Zoltav Resources Inc Appointment of Non-executive Chairman (1955A)

TIDMZOL

RNS Number : 1955A

Zoltav Resources Inc

22 March 2017

22 March 2017

Zoltav Resources Inc.

("Zoltav" or the "Company")

Appointment of Non-executive Chairman

Zoltav (AIM:ZOL), the Russia-focused oil and gas exploration and production company, is pleased to announce the appointment, with immediate effect, of Lea Verny as non-executive chairman of the Company.

Ms Verny was appointed to the board of Zoltav as an independent non-executive director in December 2016 and has significant and high level corporate finance experience, with particular expertise in Russia.

Since 2008, Ms Verny has acted as an independent financial adviser on cross-border transactions. Prior to becoming an independent consultant, Ms Verny served as a private banker with Banque Pictet, Switzerland, where she was responsible for developing the bank's activities in Russia, following a career of more than a decade with HSBC. From 2001 to 2007, Ms Verny was Head of Investment Banking for HSBC Bank plc in Moscow, during which time she advised on structured transactions for large Russian and CIS corporations including Lukoil, Rostelekom, Eastern Oil Company and Rosbank. Between 1997 and 2001, Ms Verny was a representative of HSBC Investment Bank plc in Russia, where she was responsible for establishing the bank's presence in the country and developing opportunities specifically within the oil and gas sector. Ms Verny holds a Bachelor's degree in Statistics and International Relations from the Hebrew University in Jerusalem as well as an MBA from INSEAD in France.

Ms Verny is replacing Marcus Rhodes as non-executive chairman, enabling Mr Rhodes to devote additional time to his other directorships. Zoltav will continue to benefit from Mr Rhodes' counsel, both as an experienced director of major publicly-listed companies operating in Russia and the CIS and as a qualified chartered accountant and a member of the Institute of Accountants in England & Wales, as he will continue to serve as the Company's senior independent director and chairman of the Audit Committee.

Contacts:

 
Zoltav Resources Inc.           Tel. +44 (0)20 
                                 7830 9704 
Lea Verny, Non-executive        (via Vigo Communications) 
 Chairman 
 
Shore Capital (Nomad and        Tel. +44 (0)20 
 Joint Broker)                   7408 4090 
Toby Gibbs or Mark Percy 
 (Corporate Finance) 
Jerry Keen (Corporate Broking) 
 
Panmure Gordon (Joint Broker)   Tel. +44 (0)20 
                                 7886 2500 
Adam James or Tom Salvesen 
 
Vigo Communications             Tel. +44 (0)20 
                                 7830 9704 
Patrick d'Ancona or Ben Simons  [e-mail] 
 

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 square kilometre 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, a processing plant and significant exploration prospectivity. It holds Proved plus Probable reserves of 750 bcf (21.2 bcm) of gas and 3.8 mmbbls (488 mT) of oil and condensate. In 2015, the Bortovoy Licence produced approximately 3.1 mmboe (440 mToe).

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 with Proved plus Probable reserves of 79.2 mmboe (10.3 mToe).

Additionally, Zoltav holds Koltogor E&P Licence 10, a 167 square kilometre area due west of the Koltogor E&P Licence, containing the West Koltogor oil field.

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 company news service from the London Stock Exchange

END

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March 22, 2017 05:59 ET (09:59 GMT)