MOSCOW, March 13, 2015 /PRNewswire/ --
Zoltav Controls Largest Undeveloped Oil Field in Khantiy-Mansisk, Russia
Zoltav (AIM:ZOL), the Russia and CIS-focused oil and gas exploration and production company, is pleased to announce that the Russian Federal Agency for Subsoil Use ("Rosnedra") has registered an additional 546 million barrels of Russian standard C1 plus C2 oil reserves for the Koltogor Licence in West Siberia. The additional reserves take the total Russian standard C1 plus C2 oil reserves for the Koltogor Licence and the neighbouring Koltogor Licence 10 to in excess of 1 billion barrels.
Commenting on the registration of additional reserves, Alastair Ferguson, Executive Chairman, said:
"The interpretation of 3D seismic data from last year's programme has enabled Zoltav to re-map the reservoir distribution of the Koltogor oil field which we now understand to be a significantly bigger asset. With over 1 billion barrels, the Koltogor licences contain the largest undeveloped oil discovery in the prolific oil province of Khantiy-Mansisk in West Siberia."
"Zoltav places great importance on its ability to add value to the acquisitions it makes. The high quality of our 3D acquisition and interpretation which resulted in the re-delineation of the field demonstrates the Company's operational capability."
"Zoltav 100 per cent interest in the licences places the Company in a very favourable position to advance the development of these fields. We are commencing the next phase in the appraisal programme which will in due course include appraisal drilling and testing in order to further define and prove the optimum method of extracting the hydrocarbons."
Zoltav is an oil and gas company focused on acquiring and developing assets in the CIS.
Zoltav holds the Bortovoy Licence in the Saratov region of South Western Russia, a 3,215 square kilometre area along the northern margin of the Pre-Caspian basin, one of the largest hydrocarbon basins in the CIS. It holds Proved plus Probable reserves of 750 billion cubic of gas and 3.9 million barrels of oil and condensate. In 2013 the Bortovoy Licence produced 13.9 billion cubic feet of gas and 300,000 barrels of condensate and oil.
Zoltav also holds the Koltogor E&P Licence, a 528 square kilometre area in the Khantiy-Mansisk Autonomous Okrug of Western Siberia, one of Russian's most prolific oil producing regions.
The Koltogor E&P Licence contains the Koltogor oil field. Zoltav is engaged in an appraisal programme with a view to developing the field for commercial production.
The Koltogor licences have over 1 billion barrels of Russian standard C1+2 reserves.
For further information on Zoltav visit: http://www.zoltav.com.
SOURCE Zoltav Resources Inc