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MENAFN - ProactiveInvestors - Australia - 06/11/2012

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(MENAFN - ProactiveInvestors - Australia) Sprint Energy (ASX: SPS) is currently focused on an increased exposure in Russia and is progressing technical due diligence on a number of projects.

Sprint said that visits to the Tomsk and Penza fields have revealed new key insights from the process, and determined that there are estimated resources volumes of: 25.5 mmbbl original oil in place (OOIP) P50 at Tomsk on the 71-1 license and; 72mmbbl OOIP (cumulatively) P50 at Penza.

The field visits and subsequent technical evaluations have revealed that collectively at Tomsk and Penza there is an estimated 97.5mmbbl OOIP (original oil in place) indicative P50 resources.

Sprint will further verify these volumes once the seismic data has been received by the company later in the year.


TOMSK

In Tomsk, the Sprint team was able to obtain critical new insights to the Blocks 71-1 and 95-3 projects from BakcharNefteGaz who are the vendors of the projects.

New seismic data on Block 71-1 is currently being reprocessed and re-interpreted in Tomsk by BNG. Further, this data has also been interpreted, independently by Sprint's technical team which has resulted in the Company identifying an estimate of 25.5mmbbls (P50) OOIP indicative resources at the primary reservoir level on the portion of the structure in Block 71-1 that lies within the license.

The company notes that the greater structure has a total P50 resource of approximately 32mmbbls OOIP. The vacant land to the South upon which the remaining part of the structure is located may be accessible to Sprint, should the Company make an application for a production license on Block 71-1.


PENZA

In Penza, the Pionersky and Shatkinsky licenses were visited by the Sprint team with the regions' chief geologist also present. During the visit all previous data and further mapping relevant to the two licenses were shown to the group.

The field visit examined and confirmed that there is good access to the sites, the existence of the structural closures in the licence areas, the location and existence of relevant supporting infrastructure and the potential drill sites.

Sprint said these review activities confirmed the previously reported mapping for the licences, on which a cumulative P50 resource estimate of 72mmbbls OOIP had being made by Burtasi Oil LLC.

 






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