Shelton acquires Ukraine gas field

Feb 04, 2009 01:00 AM

Canadian independent Shelton Canada said it signed an agreement with Ukrainian state owned Chornomornaftogaz to buy, jointly develop and operate a concession on the Arkhangelsk field. The field is on the west side of the Crimean Peninsula in the shallow water shelf of the Black Sea.
Under the agreement Shelton gets a 50 % working interest in the entire concession. The agreement must still be approved by the Ukraine government.

The 87-sq-km concession holds a large seismically defined structure with multi zone potential for natural gas, Shelton said. The field currently sports 17 bn cf of cumulative production from a single platform tapped into the shallow sediments of the Tortonian and middle Maikop formations.
The primary exploration target for the structure is the Lower Palaeocene with estimated potential reserves of 750 bn cf in place.

The Arkhangelsk field is about 25 km offshore with water depths of 45 metres. The companies plan to buy 300 km of new 2D seismic and develop a production model this year.
Seismic acquisition contractor bids are now being sought and the programme is scheduled to get underway during the second and third quarters of this year. The Arkhangelsk licence was renewed early last year and is valid until 2038.

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