Shelton Petroleum has recently completed a series of activities designed to increase oil production at the Rustamovskoye oil field in Russia. A two well fracking program has substantially increased well productivity. In addition, the drilling of the field’s fourth well has been completed and oil was encountered at target depth.
Shelton Petroleum’s has raised its oil production as a result of the fracking of wells #1 and #11 that was carried out during the summer. Production from these two wells and the #2 well on the Rustamovskoye field amounts to almost 400 barrels per day, an increase of nearly 100 per cent since the beginning of the year. The company now produces a total of over 700 barrels per day, including the operations in Ukraine.
The new #12 well has been drilled to a total depth of 2,500 meters. Oil has been encountered in the same sandstone formation as the three other wells produce from. The logs indicate good reservoir properties. Shelton Petroleum is currently testing and optimizing the flow of the well. Further information will be announced shortly.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, +46 709 565 141
About Shelton Petroleum
Shelton Petroleum is a Swedish company focused on exploring and developing concessions in Russia and the resource-rich basins of Ukraine. In Russia, the company holds three licenses in the Volga-Urals area in Bashkiria 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.