– RUSSIA, Moscow / JERSEY – Zoltav Resources Inc. (AIM: ZOL), the CIS-focused oil and gas exploration and production company, is pleased to announce a number of changes to the board with effect from 31 December 2014. Symon Drake-Brockman will be stepping down as executive chairman of the board and will become a non-executive director. Alastair Ferguson (currently an executive director of Zoltav) will be appointed executive chairman and Andrey Komarov (currently a non-executive director of Zoltav) will be appointed as an executive director of the Company.
Mr Ferguson has an extensive background in oil and gas having held both technical and senior leadership roles in BP and TNK-BP during his 33 year career in the industry. Mr Komarov is a very experienced Russian oil and gas professional having held senior managerial positions with a number of major Russian energy businesses including TNK-BP, Sibneft OJSC (now Gazprom Neft) and the Moscow Oil Refinery. As an executive director of Zoltav, Mr Komarov will oversee the development planning for both the Bortovoy and Koltogor Licences.
Symon Drake-Brockman, executive chairman, commented: “In under two years Zoltav has transitioned from an investing company into a fully operational oil and gas business with hydrocarbon production and with substantial potential upside from the ongoing development of its assets. We are seeking with this reorganisation of the board to create a structure which places directors in positions which optimise their individual strengths and experience for the benefit of Zoltav. I am delighted that Zoltav will have, in Alastair Ferguson and Andrey Komarov, a chairman and executive director with vast experience in the Russian oil and gas industry. I look forward to continuing to help steer Zoltav’s growth as a non-executive director.”
Alastair Ferguson, executive director, added: “The board wishes to express its thanks to Symon Drake-Brockman for his contribution to developing Zoltav. As the operator of significant assets in Russia I am delighted that Zoltav has identified, in Andrey Komarov, an executive director with the knowledge and experience to maximise the value of our existing assets and those which we may acquire in the future.”
About Zoltav Resources
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 Russia’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.
About Alastair Ferguson (executive chairman, effective 31 December 2014)
Mr Ferguson has an extensive background in the oil and gas industry having held both technical and senior leadership roles in BP and TNK-BP. In particular, as a result of his time at TNK-BP he has considerable experience and knowledge of the Russian gas market which will be relevant following Zoltav’s acquisition of the Bortovoy Licence in the Saratov Oblast in June 2014. Mr Ferguson 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.
About Andrey Komarov (executive director, effective 31 December 2014)
Mr Komarov is a very experienced Russian oil and gas professional having held senior managerial positions with a number of major Russian energy businesses. Between 2006 and 2013 Mr Komarov served as Vice President, Gas Business Development & Sales, and latterly as Vice President, Gas & Power, at TNK-BP, where he worked with Alastair Ferguson, a director of Zoltav. Mr Komarov’s responsibilities included the optimisation of the group’s gas processing and commercialisation strategy and the development of the gas resource portfolio. In 2002 Mr Komarov joined Sibneft OJSC (now Gazprom Neft), one of Russia’s leading oil producers, as Director, Regional Sales with responsibilities including the development of oil depots and retail sites, as well as liaison with local governmental authorities. He was subsequently appointed as the group’s Vice President, Downstream in 2004. Prior to Sibneft OJSC, Mr Komarov held the positions of Deputy General Director and Commercial Director of the Moscow Oil Refinery and served as an advisor to the Minister of Fuel and Energy of the Russian Federation.
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