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Oil & Gas Support (OGSP)

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Friday 29 February, 2008

Oil & Gas Support

Final Results for the Period ended 30 September...

                                                                                                       29 February 2008

                                   OIL AND GAS SUPPORT SERVICES PLC ("the Company")

                                 FINAL RESULTS FOR THE PERIOD ENDED 30 SEPTEMBER 2007

                 CHAIRMAN'S STATEMENT

                     *       Maiden pre tax loss of £177,308
                     *       New Chief Executive and consultant appointed

                 I am pleased to deliver the maiden results for Oil and Gas Support Services Plc (PLUS: OGSP).

                 The  Company  was admitted to PLUS Markets ("PLUS") in January 2007 with the strategy  of  seeking  to
                 acquire  businesses  in  the  global  oil and gas sector, focusing  upon:  the  supply  of  specialist
                 personnel;  the  procurement  of goods and facilities; and the provision of  logistics  services.  The
                 Company  raised  a  total  of £615,250 gross prior to its admission to PLUS,  and  incurred  costs  of
                 £76,398,  leaving it with £538,852 working capital. The cash balance at the end of the period  covered
                 by these accounts was £448,294.

                 Since  Introduction we have been actively involved in negotiations with three companies, all of  which
                 progressed  to  a late stage towards reaching heads of terms, and in which we have undertaken  various
                 stages of due diligence. However, in all three cases the negotiations stalled on the issue of purchase

                 We have identified a number of other companies that fit our initial criteria, which are set out below,
                 and we are accordingly progressing them further.

                 To  enable  the  Company to achieve its aims, we have now concluded the appointment of  a  consultant,
                 James Wells, highly experienced in the oil and gas sector, with effect from 1 July 2007. We have also,
                 effective 1 October 2007, appointed a new Chief Executive of the Company, Alastair Watson, a chartered
                 accountant.  Alastair is experienced in corporate finance, particularly in the funding of acquisitions
                 and management buy-outs.  Alastair and James will both be directly involved in introducing and seeking
                 out potential acquisitions.

                 The Board remains persistent in seeking to achieve a significant acquisition this year.

                 Overview of the market

                 The  price  of  oil  has  more than doubled over the last three years and gas  prices  have  increased
                 significantly over the same period.
                 The  Directors  believe that the increase in price of, and demand for, oil and gas  will  lead  to  an
                 increase  in activity within the oil and gas sector as a whole and will in particular lead to  renewed
                 activity  in  both  exploration of new sites and productivity of existing sites.  The  Directors  also
                 believe  that  such  renewed activity in the oil and gas sector will in turn result  in  an  increased
                 demand  for related support services and that this presents opportunities for the Company in a  growth
                 market  sector.  The  support service areas that the Company will be considering for  investment  will
                 include  services to the oil and gas sector, including petrochemicals, liquefied natural gas, relating
                 to the activities of exploration, production, refining, distribution, and research and development.
                 It  is estimated that oil and gas combined will continue to provide approximately 60 per cent. of  the
                 overall  global energy needs to 2030. The leading oil and gas producing countries are Algeria, Canada,
                 China,  Indonesia,  Iran,  Kuwait,  Mexico, Netherlands, Norway, Russia,  Saudi  Arabia,  UK,  US  and
                 Venezuela. The number of oil producing countries continues to grow and in recent years, new oil fields
                 have been discovered in Turkmenistan, Vietnam, Azerbijan, Kazakhstan, Nigeria, China and Russia.
                 Renewed  exploration  activity in the United Kingdom has been confirmed by  The  Department  of  Trade
                 following  the  deadline for licensing applications in June 2006. Applications were  received  by  121
                 companies for new UK oil and gas exploration and production licenses, which represents a 35-year high.
                 This  points  to  a  continuing strong interest in the North Sea by major companies including  Amerada
                 Hess,  BP, Centrica, Chevron Texaco, Conoco Phillips, Exxon Mobil, National Grid Transco, Schlumberger
                 and Shell.
                 The  demand  for  support  services within the oil and gas sector is expected  to  rise  from  renewed
                 activity  within  the sector as a whole. As oil fields mature, the industry's focus has  shifted  from
                 searching  for new oil discoveries to raising the productivity of mature fields, as well as developing
                 smaller fields that were not previously considered commercially viable.
                 Business opportunities
                 The Company is seeking out opportunities in the oil and gas support services sector, with a particular
                 focus  on:  the supply of specialist personnel; the procurement of equipment and facilities;  and  the
                 supply  of  logistics.  The Directors will also review other opportunities that arise  within  support
                 services, specific to the oil and gas sector.
                 In spring 2006 the upstream oil and gas sector provided employment for 260,000 people. Of these:
                 *       30,000 people were directly employed by the operators;
*       155,000 were employed by contractors and the supply chain; and
                 *       75,000 were employed in jobs that were created through the economic activity.

