Volga Gas PLC Directorate Changes (4371K)

TIDMVGAS

RNS Number : 4371K

Volga Gas PLC

16 April 2015

16 April 2015

VOLGA GAS PLC

Directorate Changes

Volga Gas plc ("Volga Gas", the "Group" or the "Company"), the oil and gas exploration and production group operating in the Volga region of Russia, is pleased to announce a new Board appointment and further directorate changes.

Mikhail Ivanov has advised the Board of the Company that after 9 years of service as Chief Executive Officer of Volga Gas he wishes to relinquish his current position for personal reasons. However, at the request of the Board, Mr. Ivanov is to remain a director of the Company and will become non-executive Chairman of Volga Gas at the conclusion of the next Annual General Meeting on 5 June 2015. Aleksey Kalinin, the current Chairman of Volga Gas, will move to become a non-executive director of the Company.

To succeed Mr. Ivanov, after a careful search process and interviews with several highly qualified individuals, the Board is pleased to announce the appointment of Mr. Andrey Zozulya as new Chief Executive Officer of Volga Gas.

Mr. Zozulya, aged 43, is a Russian citizen and has over 20 years' experience in the oil sector in Russia both with major oil and oil service companies, including over 10 years with Schlumberger. He also has experience of operating in the Saratov region in which Volga Gas' operations are based. He has a degree in Geophysics and Engineering from the Groznensky Oil & Gas Institute and is a member of the Society of Petroleum Engineers.

Mr. Zozulya will join the Board of Volga Gas on 5 May 2015 and after a brief transition period will assume the role of Chief Executive Officer.

During the past five years, Mr. Zozulya has not held any directorships and does not currently own any ordinary shares in the Company. There are no further disclosures as required under Schedule Two (g) (i)-(viii) of the AIM Rules for Companies.

Aleksey Kalinin, Chairman of Volga Gas, commented:

"On behalf of the Board of Volga Gas I would like to pay tribute to the key role that Mikhail Ivanov has played in the creation of the Group and its development to date. I am delighted that he has agreed to remain on the Board and to assume the position of Chairman. The Group will benefit from his continuing involvement, commitment and advice.

"We are delighted to have been able to recruit Andrey Zozulya to the role of Chief Executive and are confident that he has all the required qualities and experience to lead the Group in its next stage of development."

For additional information please contact:

 
 Volga Gas plc 
 Mikhail Ivanov, Chief Executive 
  Officer                           [phone] 
 Tony Alves, Chief Financial 
  Officer                           [phone] 
 
 Stifel Nicolaus Europe Limited 
 Michael Shaw 
  Ashton Clanfield                  [phone] 
 
 FTI Consulting 
 Ed Westropp                        [phone] 
 Alex Beagley 
 

Editors' notes:

Volga Gas is an independent oil and gas exploration and production company operating in the Volga region of European Russia. The Company has 100% interests in its four licence areas.

This information is provided by RNS

The company news service from the London Stock Exchange

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