Shelton and Nadra Sign MoU for Ukrainian Exploration

Sweden's Shelton Petroleum is set to expand its operations in Ukraine following the signing of a Memorandum of Understanding (MoU) with Nadra Ukrayny for gas and oil exploration there.

The deal will see the two companies team up to jointly cooperate on and explore oil and gas possibilities in Ukraine, a move Shelton's president says will strengthen the company's position in the country.

"We are very happy with the signing of the memorandum, since it strengthens our position and opens opportunities for us in finding new projects in Ukraine," President of Shelton Petroleum Zenon Potoczny said. "NJSC Nadra has over 100 projects and licences, which we will have a chance to review during the course of the year, and possibly cooperate on several of them."

Chairman of Nadra's Board Oleg Proskuriakov welcomed the deal today. 

"We are excited about the future cooperation with Shelton Petroleum and are always open to investments into the oil and gas sector of Ukraine," he said.

Shelton today also announced the signing of an Agreement of Confidentiality with the State Service of Geology and Mineral Resources of Ukraine, which will facilitate the transferring of any licences should Nadra and Shelton agree to work jointly on such projects.

The deal was entered with the State Service's representative, First Deputy Head Lyubomyr Goncharuk.