Zoltav Resources: Bortovoy Licence Exploration Programme Update – “Transformational Impact”
Zoltav, the Russia-focused oil and gas exploration and production company, is pleased to provide an update on the Company’s exploration programme to assess the resource potential of the Carbonian and Devonian structures in the Western Fields of the Bortovoy Licence, Saratov.
Preliminary interpretation of the 180 sq km of 3D seismic acquired last year over the Carbonian and Devonian (and also prospective Permian) structures in the North Mokrous area of the Mokrousovskoye block has indicated that a prospective field in the Biiyski-Afoninski reservoir in the Middle Devonian horizon at approximately 4,200-4,500 m True Vertical Depth Subsea (TVDSS) may be larger than initially expected (based on histroric 2D seismic). As a consequence, the Company intends to defer final interpretation to allow for an additional 76 sq km of data – covering the full extent of the prospective field – to be contributed from the ongoing 3D seismic acquisition programme. This will enable the Company to delineate the prospective field and plan the optimal location for the first Devonian exploration well.
Sufficient interpretation of the relevant area from this phase is expected to be completed in Q3 2018 in order to allow for the positioning and drilling of the first Devonian exploration well on North Mokrous in Q4 2018.
As previously stated, Zoltav believes there is potential to yield substantial additional reserves and production from the Devonian and Carbonian 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 implement a work programme targetting these deeper structures which lie approximately 3,500-5,000 m TVDSS.
Eduard Sleyn, Chief Executive Officer, commented:
“Preliminary analysis from this phase of seismic is encouraging. Further work will be required to delineate the field with a view to drilling an exploration well before the end of the year.”
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.
Competent Person’s Statement
This announcement has been reviewed and approved by Zoltav’s geological staff which includes Anton Chuvayev who is Chief Geologist of the Company, with over 20 years of experience in petroleum exploration and management and who is the qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies issued by the London Stock Exchange in respect of AIM companies.
