Zoltav Resources Inc - Loan Agreement
("Zoltav" or the "Company")
Zoltav (AIM: ZOL), the
The Loan has been made available for drawdown in two instalments of:
The Loan is currently due for repayment by
Proceeds from the Loan will be used for general working capital purposes and in support of the operational activities outlined in the Company's Corporate and Operational Update announcement issued on
As announced on
"We are pleased to have secured the financial support of a major shareholder. Such financing is necessary both to progress the feasibility study on East Bortovoy to the point at which the board can procure project financing and make a final investment decision, and to support the development drilling programme on West Bortovoy which is necessary to sustain production."
Tel. +44 (0)20 7390 0234
Tel. +44 (0)20 3470 0470
Tel. +44 (0)20 7390 0234
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.
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 sq km 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 in the west of the Licence, a processing plant and significant exploration prospectivity. It holds proven plus probable reserves under the
In 2018, Zoltav produced 12.0 bcf (341 mmcm) of gas or 2.0 mmboe (274 mtoe) and 66,558 bbls (7,715 t) of oil and condensate.
The Company is currently evaluating strategies to commercialise the eastern fields of the Bortovoy Licence.
For further information on Zoltav, or to sign up for our news alert service, visit: www.zoltav.com.
Billion cubic feet
Million barrels of oil equivalent
Million cubic metres
Million cubic metres per day
Thousand tonnes of oil equivalent
This information is provided by RNS, the news service of the
Quick facts: Zoltav Resources Inc
Market Cap: £46.62 m
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