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Volga Gas is an independent oil and gas exploration and production company. It has 100% interest in two Russian companies, Pre-Caspian Gas Company ("PGK") and Gasnefteservice ("GNS") which hold four licenses to explore for and produce oil and gas 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 by companies in the Lukoil group. 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. 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 covering 17.8km² in the Volgograd region in the Volga area of Russia. The Company is focusing its immediate efforts on proving the reserves in the Karpenskiy license area and developing the Vostochny Makarovskoye license area. The Company will also continue to seek out under-valued 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 * Copyright © 2007-2008 Volga Gas plc. All rights reserved. Updated 2008-09-17 |
