Sprint Energy on the prowl for oil in Western Siberia

Sprint Energy has now acquired a 74% interest in Bakcharneftegaz, following extensive due diligence, providing Sprint with oil and gas exposure in Russian Federation’s energy sector.

Bakcharneftegaz is the holder of Western Siberia based License Block 71-1, with sprint looking to advance exploration in the short term.

Preparations are already advancing for the re-entry of Well 4 on Block 71-1, with equipment mobilised and heading to site to undertake the re-entry activities and spudding of the well - which is expected to commence before the end of the year.

Sprint is also 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.

Block 71-1 in the South Western part of the Tomsk Basin, Western Siberia, and is in the middle of a cluster of producing fields, including Imperial Energy’s Licence 86 about 20 kilometres to the west, which produces more than 15,000 barrels of oil per day.

The Tomsk Basin is one of the leading oil and gas regions in the Russian Federation, with the two commodities first discovered in the region in the mid-1950s.

Today the Tomsk region produces around 300,000 barrels of oil per day, which equates to around 3% of total Russian Oil production.