Shelton Petroleum invests SEK 20 million in scalable oil facilities on the
Rustamovskoye field in Russia in order to improve efficiency in the handling of
current and expected future oil production.
The infrastructure investments will enable a more efficient handling of
produced oil from wellhead to point of sale. The investment includes gathering,
measurement, separation and storage of crude oil. Initial capacity is slightly
less than 2,000 barrels per day, which exceeds the current production of
approximately 600 barrels per day. The facilities are scalable and with minor
investments the capacity can be further increased to several thousand barrels
per day. The design also encompasses tying in future wells from the company’s
neighboring Aysky and Suyanovskoye licenses. The six hectare infrastructure pad
is located 500 meters from the producing wells and only a few hundred meters
from the Bashneft pipeline. The company expects to complete the construction of
the facilities by the end of the year.
“These investments are very important for the further development of Shelton
Petroleum’s three oil fields in Bashkiria. The company’s successful drillings
have provided us with important information on the reservoir’s properties and
extension, and we are currently preparing a geologic update that will detail
this further. We have recently doubled the production of oil on the
Rustamovskoye field, and the new investments in infrastructure will enable the
company to handle another doubling of production”, says Robert Karlsson, CEO of
Shelton Petroleum.
Within a month Shelton Petroleum intends to publish a geologic update on the
Rustamovskoye field taking into account the results from the recent successful
drilling of the #12 well.
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. 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.
