Zoltav Resources: Final Results for the Year Ended 31 December 2013

Zoltav, the CIS-focused oil and gas company, announces Final Results for the Year Ended 31 December 2013.

Corporate Highlights

·     Completed acquisition of CenGeo Holdings which holds the Koltogor Licence in Western Siberia

·     US$20 million investment by ARA Capital in support of CenGeo acquisition to support work programme on Koltogor Licence

·     Announced proposed acquisition of Royal Atlantic Energy (Cyprus) Limited for US$180 million which holds the Bortovoy Licence, a 3,215 square kilometre area in the Saratov Oblast containing a number of gas fields, a processing plant and significant exploration prospectivity

Operational Highlights

·     Completed major 3D seismic acquisition programme over the Koltogor Licence

·     Completed successful testing of Well 141 on the Koltogor Licence confirming field commerciality

·     Negotiated zero-cost extension of neighbouring licence – Koltogor 10

·     Completed successful testing of Well 103 on Koltogor 10 in both the Upper Jurassic and Bazhenov shale zones

Summary financials

·     Loss for the year ended 31 December 2013: US$3,831,000 (2012: US$3,528,000)

·     Basic loss per share for the year ended 31 December 2013: US Cents 6.70 (2012: US Cents 0.94)