Zoltav Resources Shares Rise As Shareholders Grant USD12 Million Loan

3rd Apr 2018 12:59

LONDON (Alliance News) - Shares rose in Zoltav Resources Inc on Tuesday as it said that its largest shareholders, ARA Capital Holdings Ltd and Bandbear Ltd, have agreed to loan up to USD12.0 million over a period of two years with no interest rate.

Shares in the Russian oil & gas company rose 13% to 21.98 pence on Tuesday.

The loan will go towards funding the ongoing exploration programme, which seeks to assess the Carbonian and Devonian horizons within the Bortovoy asset.

The programme started with the acquisition of 3D seismic data for 180 square kilometres, and in January Zoltav said it started the next phase of the work programme, with the acquisition of up to 536 square kilometres of 3D seismic data.

"We are pleased that our two largest shareholders have provided a loan facility in support of our work programme. The exploration programme targeting the deeper structures at Bortovoy could, if successful, yield a significant uplift in the size of the Bortovoy resource. We look forward to reporting progress as the programme advances," said Chairman Lea Verny.

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