07:00 Wed 17 Jan 2018
Zoltav Resources Inc - Operations Update
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("Zoltav" or the "Company")
Operations Update
Zoltav (AIM: ZOL), the
As previously stated, Zoltav believes there is potential to yield substantial additional reserves and production from the Carbonian and Devonian 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 develop a work programme targetting these deeper structures which lie approximately 3,500-5,000 m below surface.
The final interpretation report for 180 sq km of 3D seismic acquired last year over the Carbonian and Devonian (and also prospective Permian) structures in the North Mokrous block is expected to be completed by
In addition to the 180 sq km of 3D seismic acquired in 2017, Zoltav has initiated the acquisition of a further 316 sq km of 3D seismic over the Mokrous block, located in the eastern part of the Western Fields of the Bortovoy Licence, approximately 30 km east of the Karpenskoye field from which the Company is currently producing. The 3D seismic field work from this phase is expected to be completed by
Zoltav is in the process of recruiting an upstream team with significant geological and technical experience in Carbonian and Devonian structures to support the next phase of the work programme and, if successful, the commercialisation of this horizon. A further announcement will be made in due course.
Eduard Sleyn, Chief Executive Officer, commented:
"The availability of modern 3D seismic imaging, drilling and production technologies is enabling the Company to explore the deeper Carbonian and Devonian structures which, if proven, could have a transformational impact on the Company's reserves. After much planning, and the acquisition of 180 sq km of 3D seismic last year, Zoltav is pleased to have commenced the next phase of the seismic programme aimed at assessing the potential of these horizons. We look forward to providing further updates in due course."
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.
Contacts:
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Tel. +44 (0)20 7830 9704 |
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Tel. +44 (0)20 3470 0470 |
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Tel. +44 (0)20 7886 2500 |
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Tel. +44 (0)20 7830 9704 |
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About Zoltav
Zoltav is an oil and gas exploration and production company focused on
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
For further information on Zoltav or to sign up for our news alert service visit: www.zoltav.com.
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