Zoltav buys oil field for £30.4m

Junior stock market shell company Zoltav is to acquire an oil field in Siberia in a $46m (£30.4m) deal. The AIM-listed company – part-owned by Roman Abramovich’s eldest son through the ARA Capital investment vehicle – is to acquire the Koltogor licence through the acquisition of CenGeo holdings for $26m, which is issuing 473.2m shares in a reverse takeover. Zoltav can also call for an extra $20m to fund the development.