The company, which has gold milling operations in Ecuador, plans to participate in new oil ventures as well as purchase stakes in existing proven oil reserves.
It will implement its technology in these ventures to enhance flow rates from existing oil wells, increase initial flow rates in new oil and gas wells and improve reservoir recovery rates by up to 100%.
Zoloto is colloborating with an Ecuadorian company to supply technology and equipment necessary to enhance flow rates by as much as three times and increase oil recovery rates.
The company’s gold milling operations focus on exploring underground gold, silver, copper and other metals in the country.
Entering Ecuador in April 2014, Zoloto has acquired 49% stake in the Zumba Mill. The mill’s processing capacity stands at 50t of ore a day and is expected to increase to 100t by the end of this month.
