Shelton Petroleum has initiated a development program in Russia with the intention to drill up to two new production wells on the Rustamovskoye oil field in Bashkiria. Shelton Petroleum is pleased to announce that the first well was spudded today.
“During the past few years, we have added several properties to the Shelton Petroleum portfolio. In addition to the producing field in Ukraine and the offshore licenses with vast potential in the Black Sea, we are pursuing the potential of the Bashkirian fields and we are excited about the spudding of a new production well. We currently produce a total of 500 barrels per day with the Rustamovskoye field contributing 200 barrels per day. We are looking forward to the incremental production the new well may contribute”, says Robert Karlsson, CEO of Shelton Petroleum.
The new well is a deviated well that will be drilled from the same pad as the producing oil well RS#2. Planned total depth is approximately 2,500 meters and the objective is to penetrate the oil-bearing Devonian sandstone formation 800 meters horizontally from RS#2.
Drilling and evaluation of the first well is expected to take up to 90 days. Later this year, the company will review drilling data and geological information to develop a new project design on how to optimally target and extract the pool’s reserves. The new design will encompass the possibility of horizontal drilling, which given suitable geological conditions, allows for enhanced well economics.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, +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 holds an equity stake in Pan European Terminals PLC. The Shelton Petroleum share is traded on NASDAQ OMX Stockholm under the under the symbol SHEL B.