Transaction in Own Shares

24 July 2017

Volga Gas plc

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

Transaction in Own Shares

Volga Gas announces that it has purchased the following number of its ordinary shares of 1p each ("Ordinary Shares") on AIM via SP Angel Corporate Finance LLP.

Dates of purchase: 24 July 2017

Number of Ordinary Shares purchased: 170,000

Price paid per share: 58.25p

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, Mr. Zozulya has an interest in 270,000 Ordinary Shares. Volga Gas holds none of its Ordinary Shares in treasury.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

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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.

The information contained in this announcement has been reviewed and verified by Mr. Andrey Zozulya, Director and Chief Executive Officer of Volga Gas plc, for the purposes of the Guidance Note for Mining, Oil and Gas companies issued by the London Stock Exchange in June 2009. Mr. Andrey Zozulya holds a degree in Geophysics and Engineering from the Groznensky Oil & Gas Institute and is a member of the Society of Petroleum Engineers.