Proposed Investment in Gasol

Blue Star Capital plc 24 February 2005 For immediate release 24 February 2005 BLUE STAR CAPITAL PLC ('Blue Star' or 'the Company') Proposed Investment in Gasol plc Blue Star Capital plc (AIM: BLU), the company created to provide seed capital for early stage companies, is pleased to announce it has led the formation and is planning to invest in Gasol plc, a company that today revealed plans to float on AIM. Gasol has been established to capitalise on acquisition and investment opportunities in the oil and gas sectors. This is the third investment to be proposed, and third flotation candidate to be generated, by Blue Star since its flotation in October 2004. Its first investment, India Outsourcing Services plc, floated on AIM in December 2004 and its second, Black Raven Properties plc, floated on AIM in early February 2005. Blue Star intends to invest £300,000 in Gasol in return for 34.0 per cent of Gasol's shares. Nigel Robertson, Blue Star Capital's Chairman, commented: 'This is Blue Star's third investment and represents the further diversification of our portfolio into the oil and gas sectors. Through Gasol we will seek to gain exposure to the exciting opportunities offered by oil and gas properties and companies. We intend to continue the pace of investment at Blue Star given the level of opportunities available to us.' For further information: Blue Star Capital plc Tel: 020 7070 7283 Nigel Robertson, Chairman Haresh Kanabar, Chief Executive Durlacher Limited Tel: 020 7459 3600 Jonathan Retter Katherine Roe Buchanan Communications Tel: 020 7466 5000 Mark Court Elly Williamson The full text of Gasol's press announcement follows: GASOL PLC ('Gasol' or 'the Company') Intention to Float on the AIM market of the London Stock Exchange Gasol plc, a company established to capitalise on acquisition and investment opportunities in the oil and gas sectors, is pleased to announce its intention to seek admission to AIM by way of a Placing. Blue Star Capital (AIM: BLU), the company created to provide seed capital for early stage companies, has been instrumental in the formation of Gasol and proposes to make a significant investment in the Placing. Highlights • Gasol has been established to capitalise on acquisition and investment opportunities in the oil and gas sectors and will consider opportunities in Europe, Asia, Africa, the Former Soviet Union and South America. • Gasol has a strong management team. Its Chairman is John Vergopoulos, a founder and Non-Executive Director of Blue Star Capital, and its Chief Executive is Haresh Kanabar, the Chief Executive of Blue Star Capital. It is anticipated that a further Board member with specific sector expertise will be appointed in due course. • On Admission, the Company will have no trading businesses although a number of potential targets have been identified. • Gasol is raising gross proceeds of £1.45 million by way of a Placing. • The funds raised by the Placing will be used for carrying out due diligence on potential acquisitions and for the Company's initial working capital requirements. • It is expected that trading in Gasol shares will commence on AIM in March. • Durlacher is the Company's nominated adviser and broker. On the plans for the flotation, John Vergopoulos, Gasol's Chairman, said: 'We are particularly attracted to the oil and gas sectors as they have enjoyed significant and continued growth, driven by buoyant pricing and rising global demand. The economics of these sectors have been enhanced by recent technological progress, allowing the development of previously overlooked projects and giving us further confidence in our ability to identify and acquire suitable opportunities.' ENDS For further information: Gasol plc Tel: 020 7070 7283 John Vergopoulos, Chairman Haresh Kanabar, Chief Executive Durlacher Limited Tel: 020 7459 3600 Matthew Robinson Katherine Roe Buchanan Communications Tel: 020 7466 5000 Mark Court James Strong This information is provided by RNS The company news service from the London Stock Exchange