Continued growth despite the pandemic

Despite challenging market conditions, the wine operations increase sales by 80% compared to the previous year. Export is established as a new sales channel. Together with Croatia’s leading winery architect, Zhoda completes technical and construction designs for a new winery.

The oil operations are affected by the low and volatile oil price, but Zhoda successfully manages to perform a work over program to keep a stable production.



Dividends from the oil operations and launch of the Merga Victa brand

Black Island Winery launches the Merga Brand and opens the newly renovated tasting facilities at the winery. Previously, the wines have exclusively been sold in the HORECA segment and they are now introduced into Croatian retail.

Oil production is stable and Zhoda receives a SEK 10 million dividend from the oil operations.



Development of the winery and add-on acquisition

Zhoda develops the Testament brand for the wines and established a sales strategy with focus on the major cities Zagreb, Split and Dubrovnik. Zhoda makes an add-on acquisition of a winery for white wines, which complements the red wines.



Investment in organic winery in Dalmatia and extension of the oil license for 20 years

Zhoda makes its first investment in an organic winery in Dalmatia. Through investments into new equipment the company is able to vinify the whole grape harvest for the first time, and reach 100 000 bottles of premium wines from the local grapes babic and posip.

The production license in Ukraine is extended for 20 years and new sales channels are established.



Adopts the new name Zhoda Investments and widens its business operations

In October 2016, the shareholders resolved to widen the business operations and strenghten the capital base through a rights issue. The new name Zhoda Investments was adopted.



Significant reserves upgrade to 42 million barrels of 2P

The company is able to increase its reserves in Bashkiria by a factor of seven, giving a total of 42 million proven and probable barrels of oil. The geopolitical development in Crimea increases the risk regarding future financial values of the assets situated offshore outside the Crimea. The onshore production in central Ukraine is stable and unaffected by the events. Following a period of conflicts with Petrogrand, the companies enter into a business transaction that entails a spin-off of the Ukrainian assets under the name Zhoda Petroleum Ukraine.



Reaches a milestone of 1,000 barrels per day

Following successful development drilling, the company significantly boosts production to reach over 1,000 barrels per day. As a result of the increased production, the company increases its turnover to over SEK 100 million and reports operating income in the amount of SEK 30 million.



Successful drilling program and corporate transactions

The company drills exploration and appraisal wells on the Bashkirian assets and reaches a production level exceeding 500 barrels per day. The production on Lelyaki is temporarily suspended. Investments are made into Baltic Oil Terminals and Tomsk Refining. These shareholdings are divested generating a healthy profit and cash injection for further development drilling.



Business combination and listing in Sweden

The company enters into a business combination with the Swedish exploration and production company Petrosibir with oil assets in Bashkiria. The name is changed to Shelton Petroleum AB and the shares are listed on the stock exchange in Sweden.

A new well is drilled on Lelyaki and the Arkhangelskoye license in the Black Sea is added to the JIA.



Expands through acquisition of a producing oil asset

The company enters into a corporate transaction and acquires Zhoda 2001 Corporation with 45% working interest in the Lelyaki oil field and a production of 270 barrels per day net to the company. As part of the transaction, the company focuses exclusively on the Ukrainian market by divesting its Canadian oil and gas assets. The company drills its first production well and upgrades the 2P reserves to 8.7 million barrels net.
The North Kerchenskoye license in the Azov Sea is added to the JIA giving the company fifty per cent participation.



Drills an offshore well in the Azov Sea

Following in-depth geophysical and other studies, the parties drill an exploration and appraisal well on Biryucha to a total depth of 1,700 meters. Thick reservoir quality sandstone horizons of up to 60 meters were identified containing small volumes of gas.


Commences operations in Ukraine

The company is an early mover and one of the first Western companies to enter the Ukrainian oil and gas market. Under the name Shelton Canada Corp, listed on the Toronto Venture Exchange, the company signs a Joint Investment Activity agreement (50%/50%) with National Stock Company Chornomornaftogaz, Ukraine’s leading offshore gas company, regarding the development of oil and gas deposits on the Azov Sea and Black Sea shelf. The Biryucha license is the first to be included into the JIA.