Zoltav Resources Inc (AIM:ZOL) 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.

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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.”

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