The License # 2693 is valid for ten years and covers an area of approximately 76.4 km square.
As announced previously, Shelton has signed a comprehensive "Co-operation Agreement on Joint Investment Activity" for the development of oil and gas deposits on the Azov Sea Shelf with CNG. CNG is a National Stock Company wholly owned by Naftogas Ukrainy, a Ukrainian government holding company. CNG is an oil and gas complex and an essential part of the Ukrainian industry responsible for all hydrocarbon exploration, development, production and transmission onshore Ukraine and offshore in the Azov and Black Seas.
Zenon Potoczny, CEO of Shelton said: " I am very pleased to receive this license and I am looking forward to a work program that may develop the large reserve potential of this area."
The Management Committee of Shelton and CNG has established an operational plan for the development of the Biryuche license area. This plan calls for drilling of the first exploratory well in the Azov Sea later this year.
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