Issue of Additional Shares

15 May 2008 07:00



15 May 2008

VOLGA GAS PLC 

(the "Company")

ISSUE OF ADDITIONAL SHARES

Further to the restricted share agreements as described in the Admission Document dated 20 April 2007, the Board of the Company approved the issuance on 13 May 2008 of 87,517 ordinary shares (representing 0.16% of the voting rights in, and the issued share capital of, the Company) to Mikhail Ivanov, acting as Chief Executive Officer and 43,767 ordinary shares (representing 0.08% of the voting rights in, and the issued share capital of, the Company) to Alistair Stobie, acting as Chief Financial Officer for the Company. The shares will be acquired for the nominal value of GBP 0.01 per share.

Following the issuance, Mr Ivanov and Mr Stobie will own 350,066 and 186,816 ordinary shares respectively, representing 0.65% and 0.35% of the voting rights in, and the enlarged share capital of, the Company.

Application has been made to the London Stock Exchange for the shares to be admitted to trading on AIM. Admission is expected to be effective on 21 May 2008.

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