Volga Gas – Update on Formal Sale Process
Volga Gas plc, the oil and gas exploration and production group operating in the Volga Region of Russia, is pleased to provide an update on its formal sale process.
Further to the announcement made on 26 June 2020, the Company is continuing to engage in active discussions with a number of parties regarding the sale of the Company (or its entire business and assets).
As previously communicated, the Panel has granted a dispensation from the requirements of Rules 2.4(a), 2.4(b) and 2.6(a) of the Code such that any interested party participating in the formal sale process will not be required to be publicly identified under Rules 2.4(a) or 2.4(b) and will not be subject to the 28 day deadline referred to in Rule 2.6(a) of the Code for so long as it is participating in the formal sale process.
There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made.
The Board reserves the right to alter or terminate the formal sale process at any time and in such cases will make an announcement as appropriate. The Board also reserves the right to reject any approach or terminate discussions with any interested party at any time.
