Shelton announces record flow rate from new well in Russia

10/4/2013

Shelton announces record flow rate from new well in Russia

STOCKHOLM -- The fourth well on the Rustamovskoye oil field in Russia has been taken into production with an initial flow rate exceeding 300 bpd, which is significantly higher than the field’s previous wells. Shelton Petroleum’s Russian and Ukrainian operations have now jointly reached a total production of approximately 1,000 bpd.

The new well #12 has been drilled to a total depth of 2,500 m. Following a test program, the well has been put into production. It currently produces more than 300 bbl per day and the total production from the field amounts to approximately 700 bpd.

The well encountered oil in the same sandstone formation as the three previous wells are producing from. The oil-bearing formation came in deeper than expected, and as a result the well has significantly extended the known oil column. The reservoir properties are of high quality with 8 m of net pay, compared to up to 3 m in previous wells. The higher net pay allows for higher well productivity as well as better conditions for future horizontal drillings with superior well economics.

Later this year, Shelton Petroleum intends to publish a geologic update on the Rustamovskoye field, taking into account the new results from the successful drilling of the #12 well.

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