Petrogrand’s Board’s Recommends Rejecting Shelton Petroleum’s Public Offer
On 22 January 2014, Shelton Petroleum AB submitted a public offer to the shareholders of Petrogrand. The Board of Directors of Petrogrand has engaged ABG Sundal Collier Norway ASA “ABG Sundal Collier” for making an independent valuation of Shelton Petroleum AB and its assets. ABG Sundal Collier is considered the …
Petrogrand: Clarifies Gazprom Neft Partnership and Letter of Intent
On 21 February 2014, it was communicated to the market that Petrogrand AB had entered into a collaboration agreement with Gazprom Neft. Neither the contract negotiations with Gazprom Neft, the agreement itself nor the press release have been authorized or decided by the Board of Directors of Petrogrand. The referred …
Shelton Petroleum AB: Shelton Petroleum Makes a Public Offer to the Shareholders of Petrogrand
Shelton Petroleum AB (“Shelton”) today announces an offer to acquire all the outstanding shares in Petrogrand AB (“Petrogrand”), (“the Offer”). Shelton offers 0.30 B shares in Shelton for each share in Petrogrand which is corresponds to a premium of 38.9 % compared to the closing price of yesterday. Summary The …
Shelton Petroleum AB: Comment to the Request for Conversion
The Board of Directors of Petrogrand and Shelton Petroleum have not been able to solve the dispute regarding the conditions that have to be fulfilled for the conversion of Convertible 2. Petrogrand has today issued a press release stating their continued intent to convert and to let a court of …
Shelton Petroleum AB: Update regarding Convertible 2 and constructive talks between Shelton Petroleum and Petrogrand
Shelton Petroleum has been informed that Petrogrand has requested conversion of Convertible 2. The parties are in disagreement regarding the right to convert. The board of directors of Shelton Petroleum and Petrogrand are now holding constructive talks and believe that a new solution that potentially could create significant value for …
Shelton Petroleum AB: Comment to Petrogrand’s request to convert Convertible 2
Petrogrand AB has requested the conversion of Convertible Debenture 2 of 185,249,280 SEK to 9,262,464 new B-shares in Shelton Petroleum. Since the conditions agreed by the parties in July 2013 have not been fulfilled, Petrogrand’s request for conversion is a breach of contract. As both Shelton Petroleum and Petrogrand have …
Petrogrand AB: Application submitted to Tomsknedra shows additionally increase in C3 resources in the Nizhnepaninsky license block
Petrogrand is pleased to report that the final report have been submitted to Tomsknedra on increased C3-resources. The final report C3-resources amounts to 54,8 million tons (411 mmbbl). The volume is distributed over four areas: Yuzhno-Nazinskaya 24,8 million tons), Nizhnepaninskaya (5,3 million tons), Ambarskaya (16 million tons) and Paninskaya (8,7 …