Petrogrand and Shelton Petroleum Fail to Solve Cross Company Ownership
An Extraordinary General Meeting of the shareholders in Petrogrand was held earlier today. The EGM was convened by the Board of Directors of Petrogrand for purposes of resolving on a proposed agreement with Shelton Petroleum AB to dissolve the cross-ownership between the companies. Despite the news that an Extraordinary General Meeting …
Shelton Petroleum AB: Agreement to dissolve the cross-ownership with Petrogrand
Shelton Petroleum and Petrogrand have entered into an agreement to dissolve the cross-ownership between the companies through a share swap. The exchange ratio is 0.40 shares in Shelton Petroleum for each share in Petrogrand. The agreement is subject to shareholder resolution at general meetings in both companies. Dissolving the cross-ownership …
Petrogrand: To Frac Zapadno-Ambarskaya to See if Commercial Flows are Possible
Following the results of the Petrogrand‘s well Zapadno-Ambarskaya N 6, drilled in 2012, the Board of Directors has decided to undertake hydro-fracking on the Well No. 6, on the Nizhnepaninsky license area. After an extensive review of the drilling results, the seismic data and with the application of modern modelling …
Shelton Petroleum and Petrogrand want to dissolve the cross-ownership
Shelton Petroleum and Petrogrand have today entered into an agreement that will facilitate for the companies to negotiate a breakup of the cross-ownership, which in turn will enable the companies to focus on the development of their operations and license portfolios. In accordance with the agreement, the parties will not …
Shelton Petroleum AB: Update on Convertible Bonds
The conversion period for the convertible bond 2013/2014 has expired. Holders of the entire outstanding amount of SEK 12.9 million have requested conversion to shares of series B. After such conversion, Shelton Petroleum has no interest-bearing debt. On 14 May 2014 Shelton Petroleum announced a repurchase of SEK 9.5 million …
Shelton Petroleum AB: Independent Fairness Opinion on Shelton Petroleum’s Settlement Proposal
The Board of Directors of Shelton Petroleum has assigned Birger Jarl Fondkommission to provide a fairness opinion on the share swap to dissolve the cross-ownership with Petrogrand. The fairness opinion states that the proposal is fair from a financial point of view. Shelton Petroleum has presented a settlement proposal that …
Shelton Petroleum AB: Board of Directors Recommends Not to Accept Petrogrand’s Offer
On 21 March 2014 Petrogrand announced a public cash offer to acquire all shares of series A at a price of SEK 18.6 per share, all shares of series B at a price of SEK 18.6 per share, all convertible bonds of series 2013/2014 at a price of SEK 17.5 …
Petrogrand: Shelton Petroleum Rebuffs Share Swap Offer
The Board of Petrogrand believes that the ongoing dispute between Petrogrand and Shelton Petroleum is negatively affecting both companies and their shareholders and the Board of Petrogrand is continues to work hard to find a settlement between the companies. In an attempt towards resolving the dispute, Petrogrand sent on May …
Shelton Petroleum AB Proposes a Share Swap to Dissolve the Cross- Ownership with Petrogrand
Shelton Petroleum presents a proposal to the shareholders of Shelton Petroleum and Petrogrand to dissolve the cross-ownership between the companies. The proposal is put forward for resolution on general meetings in both companies in the end of June. The disputes and the strained relationship between the companies affect the companies …
Shelton Petroleum: Q1 Results – Margin Up, Production Up, Petrogrand Relationship Down
Shelton Petroleum continues to record strong profitability. The operating margin in the first quarter amounted to 29%, which is a significant improvement compared to 25% in the first quarter last year. The improved profitability is a direct effect of the increase in production by over 80% from 519 to 942 …