30th May 2014 15:21
LONDON (Alliance News) - Zoltov Resources Inc Friday said it had made an application to the Russian State Reserve Commission regarding a potential oil discovery made within its Koltogor 10 exploration licence in western Siberia, although formal registration of the discovery has not yet occurred.
In a statement Friday, the oil and gas exploration and development company said that it notes recent reports in Russian media regarding the registration - by the Russian State Reserve Commission - of an oil discovery made within Zoltav's Koltogor 10 Exploration Licence in the Khantiy-Mansisk Autonomous Okrug.
"Comments were published earlier today by the Minister of Natural Resources and Environment of the Russian Federation which referenced a discovery on Koltogor 10 in the amount of approximately 15 million tonnes of oil," the company said.
Zoltov said it will make a further announcement if and when the discovery is formally registered.
Zoltov shares were up 14% at 164.15 pence Friday afternoon.
Last week, the group said its pretax losses widened in 2013 as operating expenses increased in order to help develop the Koltogor Licence in Russia.
During the year, the company completed a major 3D seismic acquisition programme over the Koltogor Licence, confirmed commerciality from its Well 141 site on the licence after testing, negotiated licence extensions, and tested the Well 103 site, recovering oil from both a Jurassic formation and a shale formation.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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