19th Sep 2013 08:52
LONDON (Alliance News) - Zoltac Resources Incorporated showed widened pretax losses for the half year ended June 30, its last half year trading period as an investing company before its readmission to AIM as an oil and gas exploration company.
Zoltac posted a pretax loss of USD2.3 million, widened from USD788,000. The company acquired its first oil and gas asset, the Koltogorsky Licenses, through the acquisition of CenGeo Holdings in July. The company received further investment from its largest shareholder ARA Capital for USD20 million, which had allowed it to continue its strategy with Koltogorsky.
Zoltac said that it hopes to have completed analysis of the licenses by the end of 2014, when it would apply for permissions to being drilling during the winter of 2015 or 2016.
With the winter season approaching, the company said, its operational focus was the commencement of a substantial 3D seismic survey, and the re-opening of the 141 wells for test production.
It said that it believed the Koltogorsky Licenses were attractive and represented good value for shareholders. It added that it was examining a number of other oil and gas asset acquisition opportunities within Russia.
Shares in Zoltav were trading down 3.4% at 113.00 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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