Following the announcement by the Company of a formal sale process on 5 June 2014 a number of proposals were received from interested parties. However none of the proposals have been deemed by the Board to represent a fair value for the Company.
In light of the more recent economic developments, the Board has concluded that there is unlikely to be an acceptable proposal in the immediate future. As a result, Volga Gas announces that the formal sale process has been concluded with immediate effect and, as such, Volga Gas is no longer in an offer period for the purposes of the City Code on Takeovers and Mergers.
The Board remains confident in the outlook for the Company and its potential to continue delivering value to shareholders. Considerable progress has been made in recent years to bring the Company's main assets into production, which has resulted in strong cash generation and profitability.