Drentru Services News Today : Breaking News, Live Updates & Top Stories | Vimarsana

 
Zoltav (AIM: ZOL), the Russia-focused oil and gas exploration and production company, provides a corporate update following a review by the board of directors, in consultation with the Company s major shareholders, of the strategic options available to the Company to secure long-term value from the Company s Bortovoy Licence, its sole producing asset.
 
 
As previously announced, the two currently producing western fields on the Bortovoy Licence are in natural decline and an ongoing capital investment programme has been required, and will continue to be required, in order to sustain production and commercialise the remaining reserves. The board has determined, following a technical and economic feasibility study, that developing the eastern fields, where there remain substantial undeveloped reserves, by connecting them to the Western Gas Plant and expanding the plant s capacity, will be necessary in order to deliver long-term value from the asset. ....

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