Issue of Equity

24 Nov 2008 11:34



24th November 2008

VOLGA GAS PLC (the "Company")

ISSUE OF EQUITY

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 18 November 2008 of 175,034 ordinary shares (representing 0.32% of the voting rights in, and the issued share capital of, the Company) to Mikhail Ivanov, acting as Chief Executive Officer and 87,534 ordinary shares (representing 0.16% 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 525,100 and 274,350 ordinary shares respectively, representing 0.97% and 0.51% 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 28 November 2008.

Following the issue of the new shares there are 54,029,550 shares in issue.