GEM Capital, a private, limited liability, company incorporated in Cyprus, completed the acquisition of Volga Gas, a United Kingdom-based company, which is engaged in the acquisition, exploration and development of hydrocarbon assets and production of hydrocarbons in the Volga Region of the Russian Federation, for £19m ($26m). "We are delighted to be announcing this all cash offer for Volga Gas. We believe that Volga Gas has significant potential but that, given its size, operating environment and geographic focus, it would fare far better as a private company with a simplified and more cost effective corporate structure, while benefitting from our support and assistance. Our Offer provides Volga Gas Shareholders with a certain cash exit, in full, at a premium to the prevailing market share price, prior to the Company's launch of its Formal Sale Process," Thomas Keane, GEM Director.