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: [phone]
Nigel Robertson, Chairman
Haresh Kanabar, Chief Executive

Durlacher Limited                                         Tel: [phone]
Jonathan Retter
Katherine Roe

Buchanan Communications                                   Tel: [phone]
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: [phone]
John Vergopoulos, Chairman
Haresh Kanabar, Chief Executive

Durlacher Limited                                         Tel: [phone]
Matthew Robinson
Katherine Roe

Buchanan Communications                                   Tel: [phone]
Mark Court
James Strong




                      This information is provided by RNS
            The company news service from the London Stock Exchange