital requirements. These amounts are repayable on demand 
at the request of Gasol, although due to the long-term nature of the projects being funded, it is intended that repayment 
will not be requested until the subsidiaries generate sufficient revenues.
Liquidity risk
Liquidity risk arises from the Company’s management of working capital and the finance charges and principal 
repayments on its debt instruments. It is the risk that the Company will encounter difficulty in meeting its financial 
obligations as they fall due.
The Company’s policy in relation to liquidity risk is aligned with that of the Group and is outlined in note 24 to the 
consolidated financial statements.
There is no significant difference between the carrying value and fair value of the current and non-current financial 
liabilities recorded in the Company’s balance sheet.
Maturity of financial liabilities
 
     Due within Due after 
     30 days one year 
     £ £
At 29 February 2008
Accruals     292,355 –
Trade payables     45,912 –
Long-term borrowings     – 74,156
t otal financial liabilities     338,267 74,156
   
At 28 February 2007
Bank overdraft     7,723 –
Accruals     371,521 –
Trade payables     51,812 –
Long-term borrowings     – 144,157
t otal financial liabilities     431,056 144,157
   
Market risk
With the exception of cash and cash equivalents, the Company has no interest bearing assets or liabilities or 
significant amounts held in foreign currencies. The Company therefore has no sensitivity to foreign exchange  
rates at either year end.
A 1% increase in interest rates across the year would have led to an increase in net interest income of £31,486 
(2007: £50,130).
 
Notes to the Company Financial Statements
for the year ended 29 February 2008 continued 59 Annual Report and Accounts 2008 Gasol plc
Business review Corpor Ate G overn An Ce Fin An Ci AL st Atements s h Areho Lder in Form Ation
Financial instruments by class and by category
 
      Loans and Receivables
     29 February 28 February 
     2008 2007 
     £ £
Current financial assets   
Trade and other receivables     1,228,255 52,208
Cash and cash equivalents     1,312,130 4,992,861
t otal current financial assets     2,540,385 5,045,069
   
Trade and other receivables are stated inclusive of amounts owed by subsidiaries and other related parties of £978,627 
(28 February 2007: £nil)
     Financial liabilities measured  
     at amortised cost
     29 February 28 February 
     2008 2007 
     £ £
Current financial liabilities   
Overdraft     – 7,723
Accruals     292,355 371,521
Trade payables     45,912 51,812
t otal current financial liabilities    338,267 431,056
   
n on-current financial liabilities   
Long-term borrowings     74,156 144,157
t otal non-current financial liabilities    74,156 144,157
t otal financial liabilities     412,423 575,213
   
43. Capital management
Gasol funds itself primarily through equity financing, with very little use of debt finance. The Company has access to 
capital via AIM, on which it is listed. To date, the majority of Gasol’s financing has been raised through placings with 
institutional investors. Gasol has not employed significant debt financing in the past.
44. Explanation of transition to IFRS
This is the first year end that the Company has presented its financial statements under IFRS. The last audited 
financial statements under UK GAAP were for the year ended 28 February 2007 and the date of transition to IFRSs 
was therefore 1 March 2006.
The adoption of IFRS had no impact on either the equity or results of the Company. The only changes resulting from 
the transition to IFRS are of a presentational nature. Therefore a reconciliation of the opening and comparative equity 
and the comparative loss for the year has not been presented. 60 Gasol plc Annual Report and Accounts 2008al Report 
2008
Notes Gasol plc is an AIM-listed company founded 
to identify and secure commercially attractive 
opportunities in the newly-emerging African 
gas sector. Through a carefully considered 
programme of acquisitions, investments and 
strategic alliances, Gasol aims to become 
the industry’s premier Africa-focused gas 
independent, delivering value by connecting 
African gas to markets worldwide.
Business Review
01 Highlights 2007/08
02 At a Glance
04 Our Strategy
06 Chairman’s Statement
08 Chief Executive Officer’s Statement
12 Financial Review
14 Board of Directors
16 Strategic Advisors
Corporate Governance
17 Directors’ Report
20 Corporate Governance Statement
22 Report of the Remuneration Committee
24 Statement of Directors’ Responsibilities
25 Independent Auditors’ Report
Financial Statements
26 Consolidated Income Statement
27 Consolidated Statement of Changes in Equity
28 Company Statement of Changes in Equity
29 Consolidated Balance Sheet
30 Company Balance Sheet
31 Consolidated Cash Flow Statement
32 Company Cash Flow Statement
33 Notes to the Consolidated Financial Statements
53 Notes to the Company Financial Statements
Shareholder Information
IBC Officers and Professional Partners
Officers and Professional Partners
as at 25 June 2008
Country of incorporation and domicile United Kingdom
        
Legal form Public Limited Company
        
Directors Theo Oerlemans Chairman
 Soumo Bose Chief Executive Officer
 Rachel English Chief Financial Officer
 Osman Shahenshah Non-Executive Director
 Charles Osezua Non-Executive Director
 Paul Biggs Non-Executive Director
 Haresh Kanabar Non-Executive Director
        
Company Secretary Miles Thomas
& Registered Office 40 New Bond Street
 London W1S 2RX
        
Company Number 05350159
        
Nominated Advisor and Broker Jefferies International Ltd
 Vintners Place
 68 Upper Thames Street
 London EC4V 3BJ
        
Accountants Whale Rock Limited
 2nd Floor
 50 Gresham Street
 London EC2V 7AY
        
Auditors BDO Stoy Hayward LLP
 Commercial Buildings
 11-15 Cross Street
 Manchester M2 1WE
        
Solicitors K&L Gates LLP
 110 Cannon Street
 London EC4N 6AR
        
Registrars Neville Registrars Limited
 Neville House 
 18 Laurel Lane 
 Halesowen
 West Midlands B63 3DA
Public Relations Pelham PR 
 1 Cornhill 
 London EC3V 3ND The Africa-focused  
gas independent
Gasol plc Annual Report and Accounts 2008
Gasol plc Annual Report and Accounts 2008
Gasol plc
40 New Bond Street 
London 
W1S 2RX
United Kingdom
tel: +44 (0)20 7290 3300
fax:  +44 (0)20 7290 3330
email: info@gasolplc.com
www.gasolplc.com