29th Dec 2020 21:47
Zoltav Resources Inc - Russia-focused oil and gas explorer and producer - Updates on Bortovoy licence development strategy. Says two producing western fields in asset are in "natural decline". "The board has determined, following a technical and economic feasibility study, that developing the eastern fields, where there remain substantial undeveloped reserves, by connecting them to the Western Gas Plant and expanding the plant's capacity, will be necessary in order to deliver long-term value from the asset," Zoltav adds. Notes ARA Capital Holdings Ltd has agreed to buy 44% stake in company, with Bandbear selling an interest.
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By Eric Cunha; [email protected]
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