Volga Gas Accepts Takeover Offer
The board of directors of London-listed Volga Gas has accepted a takeover bid from Russian investment company GEM Capital, the company said on March 5.
GEM has offered to buy 92% of shares in Volga Gas, which holds five exploration and production licences in the Volga river area of southern Russia. The Russian investor intends to delist Volga Gas from the London stock exchange and buy all outstanding shares in the company.
"Given that the offer is now wholly unconditional, the board of Volga Gas recommends that Volga Gas shareholders who have not yet accepted the offer now do so promptly," Volga Gas said.
Volga Gas produced 8.3mn ft3/day of gas in 2020, along with 1,533 barrels/d of condensate, 512 b/d of oil and 180 b/d of liquified petroleum gas.