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Shelton to Commence Development Program on Rustamovskoye

Source: www.gulfoilandgas.com 1/9/2013, Location: Asia

In November Shelton Petroleum contracted a drilling company to drill up to two new wells in the first stage of the development program on the Rustamovskoye oil field in Bashkiria. The drilling rig has been mobilized and assembly is now underway with a planned spud date in the second half of January.

“The development program is proceeding according to plan and we are excited about the spudding of the new well within a few weeks. We see great potential in our Russian oil licenses and are looking forward to increasing production as well as analyzing and evaluating the results of the drilling later this spring”, says Robert Karlsson, CEO of Shelton Petroleum.

Drilling and evaluation of the first well is expected to take between 60 and 90 days. Shelton Petroleum currently produces over 500 barrels per day with the Rustamovskoye field contributing approximately 200 barrels per day. The company has entered into a contract that allows it to drill one well with an option to drill an additional well at Rustamovskoye. Later this year, the company will review drilling data and geological information to develop a new project design on how to optimally target and extract the pool’s reserves. The new design will encompass the possibility of horizontal drilling, which given suitable geological conditions, allows for enhanced well economics.

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