Sprint Energy Acquires 74% of BNG Block 71-1
Sprint Energy Ltd is very pleased to provide an update on the acquisition of Block 71-1 project in Tomsk in Western Siberia.
The Company confirms that post extensive due diligence activities, parties have now formally executed the acquisition documents for Sprint to acquire a seventy four (74%) percent interest in OOO Bakcharneftegaz (“BNG”) the holder of License Block 71-1.
Preparations for the re-entry of Well 4 on Block 71-1 are well advanced, with equipment already mobilised and heading to site to undertake the re-entry activities and spudding of the well is expected to commence before the end of December 2012.
The Company is currently in talks with several parties and confirms that subject to funding, Sprint also expects to commence work on the development of a new exploration well on Block 71-1 in early 2013.
The Company expects that this project will form the basis of its successful entry into the Russian Federation’s energy sector. Sprint shall provide an update to the market on future developments, as further information comes to hand.
