Shelton Canada Corp., Calgary, (Toronto Venture: STO) has entered a joint investment activity agreement with Ukranian state-owned company Chornomornaftogaz to acquire, jointly develop and operate Arkchangelske Field offshore the Ukraine.
The 87-square-kilometer concession is on the west side of the Crimean Peninsula in the shallow water shelf of the Black Sea. Shelton will acquire 50% working interest and Chornomornaftogaz is operator.
The field has produced 17 billion cubic feet of gas from a single platform in the western portion of the structure. Produced gas is transported to a sales point through the Chornomornaftogaz subsea pipeline linking a number of offshore fields to the mainland. This pipeline has capacity for additional daily volumes.
. The planned 2009 work program consists of the acquisition of 300 kilometers of new 2-D seismic and development of an optimum production model.
Shelton president and chief executive Zenon Potoczny says, “This exceptional opportunity greatly enhances Shelton’s portfolio with a project near a high productivity field not far from existing infrastructure and huge market. Because natural gas has already been discovered in significant quantities, we believe that this natural gas concession can be a profitable development and could add substantial value to Shelton.”
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