ZOLTAV Resources yesterday announced that it has agreed to buy CenGeo Holdings, its first major oil and gas acquisition.
The deal is the first for Zoltav after Arkady Abramovich, son of oligarch Roman, bought up a 45 per cent stake in the company earlier this year.
Abramovich will pay $46m (£30m) in total for the Russian asset.
The purchase is set to turn Zoltav from a shell structure into an operational company, and it is understood that Arkady’s investment is likely to be the first of many.
CenGeo has a licence to explore the Western Siberian Koltogorsky area, which is estimated to contain 73.5 million barrels of oil.
Shore Capital was appointed nominated adviser and broker to Zoltav on the deal. Auditor PwC and law firms Pinsent Mason, Ogier and Denton Salans in Russia also advised Zoltav.