Zoltav Resources Shares Rise As It Discovers Bigger Field In Bortovoy

14th Mar 2018 10:52

LONDON (Alliance News) - Shares in Zoltav Resources Inc rose on Wednesday as it reported a prospective field in a reservoir on the Bortovoy licence in Russia may be larger than expected, according to 3D seismic data.

Shares in the Russia-focused oil and gas company were up 10% at 23.70 pence on Wednesday.

Interpretation of the 180 square kilometres of 3D seismic acquired last year over the Caronian and Devonian structures in the North Mokrous area of the Mokrousovskoye block has indicated that a field in the Biiyski-Afoninski reservoir in middle Devonian might be larger than expected.

As a result, Zoltav will defer final interpretation to add 76 more square kilometres of data, which covers the full extent of the field to the seismic acquisition programme, which will allow the company to delineate the field and plan the best location for the first Devonian well.

Interpretation of the relevant area from this phase is expected in the third quarter of 2018 to allow for the positioning and drilling of the first well in the last quarter of 2018.

"Preliminary analysis from this phase of seismic is encouraging. Further work will be required to delineate the field with a view to drilling an exploration well before the end of the year," said Chief Executive Officer Eduard Sleyn.

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