History
2007
The company starts its operations
The company starts its business in 2007 under the name Petrosibir by acquiring its first exploration license on the Rustamovskoye block in Russia. The company raises 56 million SEK for the financing the exploration program. A seismic program of 87 kilometers is being completed and the company commences drilling the first of the two exploration wells.
2008
Oil found at Rustamovskoye
The first well is drilled to a final depth, and several oil and gas intervals are identified. Approximately 80 kilometers of seismic are gathered and the company commences drilling the second exploration well in the end of 2008.
2009
More oil and expansion
Oil is found also in the second exploration well. Based on the exploration results the company registers its first oil reserves with the Russian State Reserve Committee GKZ.
During the fall 2009 the Russian subsidiary is awarded two new exploration licenses – Aysky and Suyanovskoye. The licenses are adjacent to Rusamovskoye and the total license area increases from 50 to 500 square kilometers.
In 2009 Petrosibir makes a reverse acquisition of a company listed on the NGM stock exchange. Through this transaction the company reaches several goals: liquidity in the share, strengthened financial position and a platform for future structural transactions.
On 31 December 2009 the company acquires the Canadian company Shelton Canada Corp. with operations in Ukraine by paying with Petrosibir’s stock issued to the shareholders of Shelton Canada Corp.
2010
Oil producing company
In the beginning of the year the company’s name is changed to Shelton Petroleum AB. As a direct result of the acquisition of Shelton Canada Corp. the company can report its first oil production from the Lelyaki field. The production is closed down during parts of the year due to a decision of the state authorities. In September the company is granted a production license on Rustamovskoye and the company starts test production of oil.
During the year the company acquires shareholdings in Tomsk Refining and Baltic Oil Terminals.
2011
Development program initiated
In January the company starts test production from the second well at the Rustamovskoye field. Several steps in the development program of Rustamovskoye are taken during the year. Seismic studies at Aysky identifies three potential structures. Helium studies indicate presence of hydrocarbons at Aysky and Suyanovskoye.
In September the production at the Lelyaki field is reinstated.
Proceeds from Shelton Petroleum’s shareholding in Tomsk Refining amount to SEK 51 million.
At the end of the year the company reaches a production level exceeding 400 bbl per day and a profit is reported in Q4.
2012
Significantly increased profit and listing at NASDAQ OMX Main Market
The company carries out work programs at the producing Lelyaki and Rustamovskoye fields and reports increasing production, which reaches levels above 500 bbl per day during the summer.
Proceeds from the shareholding in the liquidated Tomsk Refining give additional cash funds in the amount of SEK 18 million.
In November 2012, trading with Shelton Petroleum’s share startes on NASDAQ OMX Stockholm’s Main Market.
As a result of the increased production the company doubles its turnover (SEK 100 million) and reports operating income in the amount of SEK 30 million.
2013
The milestone of 1,000 barrels per day reached
Shelton Petroleum finds oil in two of two new wells at Rustamovskoye. Well #12 has significantly higher net pay and considerably higher flow rates than previous wells.
Collection of 73 kilometers seismic at Aysky is completed in order to create an integrated geologic model of the three Russian license areas.
Divestment of shareholding in PAN European Terminals provides cash funds in the amount of 27 million SEK.
2014
The reserves in Russia increased by the factor of seven
According to an independent Western reserves report the Company’s reserves increase significantly thanks to the successful drillings at Rustamovskoye. The 2P reserves at present amount to 34 million barrels. The production increases by 29 percent compared to 2013.
The geopolitical development in the Crimea increases the risk regarding future financial values of the assets situated offshore outside the Crimea. Shelton Petroleum’s production in central Ukraine is stable and unaffected by the events.
Cross-ownership with Petrogrand leads to conflicts that later come to an end after signing an agreement in June.
2015
New old name Petrosibir and focus solely on Russia
In Bashkiria, the Company completes the construction of scalable infrastructure aimed to improve efficiency in the handling of current and expected future oil production. The infrastructure investments enable more efficient handling of oil from wellhead to the point of sales and include gathering, measurement, separation and storage of oil.
During the year the Company conducts a seismic survey of 142 kilometers at Suyanovskoye field (in addition to previously collected 95 kilometers) in order to confirm the resource estimations and to tighten the grid in order to delineate the structures and identify future drilling locations. In addition, 57 kilometers of seismic are beeing collected, processed and interpreted on Aysky and the producing Ayazovskoye oil field in order to repeat the success of the previous drilling campaign where the latest #12 well encountered significantly thicker net pay and better flow rates than previous wells in 2013.
In late 2015 the Company and Petrogrand enter into an agreement to form a combined and enlarged oil group with exclusively Russian oil assets and to dissolve the cross-ownership between the companies. The transaction implies, among other things, that USD 4 million in cash and 49 % certain oil and gas assets in Komi, Russia, are acquired by Petrosibir. Further, the Company’s Ukrainian operations are distributed to the shareholders.
The transaction is closed in December 2015 and from now on the Company’s name is once again Petrosibir, and the operations are carried out solely in Russia.
Also in December 2015 the Disciplinary Committee of Nasdaq Stockholm rules that Company shall be delisted from the stock exchange. The last day for trading in Petrosibir’s share on Nasdaq Stockholm is set to be 4 February 2016. The background to the decision is the shareholder conflict, which took place between Petrosibir and Petrogrand during spring 2014.
