25 May 2012

Green light for Volga Gas 

13/11/2008 Robert Tyerman

Volga Gas sees production in European Russia starting by mid 2009 following the withdrawal of a key legal challenge.

Mikhail Ivanov says the AIM-quoted company is now in a position to bring its Vostochny-Makarovskoye (VM) project, holding a potential 52.3 billion barrels of condensate and 18.3 billion cubic feet of gas, into production during the first half of next year. The project had been stymied by a Russian lawsuit brought by Alexander Alekseevich Kulyaev, a shareholder in Moscow-based gas trader Trans Nafta.

Kulyaev alleged in the Moscow court that Trans Nafta’s 2006 sale of the VM licence holder, Gaznefteservis, to Volga was unlawful because the necessary corporate approvals had not been obtained. This case has now been cancelled, Kulyaev has cancelled all proceedings against Volga Gas and Volga Gas has ceased its own arbitration proceedings in London.

London-based Volga, which floated on AIM three years ago with a £155 million placing at £3, saw its initially high-flying shares plunge from 550p last April to 68p last month, because of the lawsuit. But the company continued to develop VM and is now well placed to take it to fruition without further delay.

Volga Gas shares have bounced to 90p and should go further.      

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Sector: Oil & Gas Producers

Companies: Volga Gas

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