Volga Gas: Delay in Publication of 2019 Annual Report
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, announces that there will be a delay in the publication of the Company’s audited financial results for the year ended 31 December 2019 (“Final Results”).
The delay is occasioned at the request of the Company’s auditors KPMG LLP and to reflect the additional time needed to complete additional auditor reviews and Board investigations into the effectiveness of the Group’s internal control and risk management systems and the potential introduction of a number of measures to strengthen them.
As disclosed in the Company’s Preliminary Results Announcement on 7 April 2020, the Audit Committee appointed external consultants to conduct a forensic examination of the process for appointment of sales agents, and the manner in which payments to these agents are calculated. This was completed and the results delivered to the Board and shared with the Company’s auditors.
The auditors have not reached a conclusion and continue to consider the wording of their Audit Report. It now appears impractical for the Company to produce and distribute its 2019 Annual Report and Accounts to shareholders in time for the Company to hold its Annual General Meeting before 30 June 2020. Accordingly, the Company has requested and received an extension to its filing deadline for its Final Results from 30 June 2020 to 30 September 2020.
