Shelton Petroleum has commenced an additional 73 kilometer seismic program on
Aysky, one of the company’s three oil fields forming a continuous block in
Bashkiria. The new seismic will be processed and interpreted together with
previous seismic data to develop an integrated geological model for the license
areas. This will provide valuable information for future drilling.
During 2011, Shelton Petroleum completed a successful 65 kilometer seismic
program on Aysky that identified three prospective structures, one of which may
be a continuation of the Devonian sandstone formation on Rustamovskoye from
which the company produces oil. The independent seismic service company
Udmurtgeofizika has previously estimated that Russian C1+C2 reserves and C3
resources on Aysky amount to 12 and 10 million recoverable barrels
respectively. If it can be demonstrated that a continuous structure stretches
over several of the company’s fields, then this will have a positive effect on
the company’s reserves.
“Our strategy to focus on fields where earlier Soviet drillings have confirmed
the presence of oil and gas increases cost-efficiency and reduces geological
risk. Seismic and other methods performed by Shelton Petroleum provide a deeper
understanding of the extension of the structures and enable us to identify new
and improved drilling locations”, says Robert Karlsson, CEO of Shelton
Petroleum.
As a next step, the company will complete acquisition of field data and process
and interpret the new seismic. Following that, all seismic on Aysky (65 + 73
km) and on Rustamovskoye (80 + 87 km) together with comprehensive data from the
two producing wells will be analyzed to develop an integrated geological model
for the license areas. This is an important step in the future development of
the field. New structural maps will enable the company to determine optimal
drilling locations on Aysky as well as on Rustamovskoye. The company expects
that the work will be completed during the summer of 2013.
For more information, please contact:
Robert Karlsson, CEO, Shelton Petroleum, +46 709 565 141
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 symbol SHEL B.
