ZOL.L Regulatory News (ZOL)

For immediate release: 28 October 2014

Zoltav Resources Inc.

("Zoltav", the "Company" or the "Group")

Operational Update - Bortovoy Licence

Zoltav (AIM: ZOL), the CIS-focused oil and gas exploration and production company, is pleased to provide an operational update regarding its Bortovoy Licence in the Saratov Oblast of the Russian Federation.

As previously reported, Zoltav's main priority since the acquisition of the Bortovoy Licence in June 2014 has been to bring the Western Gas Plant to its full average daily production capacity of 48.4 million cubic feet of gas per day ("mmcf/d").

The Company is pleased to announce that as a result of the hooking-up of the newly-drilled Karpenskoye Well 100 the Western Gas Plant is now operating at full capacity.

Karpenskoye Well 100 was tested at a rate of 7.8 mmcf/d and 67 bbl/d of condensate. It is currently producing at a constrained rate of 5.9 mmcf/d and 42 bbls/d of condensate on a 10mm choke which is limited by the capacity of the Western Gas Plant. This is significantly greater than pre-drill estimates and as a result the Western Gas Plant is operating at full capacity of 48.4 mmcf/d ahead of the previously announced plan to reach full capacity during 1Q 2015. After further study of the drilling data the Company will decide whether to undertake an acid stimulation to further increase the production capacity of the well in order to provide contingent production capacity.

As previously announced, Zhdanovskoye Well 30 is scheduled to be hooked in to existing facilities ahead of schedule in November. It is expected that this well will contribute a further 0.5 mmcf/d and 59.4 bbls/d of oil to Zoltav's production.

Symon Drake-Brockman, Executive Chairman, commented:

"I am delighted to report that Zoltav has achieved a key deliverable by bringing the Western Gas Plant to full capacity ahead of our original schedule. The Company has grown through acquisitions, and it is now demonstrating the strong operational capability which it has brought to the assets acquired through those transactions. This ability to add value through technical evaluation in combination with high quality operational execution is very much the Zoltav trade mark and reflects the way we intend to continue to create value for shareholders."

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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.

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