Issue of Equity

Zoltav Resources Inc.

("Zoltav" or the "Company")

Issue of Equity

Zoltav, the CIS-focused oil and gas company announces that, following the receipt of a notice to exercise warrants over 15,000 ordinary shares of $US0.2 in the Company ("Ordinary Shares") it has authorised the issue of 15,000 new Ordinary Shares (the "Warrant Exercise").

The new Ordinary Shares will rank pari passu with the existing Ordinary Shares. Application has been made for admission of the new Ordinary Shares to trading on AIM and admission is expected to occur on 18 July 2014.

Following the Warrant Exercise, there will be 141,805,386 Ordinary Shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.

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About Zoltav

Zoltav is an oil and gas exploration and production company focused on acquiring assets in the CIS, particularly in the Russian Federation.

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 billion cubic feet (21.2 billion cubic metres) of gas and 3.9 million barrels of oil and condensate. In 2013 the Bortovoy Licence produced 13.9 billion cubic feet (392.6 million cubic metres) of gas and 300,000 barrels of condensate and oil.

Zoltav also holds the Koltogor Exploration and Production 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 Exploration and Production Licence contains the Koltogor oil field with Proved plus Probable reserves of 75.2 million barrels of oil. Zoltav is engaged in an appraisal programme of the Koltogor oil field with a view to developing the field for commercial production.

Additionally, Zoltav holds Koltogor Exploration Licence 10, a 167 square kilometre area due west of the Koltogor Exploration and Production Licence on which Zoltav is engaged in an exploration and appraisal programme which includes targeting the Bazhenov shale formation from which the company has recovered oil.