Shelton Petroleum holds a fifteen percent stake in the Swedish company Tomsk Refining AB, which, through its subsidiaries, operates a new refinery in Russia. Tomsk Refining has given notice to convene a general meeting to decide on a sale of the company’s subsidiaries for a preliminary purchase price of USD 80,500,000.
Tomsk Refining has, in a notice of a general meeting, announced that it within the next few days intends to sign a sale and purchase agreement regarding a sale of its subsidiaries. The subsidiaries are Tomsk Refining’s main assets and also the companies in which its business activities are conducted. The preliminary purchase price amounts to USD 80,500,000 and may be adjusted depending on an intercompany claim, contingent costs arising from the subsidiaries’ operations and a net debt calculation. The notice is available at Tomsk Refining’s corporate website, www.tomskrefining.com.
In September 2010, Shelton Petroleum announced an acquisition of 3,900,000 shares in Tomsk Refining, which make up approximately fifteen per cent of the share capital in Tomsk Refining. The consideration amounted to approximately USD 7 million. A future potential additional consideration may, if certain circumstances materialize within a specified time frame, be payable by Shelton Petroleum.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, tel +46 709 565 141
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing concessions in the Volga-Urals area in Russia and the resource-rich basins of Ukraine. The company holds three licenses in Russia 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. Ukrainian operations include onshore as well as offshore projects. Shelton Petroleum is pursuing an integrated business model and has acquired significant equity stakes in Tomsk Refining AB and Baltic Oil Terminals PLC, the latter being 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. The company has applied for a listing of its share on NASDAQ OMX Main Market.
The information provided herein is such that Shelton Petroleum AB is obligated to disclose it pursuant to the Securities Markets Act and/or the Financial Instruments Trading Act. It was submitted for publication at 1.00 p.m. on 28 January 2011.