Zoltav Resources provides exploration program update

3/14/2018

SARATOV, Russia -- Zoltav Resources, the Russia-focused oil and gas exploration and production company, is pleased to provide an update on the Company’s exploration program 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 km2 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, 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 km2 of data--covering the full extent of the prospective field - to be contributed from the ongoing 3D seismic acquisition program. 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 third-quarter 2018 in order to allow for the positioning and drilling of the first Devonian exploration well on North Mokrous in fourth-quarter 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 program targetting these deeper structures which lie approximately 3,500-5,000 m, TVDSS.

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