12th Nov 2013 13:18
LONDON (Alliance News) - Zoltav Resources Inc. Tuesday said it has signed a letter of intent with Bandbear Limited to acquire certain producing oil and gas assets in the Russian Federation, which Bandbear is currently acquiring from an unrelated third party.
The oil and gas exploration and development company, which focuses on its asset in the Koltogor oil field in Russia, said the proposed acquisition constitutes a reverse takeover and will require the consent of shareholders.
The company said that, under the AIM rules, trading it its shares have been suspended immediately pending announcement and publication of the admission document relating the acquisition.
Zoltav Resources shares stood at 103.45 pence Monday afternoon prior to suspension.
By Tom McIvor; [email protected]; @TomMcIvor1
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