ZOL.L Regulatory News (ZOL)

Embargoed: 1400hrs, 15 August 2013

Zoltav Resources Inc.

("Zoltav" or the "Company")

Contract for 3D Seismic Acquisition

Zoltav (AIM: ZOL), the CIS-focused oil and gas exploration and development company, announces the award of a 3D seismic survey acquisition contract to GEOTECH Holding CJSC, following a competitive tender process.

GEOTECH Holding, Russia's largest geophysical company, will undertake the acquisition of 500 square kilometres of 3D seismic across the Company's Koltogor Exploration and Production Licence ("Koltogor") in the Khantiy-Mansisk Autonomous Okrug, Western Siberia.

The objective of the 3D seismic programme is to better understand the characteristics of the Koltogor field and to identify optimal locations for the drilling of appraisal wells targeted for the winter season 2015/2016.

The seismic programme is expected to commence in November 2013 and will take approximately seven months. The processing and interpretation of the data, which will be the subject of a separate tender, is expected to be completed by the end of 2014. The subsequent analysis of the interpreted data will be conducted by Zoltav's technical team, headed by Alexander Sokolov, Director Exploration, who has extensive knowledge of the geology and of the history of exploration of Koltogor.

Commenting on the 3D seismic contract award, Symon Drake-Brockman, Executive Chairman of Zoltav, said:

"Zoltav has previously stated its intention to commence appraisal drilling of up to four wells during the winter season 2015/2016. Awarding this 3D seismic contract to GEOTECH Holding is the first step in meeting this objective." 

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About Zoltav

Zoltav is an oil and gas exploration and development company building a portfolio of assets in the CIS. In 2013, Zoltav acquired CenGeo Holdings which, through its wholly owned subsidiary SibGeCo, holds the Koltogor Licence located in the Khantiy-Mansisk Autonomous Okrug of Western Siberia. The Koltogor Licence contains the Koltogor oil discovery with probable reserves of 73,531,000 barrels of oil. Zoltav is engaged in an appraisal programme of the Koltogor oil field with a view to developing the field for commercial oil production.

In parallel with our operations at Koltogor, Zoltav continues to review other oil and gas acquisition opportunities across the CIS, with a particular emphasis on the Russian Federation.

About GEOTECH Holding

GEOTECH Holding is a leading pure play, land and transition-zone seismic company, primarily servicing clients in Russia and the CIS. GEOTECH Holding is a member of IG Seismic Services (IGSS), and is also the managing company for IGSS assets.