November 26, 2010 [Baltic Oil Terminals PLC] - Baltic Oil Terminals announced the sale of 46,000,000 B shares (the "Shelton Shares") of Shelton Petroleum AB ("Shelton") owned by the Company, realising proceeds of 27.6m SEK (equivalent to approximately £2.5 million) before expenses.
The Board of Baltic expects to be able to announce shortly that it has entered into an agreement for the acquisition of a fully operational fuel oil storage business, which is based outside of Russia and the Former Soviet Union. It is intended that the net proceeds of the Shelton Share Sale will be applied to funding the acquisition The Board of Baltic believes this business complements its own trading and transportation operations, will add considerable synergies and will open up new market opportunities.
Shelton focuses on exploring and developing upstream hydrocarbon concessions in the Volga-Urals area in Russia and the resource-rich basins of Ukraine. In the financial year ended 31 December 2009, Shelton had nil turnover and reported a loss before tax of SEK 16.4m. Reported net assets were SEK 189.9m as at 31 December 2009. The Shelton Shares are traded on the NGM Equity Stock Exchange under the symbol SHEL B. Shelton has applied for a listing on NASDAQ OMX Nordic Main Market in Stockholm.
