The liquidator of Tomsk Refining AB (TRAB) has recently informed the company’s shareholders that a final payment is expected to be made before 31 March. Shelton Petroleum will receive an additional amount of approximately SEK 18 million.
“Shelton Petroleum’s investment in Tomsk Refining has generated a good return. Following the final payment now being made, the liquidation will have brought a total of SEK 69 million to Shelton Petroleum. It has strengthened our financial position and generated funds for investments in the drilling program and further exploration activities,” says Robert Karlsson, CEO of Shelton Petroleum.
During the autumn of 2010, Shelton Petroleum acquired 3,900,000 shares in TRAB, corresponding to 15.1 per cent of the company’s share capital. The acquisition cost amounted to USD 7.0 million, of which USD 4.0 million were paid by issuing Shelton Petroleum shares. In total, the liquidation will generate approximately USD 10.8 million for Shelton Petroleum.
TRAB sold its Russian refining operations during 2011. The shareholders of TRAB then resolved to liquidate the company as a way of distributing the cash generated from the sale of the refinery. In August 2011, Shelton Petroleum received a first payment of SEK 51 million.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, tel +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 Baltic Oil Terminals PLC. The Shelton Petroleum share is traded on the NGM stock exchange under the under the symbol SHEL B.