Transaction In Own Shares - Correction

This announcement replaces RNS Number : 0512F issued at 17.56 on 22 July 2016. It corrects the nominal value of the Company's ordinary shares.

22 July 2016

Volga Gas plc

("Volga Gas", the "Company" or the "Group")

Transaction In Own Shares - Correction

Volga Gas announces that it has purchased the following number of its ordinary shares of 1p each on AIM via Stifel Nicolaus Europe Limited.

Ordinary Shares:

Date of purchase: 21 July 2016

Number of ordinary shares purchased: 50,000

Highest price paid per share: 47.25p

Lowest price paid per share: 47.25p

Volume weighted average price per share: 47.25p

The Company purchased the shares to settle a bonus payment to its Chief Executive Officer. The shares purchased are to be registered directly in the name of Andrey Zozulya.

Following the purchase of these shares, Volga Gas holds none of its ordinary shares in treasury.

For further information, please contact:

Editors' notes:

Volga Gas is an independent oil and gas exploration and production company operating in the Volga region of Russia. The company has 100% interests in its four licence areas.