ZOL.L Regulatory News (ZOL)

Zoltav Resources Inc

("Zoltav" or the "Company")

3 August 2011

Significant Shareholder and Directorate Changes

Zoltav, the AIM listed company focused on acquiring and developing natural resource assets, initially in the Former Soviet Union ("FSU"), is pleased to announce that ARA Capital Limited ("ARA") has increased its interest in the Company. In addition, Zoltav is pleased to announce key new appointments to the board of directors (the "Board").

Highlights

Ø ARA, a company beneficially owned by Arkadiy Abramovich, has increased its holding in the Company with a revised holding totalling 40 per cent

Ø Zoltav is strengthening the Board with the key appointments of a new Chairman and two Non Executive Directors

o Symon Drake-Brockman, appointed Executive Chairman. Formerly CEO of RBS Global Banking and Markets in the Americas and highly experienced in both capital markets and also has extensive knowledge and experience of the natural resources sector in the FSU

o David Francis, appointed Non-Executive Director, joining the Board after a successful 24 year career in banking and wealth management

o Steven Lowden, appointed Non Executive Director, bringing 25 years experience in the international oil and gas industry, including the FSU

Ø Zoltav continues to actively consider a number of specific opportunities that meet the Company's strict value-accretive acquisition criteria

Ø The Company has a strategic focus on the natural resources sector, primarily in the oil and gas industry, and initially focused on the FSU

Commenting on today's announcement, Symon Drake-Brockman, newly appointed Executive Chairman, said:

"I am delighted to be taking the chair at Zoltav Resources in what is clearly an extremely exciting time for the Company as we look to capture the significant opportunities that exist in the FSU, our initial area of focus. We will be concentrating on oil and gas assets at first and have already reviewed a number of potential assets. We look forward to updating the market on our progress in due course.

"We are extremely fortunate to have the support and leverage of our shareholders, including ARA who has further endorsed the Company by increasing its stake. Looking ahead, we have a clear path to build a high quality business of scale, committed to the highest international operating and governance standards and to create value for all our investors.

"On behalf of the Board and management team, I would also like to thank my predecessor, Robert Owen, for his significant contribution to the Company as well as the other retiring directors Johnny Chan Kok Chung and Peter Moss."

Share Purchases

Further to a series of share purchases by ARA, from Old Church Street Holdings Limited ("Old Church Street") and ECK Partners Holdings Limited ("ECK Partners"), the Company is pleased to announce the following resultant shareholdings in Zoltav:

ARA Capital has now purchased 150,097,737 Ordinary Shares of US$0.01 each in the Company ("Ordinary Shares") increasing its total holding to 40 per cent. of the Company's issued share capital.

Following these purchases, Old Church Street and ECK Partners retain 12,500,000 Ordinary Shares representing3.3 per cent. of the Company's issued share capital and 52,478,000 Ordinary Shares representing 13.99 per cent. of the Company's issued share capital respectively.

All share transactions have a financial settlement date of 8 August 2011, under the terms of the share purchase agreement.

Directors' Interests

Mr. Drake-Brockman has purchased an interest in the Company totalling 2.5 per cent., via Ridge End Capital Limited, a company beneficially owned by him. This equates to 9,381,108 ordinary shares.

Mr. Francis is the major shareholder in the group of companies collectively known as 'Horizon Group' and has acquired a 1 per cent. stake in the Company, via a Horizon entity.

Board Appointments

Symon Drake-Brockman, 49, who becomes Executive Chairman with immediate effect, brings a wealth of experience from a long career in finance, covering both debt and equity markets. He was formerly chief executive officer of RBS Global Banking and Markets in the Americas and chief executive officer of RBS Greenwich Capital, Global head of RBS' Debt Markets division and a board member of RBS Global Banking and Markets. Mr. Drake-Brockman has extensive experience of the natural resources sector, in particular in the FSU; including advising Naftogaz (the Ukrainian state-owned gas company) on their debt restructuring. Mr. Drake-Brockman previously held senior positions with ING Barings and JP Morgan in London, New York, Tokyo and Hong Kong. He is currently a non executive director on the board of Nexus Energy in Australia, and the Managing Partner of Pemberton Capital Advisors LLP, the London-based Private Equity firm.

Robert Owen, Johnny Chan Kok Chung and Peter Moss will step down from the Board at the time of the new appointments. Robert Owen, the former Chairman, has kindly agreed to remain with the Company in a consultancy role for six months, to ensure an orderly handover to Mr. Drake-Brockman.

Steven Lowden, 52, has over 25 years experience in the international oil and gas industry across exploration, development, production and gas liquefaction. Throughout his career in the oil industry Mr. Lowden has worked around the world but has spent considerable time working on projects in the FSU. Mr. Lowden has previously held positions with Premier Oil plc, including chief petroleum engineer, general manager for development and production and an executive director of the board. More recently at Marathon Oil Company, Mr. Lowden was president of Marathon International, head of corporate business development and an officer of the company. Mr. Lowden has also been involved with two private energy businesses focussing on assets in Africa. In addition, he is currently on the board of Nexus Energy.

David Francis, 41, has had a successful 24 year career in the financial services sector. Mr. Francis spent 17 years within the RBS/Natwest Group, leaving in 2004 when he was Senior Vice President of Coutts Offshore. Mr. Francis bought into Horizon Group, an independent provider of wealth management services, and became Group CEO and the major shareholder, overseeing expansion in Jersey and overseas. Mr. Francis has also been instrumental in establishing property ventures in CEE countries and was part of the consortium that acquired Handmade Films in 2010. Mr. Francis was President of the Chartered Institute of Bankers in Jersey from 2001 to 2003. Mr. Francis is also a Director of ARA Capital Ltd.

Timing

Having been classified as an Investing Company, in accordance with AIM Rule 15, Zoltav must have made an acquisition(s) which constitutes a reverse takeover or otherwise have substantially implemented its investing policy within twelve months from the date of disposal of its business (being 4 October 2010). Failure to comply with this standard AIM ruling for Investing Companies could result in Zoltav's Ordinary Shares being suspended from trading on AIM. However, the Company has been reviewing a number of suitably value accretive investment opportunities and, as such, fully expects to be able to make an initial investment within the stipulated timeframe.

Symon Drake-Brockman:

Steven Lowden:

Nexus Energy Limited

David Francis:

There are no further details to be disclosed pursuant to paragraph (g) Schedule 2 of the AIM rules relating to these appointments.

Further information relating to Zoltav can be found at the Company's website, www.zoltav-resources.com 

Contacts:

Zoltav Resources Inc.

Symon Drake-Brockman, Executive Chairman

Kati Watson, Company Secretary

Tel. +44 (0)20 7399 4384

Strand Hanson Limited

Simon Raggett / James Harris

Tel. +44 (0)20 7409 3494

Renaissance Capital Limited

Ed Johnson Tel. +44 (0)20 7367 8257

Pelham Bell Pottinger

James Henderson / Mark Antelme / Lorna Spears

Tel. +44 (0)20 7861 3232