Investors in Sibir Energy, the Russian oil company beset by corporate governance issues and suspended from trading, were offered an exit plan on Tuesday when Gazprom extended a 500p per share offer to minority shareholders.

The recommended cash offer by Gazprom’s oil arm, Gazprom Neft, values Sibir at a premium to its last traded price of 167p three months ago. It applies to the remaining shares in free float that Gazprom does not already own after it bought 27.5 per cent over the past five weeks.