Zoltav Resources Inc Operations Update (0654C)
January 17 2018 - 2:00AM
UK Regulatory
TIDMZOL
RNS Number : 0654C
Zoltav Resources Inc
17 January 2018
17 January 2018
Zoltav Resources Inc.
("Zoltav" or the "Company")
Operations Update
Zoltav (AIM: ZOL), the Russia-focused oil and gas exploration
and production company, is pleased to provide an update on the
Company's exploration programme to assess the resource potential of
the Carbonian and Devonian structures in the Western Fields of the
Bortovoy Licence, Saratov.
As previously stated, Zoltav believes there is potential to
yield substantial additional reserves and production from the
Carbonian and Devonian horizons which, if proven, would have a
transformational impact on the size of the Bortovoy asset. The
availability of modern seismic imaging, drilling and production
technologies has enabled the Company to develop a work programme
targetting these deeper structures which lie approximately
3,500-5,000 m below surface.
The final interpretation report for 180 sq km of 3D seismic
acquired last year over the Carbonian and Devonian (and also
prospective Permian) structures in the North Mokrous block is
expected to be completed by March 2018 and will enable the Company
to optimally position future wells. The 3D seismic data acquired
over this area will also contribute to the development in due
course of a new drilling plan for the shallower Permian basin, from
which Zoltav is currently producing, with the objective of
restoring the Western Gas Plant to full capacity.
In addition to the 180 sq km of 3D seismic acquired in 2017,
Zoltav has initiated the acquisition of a further 316 sq km of 3D
seismic over the Mokrous block, located in the eastern part of the
Western Fields of the Bortovoy Licence, approximately 30 km east of
the Karpenskoye field from which the Company is currently
producing. The 3D seismic field work from this phase is expected to
be completed by October 2018 and the area of coverage may be
extended thereafter.
Zoltav is in the process of recruiting an upstream team with
significant geological and technical experience in Carbonian and
Devonian structures to support the next phase of the work programme
and, if successful, the commercialisation of this horizon. A
further announcement will be made in due course.
Eduard Sleyn, Chief Executive Officer, commented:
"The availability of modern 3D seismic imaging, drilling and
production technologies is enabling the Company to explore the
deeper Carbonian and Devonian structures which, if proven, could
have a transformational impact on the Company's reserves. After
much planning, and the acquisition of 180 sq km of 3D seismic last
year, Zoltav is pleased to have commenced the next phase of the
seismic programme aimed at assessing the potential of these
horizons. We look forward to providing further updates in due
course."
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
Contacts:
Zoltav Resources Inc. Tel. +44 (0)20
7830 9704
Lea Verny, Independent Non-executive (via Vigo Communications)
Chairman
SP Angel Corporate Finance Tel. +44 (0)20
LLP (Nomad and Joint Broker) 3470 0470
John Mackay / Jeff Keating
/ Soltan Tagiev
Panmure Gordon (Joint Broker) Tel. +44 (0)20
7886 2500
Adam James / Tom Salvesen
Vigo Communications Tel. +44 (0)20
7830 9704
Ben Simons / Kate Rogucheva zoltav@vigocomms.com
About Zoltav
Zoltav is an oil and gas exploration and production company
focused on Russia.
Zoltav holds the Bortovoy Licence in the Saratov region of South
Western Russia, a 3,215 square kilometre area along the northern
margin of the Pre-Caspian basin, one of the largest hydrocarbon
basins in the CIS.
The Bortovoy Licence contains a number of productive gas fields,
a processing plant and significant exploration prospectivity. It
holds Proved plus Probable reserves of 750 bcf (21.3 bcm) of gas
and 3.8 mmbbls (484 mT) of oil and condensate. In 2016, the
Bortovoy Licence produced approximately 3.3 mmboe (450 mToe).
Zoltav also holds the Koltogor E&P Licence, a 528 square
kilometre area in the Khantiy-Mansisk Autonomous Okrug of Western
Siberia, one of Russian's most prolific oil producing regions. The
Koltogor E&P Licence contains the Koltogor oil field with
Proved plus Probable reserves of 79.2 mmboe (10.8 mToe).
Additionally, Zoltav holds Koltogor E&P Licence 10, a 167
square kilometre area due west of the Koltogor E&P Licence,
containing the West Koltogor oil field.
For further information on Zoltav or to sign up for our news
alert service visit: www.zoltav.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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