Shelton Petroleum has contracted a drilling company to drill up to two new wells in the first stage of the development program on the Rustamovskoye oil field in Bashkiria. A rig is being mobilized and drilling is planned to commence during the second half of January 2013. Drilling and evaluation of the first well is expected to take between 60 and 90 days.
During the summer, Shelton Petroleum successfully implemented new measures at the Rustamovskoye oil field in Russia. The company completed a vertical seismic profile and fracking of two wells in order to determine drill locations and improve flow rates. This resulted in a production increase from 120 to approximately 200 barrels per day at Rustamovskoye. Based on analyses of the field and modeling of available data, the company resolved to commence drilling of production wells on this field. Shelton Petroleum has now concluded a contract with a drilling company to drill up to two new wells in the first stage of the development program. The company expects to spud the first well in the second half of January 2013.
“We see great potential in our Russian oil licenses and we are looking forward to further developing our production at the Rustamovskoye field. In addition to the potential incremental production, the new wells will improve our understanding of reservoir characteristics, which can be applied in future drillings and evaluation of our reserve base”, says Robert Karlsson, CEO of Shelton Petroleum.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, +46 709 565141
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 the NGM stock exchange under the under the symbol SHEL B. Starting 19 November 2012, the share will be traded on NASDAQ OMX Stockholm.