Dec 2011
Exploration program commenced on Suyanovskoye with positive helium study

Shelton Petroleum has obtained positive results from its exploration activity on the Suyanovskoye block in Bashkiria, Russia. The company has completed a helium survey covering approximately 100 square kilometers. The results indicate an active oil and gas system on this field. 

Shelton Petroleum holds three adjacent blocks covering a total of 500 square kilometers in the Volga-Urals basin in Russia. On the Rustamovskoye field, the company has commenced commercial production of oil following a successful exploration program. In spring this year, the company performed a seismic program on the Aysky field that identified three promising structures. The recent helium study marks the beginning of exploration activity on the Suyanovskoye field. Measurements of abnormally high concentrations of helium have been obtained, which indicates an active petroleum system in underlying formations.

“The results from the helium surveys are encouraging. Suyanovskoye is surrounded by several producing oil fields and we have now received strong indications that our field holds structures containing hydrocarbons. We have a continued positive outlook on the field’s potential,” says Robert Karlsson, CEO of Shelton Petroleum.

Helium studies are a powerful and cost-effective method that complement traditional exploration methods as they, in combination with seismic, can determine the presence of hydrocarbons and allow drill sites to be optimally located. The recently completed survey is the first step in Shelton Petroleum’s exploration program on Suyanovskoye. The company is currently designing future exploration activity consisting of increased helium coverage and seismic data.

Facts about helium surveys

The contractor, Actual Geology International, has performed more than fifty successful commercial projects for leading oil and gas companies such as Gazprom, Lukoil and Rosneft. The technology can identify active petroleum systems by surveying helium gas emanating from deep layers of the earth towards the earth’s surface. Helium is ten times more soluble in oil pools, and 150 times more soluble in natural gas pools than in strata water, so abnormally high concentrations of helium gas in sub-soil air indicate presence of oil and gas in underlying formations. The technology uses onsite sampling equipment to measure helium concentrations in a grid of shallow boreholes less than 1.5 meters deep. Survey results can reduce and focus seismic work on unexplored areas and produce a map of “sweet spots” for oil and gas drilling in known seismic structures.

For more information, please contact:

Robert Karlsson, CEO, Shelton Petroleum, tel +46 709 565141 robert.karlsson@sheltonpetroleum.com www.sheltonpetroleum.com

About Shelton Petroleum

Shelton Petroleum is a Swedish company focused on exploring and developing concessions in Russia and the resource-rich basins of Ukraine. The company holds three licenses in the Volga-Urals area and has commenced production on the Rustamovskoye field after a successful exploration program. In Ukraine, Shelton Petroleum’s wholly owned subsidiary has a joint venture with Ukrnafta and Chornomornaftogaz, two leading Ukrainian oil and gas companies. Shelton Petroleum is pursuing an integrated business model and has acquired an equity stake in Baltic Oil Terminals PLC, an AIM listed company with a terminals and transshipment business in Kaliningrad on the coast of the Baltic Sea. The Shelton Petroleum share is traded on the NGM stock exchange under the under the symbol SHEL B.