ZOL.L Regulatory News (ZOL)

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:

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.