ZOL.L Regulatory News (ZOL)

For immediate release: 30 May 2014

Zoltav Resources Inc.

("Zoltav" or the "Company")

Response to Press Reports

Zoltav, the CIS-focused oil and gas company, notes reports in Russian media sources today regarding the registration, by the Russian State Reserve Commission ("GKZ"), of an oil discovery made within Zoltav's Koltogor 10 Exploration Licence ("Koltogor 10") in the Khantiy-Mansisk Autonomous Okrug.

As stated in the Operational Update announcement dated 8 May 2014, and in the AIM Admission Document dated 23 May 2014, the Company re-opened Well 103 on Koltogor 10 during the winter drilling season with multiple objectives including to test the Upper Jurassic Ju1-1 horizon in the same formation as the Company's neighbouring Koltogor Exploration and Production Licence. The well flowed 3.4 cubic metres of oil per day (approximately 21 barrels) from the Upper Jurassic formation without stimulation. The Company announced on 8 May 2014, and stated in the AIM Admission Document on 23 May 2014, that it would apply to GKZ to register this discovery during 2014.

An application has been made by the Company to GKZ, but formal registration of the discovery has not yet occurred. Notwithstanding this, comments were published earlier today by the Minister of Natural Resources and Environment of the Russian Federation which referenced a discovery on Koltogor 10 in the amount of approximately 15 million tonnes of oil (C1+C2 reserves). A further announcement will be made if and when the discovery is formally registered.

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About Zoltav

Zoltav is an oil and gas exploration and development company building a portfolio of assets in the CIS. Zoltav has a 100 per cent. interest in the Koltogor Exploration and Production Licence and neighbouring Koltogor Exploration Licence 10 located in the Khantiy-Mansisk Autonomous Okrug of Western Siberia. The Koltogor Exploration and Production Licence contains the Koltogor oil discovery with proven plus probable reserves of approximately 75 million barrels of oil. Zoltav is engaged in an exploration and appraisal programme of the Koltogor Licences with a view to developing the fields for commercial oil production.

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

The Company has announced the proposed acquisition of Royal Atlantic Energy (Cyprus) Limited which, through a subsidiary, holds the Bortovoy Licence in the Saratov Oblast of the Russian Federation, containing a number of gas fields and proven plus probable reserves of approximately 137.4 million barrels of oil equivalent. In 2013 the Bortovoy Licence produced approximately 13.9 billion cubic feet of gas and 0.3 million barrels of condensate and oil.