VOLGA GAS

Volga Gas is an independent oil and gas exploration and production company. It has two principal Russian operating subsidiaries, both 100% owned : Pre-Caspian Gas Company ("PGK") and Gasnefteservice ("GNS"). Through these operating subsidiaries, the Group has 100% interests in fourlicenses to explore for and produce oil, gas and condensate in the Volga region of Russia.