– RUSSIA, Moscow / JERSEY – Zoltav Resources (AIM: ZOL), the CIS-focused oil and gas exploration and production company, is pleased to announce the appointments, effective immediately, of Andrey Komarov and Yulia Lebedina, both as non-executive directors of the Company.

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, an executive 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. Mr Komarov is currently chief executive of the Russian transportation and disposal company, MKM Logistics LLC.

Ms Lebedina is an experienced corporate lawyer based in Moscow. Ms Lebedina is Head of the Corporate Department at Millhouse LLC, responsible for corporate governance and the provision of legal and corporate support for transactions. Ms Lebedina initially joined Millhouse LLC in 2006 in the group’s legal department. Prior to Millhouse LLC, Ms Lebedina was Senior Corporate Counsel at Sibneft OJSC. Prior to Sibneft OJSC, Ms Lebedina held a number of legal counsel positions including with KPM Consulting where she provided legal support for Russian corporations.

Both Mr Komarov and Ms Lededina have been nominated to the board as representatives of ARA Capital Limited pursuant to a relationship agreement dated 22 May 2014, details of which can be found in the Company’s 23 May 2014 AIM Admission Document.

Symon Drake-Brockman, Executive Chairman, commented: “Given Zoltav’s strategic ambition to build the leading mid-cap, Russia and CIS focused oil and gas exploration and production company, it is appropriate that we should strengthen the board with the appointments of individuals whose experience in the region will support that ambition. I am delighted to welcome Andrey Komarov and Yulia Lebedina to Zoltav.”

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 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.

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