Director/PDMR Shareholding

Volga Gas plc

16 April 2012

NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY AND/OR CONNECTED PERSONS

This form is intended for use by an issuer to make a RIS notification required by DTR 3.1.4R(1).

1. Name of the issuer

Volga Gas plc

2. State whether the notification relates to:

(i) a transaction notified in accordance with DTR 3.1.2R;

(ii) a disclosure made in accordance LR 9.8.6R(1); or

(iii) a disclosure made in accordance with section 793 of the Companies Act (2006).

This notification relates to a transaction notified in accordance with DTR 3.1.2R

3. Name of person discharging managerial responsibilities/director

Mikhail Ivanov

4. State whether notification relates to a person connected with a person discharging managerial responsibilities/director named in 3 and identify the connected person

N/A

 5. Indicate whether the notification is in respect of a holding of the person referred to in 3 or 4 above or in respect of a non-beneficial interest

This notification is made in respect of holdings of the person referred to in 3 above.

6. Description of shares (including class), debentures or derivatives or financial instruments relating to shares

Ordinary shares of GBP 0.01 each fully paid

 7. Name of registered shareholders(s) and, if more than one, the number of shares held by each of them

Mikhail Ivanov (vendor) - 525,100

City Group Finance Ltd. (purchaser) - 525,100

8. State the nature of the transaction

(i) Off market sale of ordinary shares by Mikhail Ivanov

(ii) Off market purchase of ordinary shares by City Group Finance Ltd.

9. Number of shares, debentures or financial instruments relating to shares acquired

City Group Finance Ltd. - 525,100 (0.648%)

10. Percentage of issued class acquired (treasury shares of that class should not be taken into account when calculating percentage)

See percentage figures in 9 above.

11. Number of shares, debentures or financial instruments relating to shares disposed

 Mikhail Ivanov - 525,100 (0.648%)

12. Percentage of issued class disposed (treasury shares of that class should not be taken into account when calculating percentage)

See percentage figures in 11 above.

13. Price per share or value of transaction

Purchase and sale price: USD 0.70 per share (44.0p)

14. Date and place of transaction

12 April 2012 - off market

15. Total holding following notification and total percentage holding following notification (any treasury shares should not be taken into account when calculating percentage)

Mikhail Ivanov total beneficial holding - 1,000,000 (1.234%) (No change in beneficial holding)

16. Date issuer informed of transaction

13 April 2012

 If a person discharging managerial responsibilities has been granted options by the issuer complete the following boxes

 17. Date of grant

N/A

18. Period during which or date on which exercisable

N/A

19. Total amount paid (if any) for grant of the option

N/A

20. Description of shares or debentures involved (class and number)

N/A

21. Exercise price (if fixed at time of grant) or indication that price is to be fixed at the time of exercise

N/A

22. Total number of shares or debentures over which options held following notification

1,137,464 (no change in number from previous disclosures)

 23. Any additional information

NONE

 24. Name of contact and telephone number for queries

Tony Alves, Company Secretary

+44 20 8622 4451

Name of authorised official of issuer responsible for making notification

Tony Alves, Company Secretary

Date of notification

16 April 2012