–
After a brief suspension of only one day, Zoltav restarted trading in London yesterday.
–
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at [email protected].
Thank you.
–
Zoltav Resources, a company belonging to Arkadiy Abramovich, the son of Russian oligarch and owner of the English Chelsea Football Club Roman Abramovich, has announced the completion of the acquisition of Royal Atlantic Energy (Cyprus) Limited and the admission on Wednesday of its enlarged issued share capital to trading on the AIM (alternative investment market exchange for small companies) branch of the London Stock Exchange.
Trading in Zoltav had been suspended for one day by the company as it canceled exchanges of its Existing Ordinary Shares and submitted new Ordinary Shares.
The details were revealed in a release from RNS, the company news service of the London Stock Exchange.
Zoltav is an oil and gas exploration and production company focused on acquiring assets in the CIS, particularly in the Russian Federation.
The move comes with the company’s acquisition of 100% of the Bortovoy License in the Saratov Oblast region of the Russian Federation. Bortovoy is a 3, 215 square kilometer area which contains a number of active gas fields, a processing plant and significant exploration prospects. It has 750 billion cubic feet of substantiated gas reserves and 3.9 million barrels of condensate.
The company raised $65, 946, 418 from ARA Capital ($45.615 million for 28, 509, 375 subscription shares), Crediton Invest ($10.166 million for 6, 353, 568 subscription shares) and Matteson overseas ($10.166 million for 6, 353, 568 subscription shares), issuing a total of 41, 216, 511 ordinary shares at $1.60 per share.
It now has a total of 141, 290, 386 Shares admitted to trading on AIM. Its major stockholders are, ARA Capital Limited with 56, 243, 076 shares or 39.8%, Bandbear Limited with 56, 243, 076 shares or 39.8%, Crediton Invest Limited with 6, 353, 568 shares or 4.5% and Matteson Overseas Limited with 6, 353, 568 shares or 4.5%.
Symon Drake-Brockman, Zoltav’s executive chairman commented on the acquisition, “I am delighted to announce the completion of Zoltav’s second major oil and gas asset acquisition which adds both considerable reserves to the group as well as its first commercial gas and oil production. With this milestone achieved, we are focused on operations and in particular on ensuring that the gas processing plant in the Western area of the Bortovoy Licence is operating at full capacity while concurrently developing an exploration strategy for the highly prospective Eastern Fields of the Bortovoy Licence; as well as on our continuing appraisal of the Koltogor licences.
“In addition, we are constantly reviewing potential acquisition targets and will continue our acquisition strategy where we believe value can be achieved for shareholders.”
Zoltav now holds a total of three licenses, including Bortovoy, all within the Russian Federation.
The other two include the Koltogor Exploration and Production Licence, a 528 square kilometer area in the Khantiy-Mansisk Autonomous Okrug of Western Siberia, one of Russian’s most prolific oil producing regions.
Koltogor contains an oil field with Proved plus Probable reserves of 75.2 million barrels of oil. Zoltav is engaged in an appraisal program of it with a view to developing the field for commercial production.
There is also the Koltogor Exploration Licence 10, a 167 square kilometer area due west of the Koltogor Exploration and Production Licence on which Zoltav is engaged in an exploration and appraisal program.
Arkady Abramovich is the founder and owner of ARA Capital, an investment firm which specializes smaller end Australian and New Zealand capital markets which are traditionally not a focus of larger funds, by providing equity and debt financing. ARA Capital has a 26% interest in Crosby Asset Management.
–
