Change in Substantial Shareholdings

16 April 2019

VOLGA GAS PLC

Change in Substantial Shareholdings

Volga Gas plc (the "Company"), the oil and gas exploration and production group operating in the Volga Region of Russia, was notified on 15 April 2019 of the following change in significant shareholdings:

· Baring Vostok Nominees Ltd, the holder of 39,620,000 Ordinary Shares, representing 48.90% of the outstanding share capital of the Company, has transferred its entire holding to Dehus Dolmen Nominees Ltd.

· As a consequence, the holding of Dehus Dolmen Nominees Ltd increases from 7,906,889 Ordinary Shares, representing 9.76% of the outstanding share capital of the Company, to 47,526,889 Ordinary Shares, representing 58.66% of the outstanding share capital of the Company.

The Baring Vostok Nominees Ltd holding comprised the interests of the limited partnerships which comprise the Baring Vostok Private Equity Fund III. As a result of this transfer, Dehus Dolmen Nominees Ltd becomes the nominee vehicle which holds the interests of the limited partnerships which comprise Baring Vostok Private Equity Fund III in addition to those comprising Baring Vostok Private Equity Fund IV. There is no change in beneficial ownership of the Shares as a result of this transaction.

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