23 Sep 2014 13:38
For immediate release: 23 September 2014
Zoltav Resources Inc.
("Zoltav", the "Company" or the "Group")
Appointment of executive director
Zoltav (AIM: ZOL), the CIS-focused oil and gas exploration and production company, is pleased to announce that Alastair Ferguson, a non-executive director of the Company since 19 May 2014, has become an executive director.
Mr Ferguson has an extensive background in the oil and gas industry having held both technical and senior leadership roles in BP and TNK-BP. In particular, as a result of his time at TNK-BP he has considerable experience and knowledge of the Russian gas market which will be relevant following Zoltav's acquisition of the Bortovoy Licence in the Saratov Oblast in June 2014. Mr Ferguson is a non-executive director of JKX Oil and Gas plc, listed on the London Stock Exchange with assets in Eastern and Central Europe, and Kazmunaigaz Exploration and Production, an oil and gas exploration and production company focussed on the Caspian region in Kazakhstan. Mr Ferguson was an Executive Vice-President Gas & Power with TNK-BP between 2003-2011 having successfully led its gas and power business in Russia and Ukraine. He continues to work in Moscow as an independent advisor on energy issues. Prior to that, he held a wide range of senior positions with BP during his 33 year career in the oil and gas industry.
As an executive director of Zoltav, based predominantly in Moscow, Alastair will assist in developing the Group's leadership function. He will oversee the development planning for both the Bortovoy and Koltogor Licences and the Company's acquisition strategy.
Symon Drake-Brockman, Executive Chairman, commented:
"Alastair's highly relevant experience is valuable to Zoltav; so I am I am delighted that he has agreed to take on an executive role with the Company. We look forward to Alastair's contribution to the advancement of Zoltav's Koltogor and Bortovoy Licences and its acquisition strategy."
Contacts:
Zoltav Resources Inc. | Tel. +44 (0)20 7016 9570 |
Symon Drake-Brockman, Executive Chairman | (via Vigo Communications) |
Shore Capital (Nomad and Broker) | Tel. +44 (0)20 7408 4090 |
Pascal Keane or Toby Gibbs (Corporate Finance) | |
Jerry Keen (Corporate Broking) | |
Vigo Communications | Tel. +44 (0)20 7016 9570 |
Patrick d'Ancona or Ben Simons | |
About Zoltav
Zoltav is an oil and gas exploration and production company focused on acquiring assets in the CIS, particularly in the Russian Federation.
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 billion cubic feet (21.2 billion cubic metres) of gas and 3.9 million barrels of oil and condensate. In 2013 the Bortovoy Licence produced 13.9 billion cubic feet (392.6 million cubic metres) of gas and 300,000 barrels of condensate and oil.
Zoltav also holds the Koltogor Exploration and Production 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 Exploration and Production Licence contains the Koltogor oil field with Proved plus Probable reserves of 75.2 million barrels of oil. Zoltav is engaged in an appraisal programme of the Koltogor oil field with a view to developing the field for commercial production.
Additionally, Zoltav holds Koltogor Exploration Licence 10, a 167 square kilometre area due west of the Koltogor Exploration and Production Licence on which Zoltav is engaged in an exploration and appraisal programme which includes targeting the Bazhenov shale formation from which the company has recovered oil.
For further information on Zoltav or to sign up for the news alert service visit: www.zoltav.com