Zoltav Resources Inc Exploration Programme Update (6254H)
14 March 2018 - 6:00PM
UK Regulatory
TIDMZOL
RNS Number : 6254H
Zoltav Resources Inc
14 March 2018
14 March 2018
Zoltav Resources Inc.
("Zoltav" or the "Company")
Exploration Programme 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.
Preliminary interpretation of the 180 sq km of 3D seismic
acquired last year over the Carbonian and Devonian (and also
prospective Permian) structures in the North Mokrous area of the
Mokrousovskoye block has indicated that a prospective field in the
Biiyski-Afoninski reservoir in the Middle Devonian horizon at
approximately 4,200-4,500 m True Vertical Depth Subsea (TVDSS) may
be larger than initially expected (based on histroric 2D seismic).
As a consequence, the Company intends to defer final interpretation
to allow for an additional 76 sq km of data - covering the full
extent of the prospective field - to be contributed from the
ongoing 3D seismic acquisition programme. This will enable the
Company to delineate the prospective field and plan the optimal
location for the first Devonian exploration well.
Sufficient interpretation of the relevant area from this phase
is expected to be completed in Q3 2018 in order to allow for the
positioning and drilling of the first Devonian exploration well on
North Mokrous in Q4 2018.
As previously stated, Zoltav believes there is potential to
yield substantial additional reserves and production from the
Devonian and Carbonian 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 implement a work programme
targetting these deeper structures which lie approximately
3,500-5,000 m TVDSS.
Eduard Sleyn, Chief Executive Officer, commented:
"Preliminary analysis from this phase of seismic is encouraging.
Further work will be required to delineate the field with a view to
drilling an exploration well before the end of the year."
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.
Competent Person's Statement
This announcement has been reviewed and approved by Zoltav's
geological staff which includes Anton Chuvayev who is Chief
Geologist of the Company, with over 20 years of experience in
petroleum exploration and management and who is the qualified
person as defined in the Guidance Note for Mining, Oil and Gas
Companies issued by the London Stock Exchange in respect of AIM
companies.
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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