Notice of AGM & Directorate Change

12 August 2016

Zoltav Resources Inc.

("Zoltav" or the "Company")

Notice of Annual General Meeting

&

Directorate Change

Zoltav (AIM: ZOL), the Russia and CIS-focused oil and gas exploration and production company, announces that its Annual General Meeting ("AGM") will be held at 10.00 a.m. (UK time) on 7 September 2016 at Adelaide House, London Bridge, London, EC4R 9HA, United Kingdom.

All directors of the Company will stand for re-election at the AGM, with the exception of Stephen Lowden who will retire as a director effective from the date of the AGM, after five years' service. The Company is grateful to Mr Lowden for his valuable counsel during his period as the Company's Senior Independent Non-executive Director. Effective from the date of the AGM, and subject to his re-election as a director of the Company at the AGM, Marcus Rhodes will become the Senior Independent Non-executive Director.

Copies of the notice convening the AGM will shortly be sent to all shareholders and to holders of Depository Interests and will be available on the Company's website at www.zoltav.com.

Contacts:

About Zoltav

Zoltav is an oil and gas exploration and production company focused on acquiring and developing assets in the CIS.

Zoltav holds the Bortovoy Licence in the Saratov region of South Western Russia, a 3,215 square kilometre area along the northern margin of the Pre-Caspian basin, one of the largest hydrocarbon basins in the CIS.

The Bortovoy Licence contains a number of productive gas fields, a processing plant and significant exploration prospectivity. It holds Proved plus Probable reserves of 750 bcf (21.2 bcm) of gas and 3.8 mmbbls (488 mT) of oil and condensate. In 2015 the Bortovoy Licence produced approximately 3.1 mmboe (440 mToe).

Zoltav also holds the Koltogor E&P Licence, a 528 square kilometre area in the Khantiy-Mansisk Autonomous Okrug of Western Siberia, one of Russian's most prolific oil producing regions. The Koltogor E&P Licence contains the Koltogor oil field with Proved plus Probable reserves of 79.2 mmboe (10.3 mToe).

Additionally, Zoltav holds Koltogor E&P Licence 10, a 167 square kilometre area due west of the Koltogor E&P Licence, containing the West Koltogor oil field.