30th Sep 2020 15:53
Zoltav Resources Inc - Russia-focused oil and gas exploration and production company - Says revenue in 2019 falls to RUB1.22 billion - equivalent to around GBP12.1 million - from RUB1.61 billion in 2018. Swings to pretax loss of RUB3.12 billion from RUB155.5 million profit. Takes impairment charge of RUB2.8 billion in 2019 due to "disappointing drilling results on the Karpenskoye field", having booked no such charge in 2018.
"2019 was a challenging year operationally but we expect to be able to sustainably reverse the declining production profile on the West Bortovoy fields during the course of 2020 with the two new standalone vertical wells drilled on the Zhdanovskoye field," says Lea Verny, independent non-executive chair.
Current share price: 32.88 pence
Year-to-date change: down 7.4%
By Lucy Heming;Â [email protected]
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