Directorate Change

For immediate release: 19 May 2014

Zoltav Resources Inc.

("Zoltav" or the "Company")

Appointments of non-executive directors

Zoltav (AIM: ZOL), the CIS-focused oil and gas company, is pleased to announce the appointments, effective immediately, of Marcus Rhodes and Alastair Ferguson, both as non-executive directors of the Company.

Mr Rhodes is an experienced director of major publicly-listed companies operating in Russia and the CIS. He is a qualified chartered accountant and a member of the Institute of Accountants in England & Wales (ICAEW). Mr Rhodes is currently a non-executive director and chairman of the audit committee of NASDAQ-listed QIWI plc, a major provider of payment solutions in Russia and the CIS. He is also a non-executive director and chairman of the audit committee for the Russian company, PhosAgro OJSC, one of the world's leading producers of phosphate-based fertilisers and listed on the London Stock Exchange, Tethys Petroleum Limited, the London Stock Exchange listed company with assets in Central Asia and the Caspian region, London Stock Exchange listed Cherkizovo Group OJSC, Russia's largest meat producer and the MICEX and RTS-listed Rosinter Restaurants Holding OJSC, the leading casual dining chain operator in Russia and the CIS.

From 2008 until 2012, Mr Rhodes was a non-executive director and chairman of the audit committee for NYSE-listed Wimm-Bill-Dann Foods OJSC, one of Europe's largest dairy products companies, headquartered in Moscow. From 2010 until 2012 he was a non-executive director and chairman of the audit committee for London Stock Exchange listed Ros Agro plc, one of the largest agriculture industry holding companies in Russia. Mr Rhodes was an audit partner for Ernst & Young from 2002 until 2008. Prior to that, he was an audit partner for Arthur Andersen from 1998 until 2002.

Mr Ferguson has an extensive background in the oil and gas industry and considerable experience of the Russian gas market. He is a non-executive director of JKX Oil and Gas plc, listed on the London Stock Exchange with assets in Eastern and Central Europe, and Kazmunaigaz Exploration and Production, an oil and gas exploration and production company focussed on the Caspian region in Kazakhstan. Mr Ferguson was an Executive Vice-President Gas & Power with TNK-BP between 2003-2011 having successfully led its gas and power business in Russia and Ukraine. He continues to work in Moscow as an independent advisor on energy issues. Prior to that, he held a wide range of senior positions with BP during his 33 year career in the oil and gas industry.

John Grimshaw and Oliver Donagher, non-executive directors of the Company, will retire from the board with immediate effect. The board thanks them for their valuable contributions to the development of the Company during its transition from an investing company into an operational oil and gas business.

Symon Drake-Brockman, Executive Chairman, commented:

"Marcus Rhodes and Alastair Ferguson add both very relevant Russian and oil and gas sector experience to the board. Their appointments are reflective of our commitment to high standards of corporate governance as we seek to grow Zoltav's hydrocarbon asset base."

See appendix for further information in accordance with Rule 17, Schedule Two (g) of the AIM Rules for Companies.

Contacts:

About Zoltav

Zoltav is an oil and gas exploration and development company building a portfolio of assets in the CIS. Zoltav has a 100 per cent. interest in the Koltogor Licence located in the Khantiy-Mansisk Autonomous Okrug of Western Siberia. The Koltogor Licence contains the Koltogor oil discovery with probable reserves of 73,531,000 barrels of oil. Zoltav is engaged in an appraisal programme of the Koltogor oil field with a view to developing the field for commercial oil production.

In parallel with its operations at Koltogor, Zoltav continues to review other oil and gas acquisition opportunities across the CIS, with a particular emphasis on the Russian Federation.

For further information on Zoltav or to sign up for the news alert service visit: www.zoltav.com 

Appendix - AIM Rule 17

Save for the information above and below, there are no further disclosures to be made in accordance with Rule 17, Schedule Two (g) of the AIM Rules for Companies in respect of the appointments of Marcus James Rhodes, aged 52, and Alastair Muir Ferguson, aged 56.

Marcus James Rhodes - Current Directorships/Partnerships

Rosinter Restaurants Holding OJSC

Cherkizovo Group OJSC

PhosAgro OJSC

QIWI Plc

Tethys Petroleum Limited

Marcus James Rhodes - Past Directorships/Partnerships

Wimm-Bill-Dann Foods OJSC

Ros Agro plc

Alastair Muir Ferguson - Current Directorships/Partnerships

Kazmunaigaz Exploration and Production JSC

JKX Oil & Gas plc

Alastair Muir Ferguson - Past Directorships/Partnerships

TNK-BP Holding OJSC

Rusia Petroleum JSC

Verkhnechonskneftegaz OJSC