                 Latest  forecasts  project that this would have risen to 380,000 jobs, driven by  expected  growth  in
                 operating expenditure and some growth in spending on exploration, although this will depend on rig and
                 labour  availability. The Directors also consider that an increase in demand for services in  the  oil
                 and  gas sector will result in a shortage of skilled personnel. Supply of personnel to the oil and gas
                 industry  is becoming increasingly challenging, where 50 per cent. of industry employees are estimated
                 to  become  eligible  to retire within the next 13 years. The Directors believe that  an  increase  in
                 activity in the sector will result in an increased demand for workforce skills. The Company intends to
                 actively seek the acquisition of an established specialist personnel supplier for the industry.
                 The  Directors believe that there will be a strategic benefit in consolidating a procurement  company,
                 which  can  manage the supply-chain for projects in the oil and gas sector. Activities  in  this  area
                 would  typically  involve the competitive sourcing, procurement and supply  of  oil  and  gas  related
                 facilities, equipment and services.
                 Logistics management services
                 The  Directors believe that the acquisition of a logistics management services company to the oil  and
                 gas  sector  would  fulfil the Company's strategy of becoming a provider of support  services  to  the
                 sector  in  areas  such  as transportation of project freight which, due to its size,  often  requires
                 specialised  expertise and sophisticated logistics capabilities to co-ordinate  cargo  movements  from
                 origin to destination.
                  Acquisition criteria
                 The Company's criteria are that target businesses for acquisition would typically:

                 *       be in the business of providing support services to the global oil and gas sector;
*       be profitable or have significant asset value and should have opportunities for
consolidation or further development; and
                 *       be acquired on the basis that a large part of the consideration for any acquisition would be settled by the
                     issue of new Ordinary Shares or other securities in the Company.

                 On  an exceptional basis the Directors will also consider loss-making targets where, in the Directors'
                 opinion, there is a clear opportunity to develop a profitable and attractive business.

                 Principal business risks

                 The  Company's business is to acquire or buy stakes in companies operating in the oil and gas  sector.
                 In  this  process the Company may well acquire shares in quoted companies where the market  price  may
                 prove to be volatile, thereby making it difficult for the company to  realise its investment due to  a
                 potentially illiquid market. Investments in private companies may also be difficult to realise.

                 Post balance sheet event

                 In  December 2007 the Company bought 250,000 ordinary shares in Africa Oil Exploration Plc, quoted  on
                 PLUS,  for  a  total consideration including costs of £40,350. On 22 February 2008, at the  bid  price
                 quoted, this holding was valued at £42,500.

                 Mark Watson-Mitchell
                 Executive Chairman

                 Further information:
                 Oil and Gas Support Services plc
                 Mark Watson-Mitchell, Executive Chairman
                 Email: [email protected]
                 Tel: 020 7638 8750

                 St Helen's Capital Plc
                 Barry Hocken, Director
                 Email: [email protected]
                 Tel: 020 7628 5582

                 The Directors of the Issuer accept responsibility for this announcement.

                 Notes to editors

                 Oil and Gas Support Services plc (PLUS:OGSP) was established to acquire and invest in companies
                 operating in the oil and gas support services sector.


                 PROFIT AND LOSS ACCOUNT
                 For the period from 25 September 2006 to 30 September 2007

                                                                                     Notes                  2007

                  Turnover                                                                                     -
                  Administrative expenses                                                              (189,080)

                  Operating loss                                                                       (189,080)
                  Interest received                                                                       11,772

                  Loss on ordinary activities before taxation                                          (177,308)
                  Tax on loss on ordinary activities                                                           -

                  Loss for the financial period                                                        (177,308)
                  Loss per share                                                                                
                  Basic and diluted                                                    6                 (0.43)p

                 All of the Company's operations are classed as continuing. There were no gains or losses in the period
                 other than those included in the above profit and loss account.

                 BALANCE SHEET
                 As at 30 September 2007

                  Current assets                                                                                
                  Debtors                                                                                  3,551
                  Cash at bank                                                                           448,294


                  Creditors: amounts falling due within one year                                        (14,490)

                  Net assets


                  Capital and reserves                                                                          
                  Called up share capital                                                                266,313
                  Share premium account                                                                  348,350

                  Profit and loss account

                  Shareholders' funds



                 NOTES TO THE ACCOUNTS

                 1.  The  above audited results cover the period from incorporation on 25 September 2006 to 30 September

                 2. The directors do not recommend the payment of a dividend.

                 3. The financial information in this release has been extracted from the audited accounts.

                 4. The financial information set out above does not constitute the Company's statutory accounts
                 for  the period ended 30 September 2007, but it is derived from those accounts. Statutory accounts  for
                 2007  will  be delivered to the Registrar of Companies following the Company's Annual General  Meeting,
                 which  is  due  to be held on 28 March 2007.The auditors have reported on these accounts, their  report
                 was  unqualified  and did not contain statements under section 237(2) or 237(3) of  the  Companies  Act

                 5.  Copies  of  the full accounts will be filed on the Company's website and mailed to shareholders  as
                 soon as they are produced.

                 6. Loss per share:
                 The basic loss per share is based upon a loss of £177,308 and the weighted average number of shares  of
                 40,772,266 in issue during the period. There are no potential dilutive instruments in issue.

                 7. Post balance sheet event:

                 In  December 2007 the Company bought 250,000 ordinary shares in Africa Oil Exploration Plc, quoted  on
                 PLUS,  for  a  total consideration including costs of £40,350. On 22 February 2008, at the  bid  price
                 quoted, this holding was valued at £42,500.

Oil and Gas Support Services plc


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