28th Aug 2008 14:00
28 August 2008
VOLGA GAS PLC
("Volga Gas" or the "Company")
re: Update
Volga Gas announces that it has discovered that Kulyaev, Alexander Alexandrovich, a purported Trans Nafta shareholder, has filed suit against its 100% wholly-owned subsidiary Woodhurst Holdings and Trans Nafta in the Basmanny Arbitration Court in Moscow to unwind the sale of Gaznefteservis ("GNS"), the holder of the Vostochny-Makarovskoye licence, by Trans Nafta to Woodhurst Holdings ("Woodhurst") in September 2006 ("Interest Sale & Purchase Agreement.") Woodhurst has not been properly served at this time.
The basis of the suit is that Trans Nafta had not obtained appropriate corporate approval to sell GNS to Woodhurst, despite representations and warranties to the contrary.
The Interest Sale and Purchase Agreement is subject to the laws of England and Wales. The Company is taking steps to defend its position in Russia and the United Kingdom.
The Company will provide updates as appropriate.
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For further information, please contact:
|
Financial Dynamics |
+44 (0)20 7831 3113 |
|
Jonathon Brill Billy Clegg Alex Beagley |
|
|
KBC Peel Hunt (Nominated Adviser and Joint Broker) |
+44 (0)20 7418 8900 |
|
Jonathan Marren Alina Savych |
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