In order to continue the development of Shelton Petroleum’s license portfolio, the company has divested all of its shares in Pan European Terminals, an AIM-listed company. The divestment strengthens the company’s cash position by approximately SEK 27 million. The book value of Pan European Terminals was approximately SEK 24 million at 31 December 2012.
Shelton Petroleum has divested all of its shares in Pan European Terminals. Shelton Petroleum’s 13,177,368 shares were sold at a price of 21 pence per share, which is a premium of approximately 10 per cent compared to the market price at the time of the transaction.
- We have a continued positive view on Pan European Terminals, but have chosen to divest the shares in order to develop our license portfolio. The divestment gives us increased resources to develop the significant potential in our license portfolio. In addition to the current drilling program in Bashkiriya and the development of the Lelyaki field, we have interests in high potential offshore gas licenses in Ukraine, which we want to take to the next level, says Robert Karlsson, CEO of Shelton Petroleum.
For more information, please contact:
Robert Karlsson, vd Shelton Petroleum, +46709 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. The Shelton Petroleum share is traded on NASDAQ OMX Stockholm under the under the symbol SHEL B.