Issue of Equity

16 May 2007 18:30

Volga Gas PLC16 May 2007 16 May 2007 FOR IMMEDIATE RELEASE VOLGA GAS PLC ISSUE OF ADDITIONAL SHARES Further to the restricted share agreements as described in the AdmissionDocument dated 20 April 2007, the Board approved the issuance on 15 May 2007 of87,516 ordinary shares to Mikhail Ivanov, acting as Chief Executive Officer and43,766 ordinary shares to Alistair Stobie, acting as Chief Financial Officer forthe Company. The shares will be acquired for the nominal value of £0.01 pershare. Following the issuance, Mr Ivanov and Mr Stobie will own 0.34% and 0.17% of theCompany's enlarged share capital accordingly. Application has been made to the London Stock Exchange for the Shares to beadmitted to trading on AIM. Admission is expected to be effective on 22 May2007. For additional information please contact:Financial Dynamics:Jonathon Brill +44 (0)20 7269 7170 Billy Clegg +44 (0)20 7269 7157 Ekaterina Alferova +44 (0)20 7269 7257 This information is provided by RNS The company news service from the London Stock Exchange