Zoltav Resources INC

Description

Zoltav Resources plc is a company operating in Russia which is engaged in exploring and producing oil and gas. It was founded in the year 2003, and its headquarters are situated in Cayman Islands. Its office in Russia is at Saratov. The company is listed and traded on the Alternative Investment Market (AIM) of the London Stock Exchange. Its subsidiaries include Royal Atlantic Energy (Cyprus) Limited and CJSC SibGeCo.  

The operations of Zoltav Resources plc run under the Bortovoy License and the Koltogor licenses. The Bortovoy License is held by the company in the in the Saratov region of Southwestern Russia, and covers an area of around 3,215km² which lies along the Pre-Caspian basin’s northern margin. It is among the largest hydrocarbon basins in the Commonwealth of Independent States (CIS). In the western area of the license there is a processing plant, while the license in general consists of range of productive gas fields. oil and condensate valuing around 3.9 million barrels (488,000 tonnes), as well as gas valuing around 750 billion cubic feet (21.2 billion cubic metres) is held as Proved plus Probable reserves under the Bortovoy License. This license also produced around oil equivalent valuing 3.1 million barrels (440 thousand tonnes) in the year 2015. The company strongly believes that there is notable potential for greater production from the Eastern Fields of the Bortovoy Licence as they have underdeveloped resources yet to be fully exploited. The company is trying to enhance its understanding regarding the economic viability as well as practicality of the development options to assess their feasibility.

Koltogor Exploration and Production Licence is another license held by Zoltav in one of the major oil producing regions in Russia. It covers an area of around 528km² in the Khantiy-Mansisk Autonomous Okrug of Western Siberia. The license consists of the Koltogor oil field, which carries Proved plus Probable reserves of oil equivalent valuing around 79.2 million barrels (10.3 thousand tonnes). In addition to that, Koltogor Exploration and Production Licence 10 is also held by the company, in the West Koltogor oil field, covering an area of around 167km². The long-term intension of the company is to collaborate with a partner and work together to develop and upgrade the Koltogor Licenses.

Zoltav Resources plc follows a well-defined framework of corporate governance and aligns itself with the Quoted Companies Alliance (QCA) Corporate Governance Code. The board of the company has set up separate committees for audit and remuneration for the maintenance of governance structures. It has an ethical code of conduct for running its business operations and endorses a culture of trust, transparency, and accountability. Apart from fulfilling all its corporate responsibilities, the company also fulfils its environmental and social responsibilities. It has a comprehensive Corporate Social Responsibility (CSR) framework in place and complies with international best practices and guidelines to create a sustainable business. It aims to minimize the impact of its business activities on the environment and create long-term value for the business as well as the wider community. It gives high priority to ensure that its exploration and production activities are carried out in a safe and environment friendly manner.