Director/PDMR Shareholding

24 May 2016

Zoltav Resources Inc.

("Zoltav" or the "Company")

Director/PDMR Shareholding

Zoltav (AIM:ZOL), the Russia and CIS-focused oil and gas exploration and production company, announces that it was advised today that Marcus Rhodes, a non-executive director of the Company, sold 15,000 ordinary shares of $US0.2 in the Company ("Ordinary Shares") on 23 May 2016. The sale was conducted at a price of £0.27 per Ordinary Share. As a result of this disposal Mr Rhodes no longer holds any Ordinary Shares.

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About Zoltav

Zoltav is an oil and gas exploration and production company focused on acquiring and developing assets in the CIS.

Zoltav holds the Bortovoy Licence in the Saratov region of South Western Russia, a 3,215 square kilometre area along the northern margin of the Pre-Caspian basin, one of the largest hydrocarbon basins in the CIS.

The Bortovoy Licence contains a number of productive gas fields, a processing plant and significant exploration prospectivity. It holds Proved plus Probable reserves of 750 bcf (21.2 bcm) of gas and 3.8 mmbbls (488 mT) of oil and condensate. In 2015 the Bortovoy Licence produced approximately 3.1 mmboe (440 mToe).

Zoltav also holds the Koltogor E&P Licence, a 528 square kilometre area in the Khantiy-Mansisk Autonomous Okrug of Western Siberia, one of Russian's most prolific oil producing regions. The Koltogor E&P Licence contains the Koltogor oil field with Proved plus Probable reserves of 79.2 mmboe (10.3 mToe).

Additionally, Zoltav holds Koltogor E&P Licence 10, a 167 square kilometre area due west of the Koltogor E&P Licence, containing the West Koltogor oil field.