Volga Gas is an independent oil and gas exploration and production company. It has 100% interest in three Russian companies, Pre-Caspian Gas Company ("PGK"), Gasneftedobyucha ("GND") and Gasnefteservice ("GNS") that hold five licenses to explore for and produce oil, gas and condensate in the Volga Region.
PGK is a Russian company and holds three 25-year exploration and production licenses:
Karpenskiy license covering about 4,180km² in the Saratov region in the Volga area of Russia There are two identified sub-salt structures on the license area which have already been subject to substantial exploration activities. Two supra-salt oil fields were discovered in 2008-2009 at the license block and put on production.
Pre-Caspian license which PGK won at government auction in October 2006. The Pre-Caspian license covers 1,437km2 and is approximately 50km from the Karpenskiy license area. A deep sub-salt structure similar to ones found on Karpensky block was identified.
Urozhainoye-2 license which PGK won at government auction in September 2007. The license covers 354km2 and is located approximately 15km to the north of the Company's Karpenskiy Licence Area and is in close proximity with up to 30 gas/condensate/oil fields.
GNS is a Russian company which holds the 20-year Vostochny Makarovskoye license ("VM") covering 17.8km² in the Volgograd region in the Volga area of Russia. Vostochny-Makarovskoye gas-condensate field is being developed (3 wellls drilled by Volga Gas).
GND is a recently acquired Russian company which holds the 20 year Dobrinskoye license adjacent to VM. Dobrinskoye field is producing gas and condensate. There is a Gas Processing Unit ("GPU") built at the field just 5km from VM. The GPU is being used to process gas from Dobrinskoye field and will be used to process gas from VM after some modifications are completed.
The Company is focusing its immediate efforts on developing the Vostochny Makarovskoye license area and exploring identified structures on other 3 blocks. The Company will also continue to seek out under-valued oil, gas and condensate reserves in European Russia where it believes that it can readily access Gazprom's unified gas supply system ("UGSS") and serve local demand.
* Volga Gas plc was incorporated in England and Wales with registered number 5886534 in July 2006 *
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