Zoltav Resources Half Yearly Report 2013
Zoltav Resources, the CIS-focused oil and gas exploration and development company, announces half yearly results for the six months ended 30 June 2013.
Highlights – post balance sheet events
· Completion by Zoltav Resources Inc. (Zoltav or Company) of its first major oil and gas asset acquisition – the Koltogorsky Licences
· Further investment by ARA Capital Limited (ARA Capital) of US$20 million by way of a subscription for new Zoltav ordinary shares (Subscription)
· 20 for 1 share consolidation
· Award of contract for 3D seismic survey covering the Koltogorsky Licences
· Launch of new corporate website marking transition from investing company to operational oil and gas company.
Highlights – six months ended 30 June 2013
· Advancement of acquisition strategy culminating in the announcement of the proposed acquisition of CenGeo Holdings Limited (Cengeo Holdings), which holds the Koltogorsky Licences in the Khantiy-Mansisk Autonomous Okrug of Western Siberia (Acquisition) (completed post Period-end)
· Announcement of proposed further investment by ARA Capital
· Publication of Competent Person’s Report on Koltogorsky Licences attributing Proved plus Probable oil reserves of over 75 million barrels
· Significant strengthening of the board, with the addition of three new non-executive directors and the addition of full-time senior management.
Summary financials
· Loss from operations for the six month period to 30 June 2013: US$2,298,000 (for the six month period to 30 June 2012: US$788,000; for the year to 31 December 2012: US$3,527,000)
· Loss attributable to shareholders for the Period: US$2,302,000 (for the six months to 30 June 2012: US$788,000; for the year to 31 December 2012: US$3,528,000)
· Shareholders’ equity as at 30 June 2013: US$(1,453,000) (as at 30 June 2012: US$637,000; as at 31 December 2012: US$130,000)
· Basic loss per share for the Period: US Cents 0.58 (for the six month period to 30 June 2012: US Cents 0.21; for the year to 31 December 2012: US Cents 0.94
