Volga Gas plc (AIM:VGAS) announced that its board of directors ("Board") has decided to conduct a formal review of the various strategic options available to the Company to maximise value for shareholders. These options include, but are not limited to, the potential sale of the Company through the commencement of a "formal sale process" (as referred to in Note 2 on Rule 2.6 of the The City Code on Takeovers and Mergers (the "Takeover Code")) or the farm-out or sale of one or more of the Company's assets. The Board has established a special committee comprised of its independent non-executive directors to oversee the strategic review. One of the options that will be considered in the strategic review is a sale of the Company. The Takeover Panel has agreed that any discussions with third parties may be conducted within the context of a formal sale process under the Takeover Code to enable conversations with parties interested in making a proposal to take place on a confidential basis. The Company is not in receipt of any approaches at the time of this announcement. The Board has appointed Renaissance Capital - Financial Consultant Limited ("Renaissance Capital") as its financial adviser with regards to the strategic review and formal sale process and Auctus Advisors LLP ("Auctus") as independent financial adviser for the purposes of Rule 3 of the Takeover Code. Parties with a potential interest in making a proposal should contact Renaissance Capital. It is currently expected that any party interested in participating in the formal sale process will, at the appropriate time, enter into a non-disclosure agreement and standstill arrangement with Volga Gas on terms satisfactory to the Board of the Company. The Company then intends to provide such interested parties with certain information on the Group's business, following which interested parties shall be invited to submit their proposals to Renaissance Capital. It is the Board's current intention to complete the strategic review by the end of June 2020 and further announcements regarding timings for the formal sale process will be made when appropriate. Shareholders are advised this is not a firm intention to make an offer under Rule 2.7 of the Takeover Code and there can be no certainty that any offers will be made as a result of the formal sale process, that any sale or other transaction will be concluded, nor as to the terms on which any offer or other transaction may be made. The Board reserves the right to alter or terminate the process at any time and in such cases will make an announcement as appropriate. The Board also reserves the right to reject any approach or terminate discussions with any interested party at any time.