TIDMZOL

RNS Number : 1119Y

Zoltav Resources Inc

04 September 2020

4 September 2020

Zoltav Resources Inc.

("Zoltav" or the "Company")

Update Re. Loan Agreement

Zoltav (AIM: ZOL), the Russia-focused oil and gas exploration and production company, announces that the terms of the loan agreement entered into with ARA Capital Holdings Limited and announced on 14 July 2020 (the "Loan") have been amended so as to extend the final repayment date to 31 December 2020 (the "Loan Extension") (unless otherwise extended or converted into equity by mutual agreement). All other terms of the Loan remain unchanged.

As previously announced, management are continuing to hold discussions with a number of prospective providers of project finance for developing East Bortovoy. In the event the Company takes a positive final investment decision on this project in due course, it is currently envisaged that the Loan would be restructured in order to facilitate any required equity contribution to the project or a part thereof.

ARA Capital Holdings Limited is the parent company of ARA Capital Limited - both entities combined own 44.1 percent of the issued share capital of the Company. ARA Capital Holdings Limited and ARA Holdings Limited are therefore regarded as related parties as defined by the AIM Rules for Companies. The Loan Extension is a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The directors of Zoltav consider, having consulted with the Company's nominated adviser, SP Angel Corporate Finance LLP, that the terms of the related party transaction are fair and reasonable as far as shareholders are concerned.

Enquiries:

 
 Zoltav Resources Inc.                                Tel. +44 (0)20 7390 
  Lea Verny, Non-executive Chairman                                  0234 
                                                (via Vigo Communications) 
 SP Angel Corporate Finance LLP (Nomad                Tel. +44 (0)20 3470 
  and Joint Broker)                                                  0470 
  John Mackay / Jeff Keating / Soltan Tagiev 
 Vigo Communications                                  Tel. +44 (0)20 7390 
  Ben Simons / Simon Woods                                           0234 
                                                     zoltav@vigocomms.com

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

About Zoltav

Zoltav is an oil and gas exploration and production company focused on Russia.

Zoltav holds the Bortovoy Licence in the Saratov region of South Western Russia, a 3,215 sq km area along the northern margin of the Pre-Caspian basin, one of the largest hydrocarbon basins in the CIS.

The Bortovoy Licence contains a number of productive gas fields in the west of the Licence, a processing plant and significant exploration prospectivity. It holds proven plus probable reserves under the Society of Petroleum Engineers' Petroleum Resources Management System of 750 bcf of gas and 3.8 mmbbls of oil and condensate.

In 2018, Zoltav produced 12.0 bcf (341 mmcm) of gas or 2.0 mmboe (274 mtoe) and 66,558 bbls (7,715 t) of oil and condensate.

The Company is currently evaluating strategies to commercialise the eastern fields of the Bortovoy Licence.

For further information on Zoltav, or to sign up for our news alert service, visit: www.zoltav.com.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

AGRBDGDCXDGDGGS

(END) Dow Jones Newswires

September 04, 2020 08:25 ET (12:25 GMT)

Zoltav Resources (LSE:ZOL)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Zoltav Resources Charts.
Zoltav Resources (LSE:ZOL)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Zoltav Resources Charts.