Petrogrand: 9m Results – No Operating Income in the 3rd Quarter
Third quarter of 2015 • Oil production in Ripiano attributed to Petrogrand increased in the third quarter by 14% to 84 274 barrels of oil or an average of 916 bopd compared to the previous quarter • During the third quarter, the Group had no operating income (-). The operating …
Shelton Petroleum: 9M Results – Petrogrand Merger Plus Margins Running at 22%
January – September 2015 Continuing Operations* – Total revenue: SEK 23 (36) million – Operating result: SEK 1 (2) million – Operating margin: 2% (6%) – Basic and diluted earnings per share: SEK -2.58 (0.11) January – September 2015 Russian and Ukrainian Operations** – Revenue: SEK 62 (93) million – …
Shelton Petroleum: Update on Petrogrand Merger and Ukrainian Asset Distribution
Following the recent shareholder approval of the agreement between Shelton Petroleum and Petrogrand, the development on the oil and gas market, depreciation of the Ukrainian currency and share price development in Petrogrand, Shelton Petroleum provides an update on several accounting items that affect the upcoming interim report. The items, which …
Petrogrand: Production Update for October 2015 – Production Dips 4%
The total production from the Komi oil fields Dinyu-Savinoborskoye, Sosnovskoye and Yuzhno-Tebukskoye in October 2015 amounted to 57,399 barrels of oil, corresponding to an average of 1,852 barrels of oil per day (a slight decrease of 4 per cent compared to 1,939 barrels of oil per day in September 2015). …
Shelton Petroleum and Petrogrand Merger Approved by the Shareholders in Both Companies
As previously announced the agreement between Shelton Petroleum AB and Petrogrand AB was approved at the extraordinary general meeting held today on 9 November 2015. The approval was conditional upon that an extraordinary general meeting in Petrogrand also approved the agreement. Petrogrand has now held its extraordinary general meeting and …
Shelton Petroleum: EGM – Confirms Petrogrand Asset Tie Up
At the extraordinary general meeting held earlier today in Shelton Petroleum AB the shareholders approved the agreement between Shelton Petroleum and Petrogrand AB which will combine the Russian oil and gas assets of the companies and dissolve the cross ownership. The agreement is available on the company’s website. At the …
Petrogrand Wins Dispute Against Former CEO
The dispute between Petrogrand and the company’s former CEO and Board Member Maks Grinfeld about the right to severance payment has been settled by arbitration. Maks Grinfeld claims on Petrogrand for 24 month severance has been dismissed by the Arbitration Institute and Petrogrand has been awarded compensation for the main …
Petrogrand: Combined Fields Produce 58,179 Barrels in September
The total production from the Komi oil fields Dinyu-Savinoborskoe, Sosnovskoe and Yuzhno-Tebukskoye in September 2015 amounted to 58,179 barrels of oil, corresponding to an average of 1,939 barrels of oil per day (an increase of 3 per cent compared to 1,883 barrels of oil per day in August 2015). Petrogrand’s …
Petrogrand: Drilling Tender Out for Sosnovskoye, Plus Dinyu-Savinoborskoye Update
Following the completion of the Ripiano transaction in April 2015, whereby Petrogrand acquired an indirect 49% interest in three oil producing fields in the Komi region of Russia, Petrogrand’s new management team has finalized the forward heading operational plan for maximizing the value of all Ripiano’s production fields. Since the …
Petrogrand and Shelton Petroleum: Finally Combine on Russian Assets Only
Petrogrand AB and Shelton Petroleum AB have entered into an agreement (i) to form a new combined and enlarged oil group with exclusively Russian oil assets and (ii) to dissolve the cross-ownership between the two companies. Shelton Petroleum’s and Petrogrand’s operations in Bashkiria and Komi regions respectively, both located in …