Shelton Petroleum collects new seismic on Suyanovskoye


Shelton Petroleum has recently collected an additional 142 kilometres of
seismic data to further delineate the three promising structures on the
Suyanovskoye oil field. The objective is to identify future drilling
locations. Results from the study will be announced to the markets later
this year.


During 2014, Shelton Petroleum conducted a 95 kilometer seismic survey
on the Suyanovskoye oil field in Bashkiria, Russia. Three promising
structures with estimated recoverable resources of 47 million barrels of
oil were discovered. Shelton Petroleum has recently completed the
collection of another 142 kilometres of seismic on this field to confirm
the resource estimations and to tighten the grid in order to delineate
the structures and identify future drilling locations. The data is
currently being processed and interpreted and Shelton Petroleum expects
to receive and publish the results of the study including new structure
maps later this year.

The leading Bashkirian oil company Bashneft produces oil due north of
Suyanovskoye. Given future exploration success, the Suyanovskoye field
may become equally if not more important to Shelton Petroleum than the
producing Rustamovskoye field.

In addition, 57 kilometres of seismic have been collected on Aysky and
the producing Rustamovskoye oil field in order to repeat the success of
the previous drilling campaign where the latest #12 well encountered
significantly thicker net pay and better flow rates than previous wells.
Based on these results, the 2P oil reserves on this field increased from
1 to 23 million barrels in the recent reserves update published last
autumn.

 

 

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 Ukraine. In
Russia, the company holds 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. Shelton Petroleum’s oil and gas 2P reserves amount to
34 million barrels. The company’s share is traded on Nasdaq Stockholm
under the symbol SHEL B.

This is an English translation of the Swedish original. In case of
discrepancies, the Swedish original shall prevail.

Attachments

PR_150429___Shelton_Petroleum_collects_new_seismic_on_Suyanovskoye_1772f.pdf