<<Print>>

STATEMENT BY GHANAGAS ON THE INTENDED TAKEOVER OF THE COMPANY BY GNPC The attention of the Board of Directors of the Ghana National Gas Company (Ghana Gas) has been drawn to various news items and articles suggesting that the takeover of the Company by the Ghana National Petroleum Company (GNPC) has been concluded. While the Board has become aware of government intention, through its announcement in the Budget & Financial Estimates of 2015, to transfer its ownership of Ghana Gas to the GNPC, as a limited liability company, the Board of Ghana Gas has as of today not passed any resolution nor has the Board filed the necessary papers to effect the change in ownership. Statements suggesting that the takeover has been concluded are, therefore, surprising and premature. The Board & Management of Ghana Gas have not held a single meeting with the Transaction Advisor (who a statement from the Minister for Finance said has been appointed), neither has the Transaction Advisor requested the Company to provide it with any information. It cannot therefore be said that the process has been undertaken and concluded. We are also yet to receive any written indications from either the Minister for Finance or Minister for Energy on the takeover decision and the way forward as the Company prepares to meet the Transaction Advisor. The Board of Ghana Gas wishes to urge all stakeholders to allow the appointed Transaction Advisor to undertake its assigned task before arriving at any conclusions. All media houses and interested persons are encouraged to contact the Corporate Communications Department of Ghana Gas for any clarifications and information as we manage this transitory period. DR. KWESI BOTCHWEY BOARD CHAIRMAN Accra: December 11, 2014