Zoltav Resources Inc. Reports Audited Consolidated Earnings and Production Results for the Year Ended December 31, 2014
Apr 23 15
Zoltav Resources Inc. reported audited consolidated earnings and production results for the year ended December 31, 2014. For the year, the company's revenue was $20,018,000. Loss before exceptional items was $7,559,000 compared to $4,389,000 a year ago. Profit after exceptional items was $27,415,000 compared to $4,389,000 a year ago. Profit before tax was $24,106,000 compared to $4,366,000 a year ago. Profit for the year attributable to owners of the parent was $21,707,000 compared to $4,324,000 a year ago. Income per share attributable to owners of the parent during the year - diluted was 20.25 cents compared to 10.87 cents a year ago. Net cash used in operating activities was $4,500,000 compared to $5,008,000 a year ago. Capital expenditure in relation to exploration and evaluation activities was $8,359,000 compared to $3,636,000 a year ago. Purchase of property, plant and equipment was $4,810,000 compared to $5,000 a year ago.
In 2014, production from the Bortovoy Licence was 7,656 boe/d (1,086 Toe/d) (2013: 8,004 boe/d /1,132 Toe/d). This comprised 40.2 mcf/d (1.14 mcm/d) of gas (2013: 40.5 mcf/d /1.15 mcm/d) and 478 bbls/d (60 T/d) of oil and condensate (2013: 779 bbls/d /99 T/d). Overall this was a 4.4% reduction in production compared with 2013. Gas production decreased by 0.7%, whilst liquids production reduced by 38.6%. This reflects significant declines in the oil wells producing from the Karpenskoye rim. The Company's immediate priority is on exploiting the considerable gas potential of the licence and as such the company is not planning to target any further oil rim wells in the foreseeable future. The high monthly production achieved in 2014 was approximately 8,636 boe/d (1,225 Toe/d) in December - a level which the company expects to maintain throughout 2015.
Zoltav Mulls Acquisitions
Apr 23 15
Alastair Ferguson, Executive Chairman of Zoltav Resources Inc. (AIM:ZOL) said, "We continue to seek opportunities for growth, both organically and through acquisition in our core areas of Russia and the CIS and we anticipate a significant amount of our effort to be focused on this during 2015. I would like to express the Board's appreciation of our entire staff's dedication to meeting the growth objectives set by the Company."
Zoltav Resources Inc. Announces Board Changes Effective December 31, 2014
Dec 15 14
Zoltav Resources Inc. announced 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.