Karpenskiy license covering 4,180km² is in the Saratov Region. The licence area contains a producing oil field discovered by the company in 2007 in a supra-salt horizon and exploration potential in other identified structures in supra-salt, intra-salt and sub-salt horizons.

Vostochny Makarovskoye license ("VM") covering 17.8km² is in the Volgograd region.  The Vostochny-Makarovskoye gas-condensate field, Volga Gas’ principal field by reserves, commenced production in October 2012 with two wells.  Further development drilling was completed in 2015 bringing the total number of wells to four.

Dobrinskoye license is located 5 km from VM. The Dobrinskoye field is a producing gas and condensate field. A Gas Processing Unit ("GPU") built at the Dobrinskoye field site  has been upgraded and is being used to process gas from both the Dobrinskoye and VM fields.  Further modifications are in train to increase the permitted capacity of the GPU to facilitate full scale production from both fields.

Urozhainoye-2 license was purchased at a 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 several gas, condensate and oil fields.

Muradymosky license was issued in May 2018 with an initial geological study and evaluation commitment valid until 2023, by when the company may either commit to drill and exploration well or relinquish the licence.

The Company continues to focus its efforts on growing production from the Vostochny Makarovskoye and Dobrinskoye fields, developing additional reserves at its Uzen oil field and exploring identified structures on the three main exploration blocks.  The Company will also continue to seek potentially value accretive opportunities to acquire other oil, gas and condensate reserves.

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Share Price 32.00p Change 0.00 at 13:15 on 28/01/20