The company is son of Abramovich received first profit

Zoltav Resources, which owns a small oil and gas assets in Russia by the end of 2015 increased its revenue by 41%, to $28,14 million, the company said. Last year the company first appeared on positive EBITDA of $7.2 million (in 2014 was a loss $3.3 million), while operating profit was $1.1 million (in 2014 operating loss was $7.6 million, excluding revaluation of acquired assets). Nevertheless, the company ended the year with a net loss of $4 million.

“Zoltav has shown the first profit from activities despite unfavourable conditions for oil and gas companies and a weak ruble against the dollar”, — said the Chairman of the Board of Directors Zoltav Alistair Ferguson (it is quoted in the message). According to him, the company maintains its strategy is to make the most of existing assets by increasing their efficacy, additional exploration and development that will lead to increased production, as well as targeted acquisitions.

Zoltav, 40% owned by ARA Capital of Roman Abramovich’s son Arkady, and owns two oil and gas assets: Koltogorsky the licensed site (proven and probable reserves exceed 1 billion barrels of oil equivalent) in Khanty-Mansi Autonomous area and the Hull area (21.2 billion cubic meters of gas and 3.8 million barrels of oil) in the Saratov region. For Koltogorsky plot Zoltav paid $26 million (Treasury stock) in 2013, and for the Side — $180 million in 2014. In 2015, on Side area has produced around 3.1 million barrels of oil equivalent, while Koltogor conducted geological work.

A Federal official recently told me that after Bashneft in December 2014 came under the control of the state, its purchase interested in Abramovich senior. But a friend of Abramovich denied this and his spokesman this information has not commented. Zoltav, the representative refused to comment on the interest in Bashneft.