Russian oil and gas explorer and producer Zoltav Resources has bought Royal Atlantic Energy (Cyprus) for $180m.
The deal gives Zoltav 100% ownership of the Bortovoy licence in the Saratov region of south-west Russia - a 3,215 sq km area containing several productive gas fields, a processing plant and significant exploration potential.
Bortovoy contains proved and probable reserves of 750bn cubic feet of gas and 3.9m barrels of oil and condensate.
Zoltav already holds the Koltogor exploration and production licence, which contains the Koltogor oil field with proved and probable reserves of 75.2m barrels of oil in western Siberia. It also has the Koltogor exploration licence 10, on which Zoltav is engaged in an exploration and appraisal programme.