Zoltav Resources: Clarifies Koltgor Production and Registration
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.
