(MENAFN - ProactiveInvestors - Australia) Sprint Energy (ASX: SPS) may upgrade the current 72 million barrels of in-place oil at the Penza project in prolific Volga-Ural Basin after obtaining additional seismic data.
Modern reprocessing used on the old Soviet era data confirmed the existence of larger structures on the Shatkinsky and Pionersky licences at Penza.
This will better define the already identified and previously reported structures.
It has also identified new structural closures in the licences and better defined the reservoir interval.
Sprint now has three recognised structures within the Pionersky licence along the prolific and producing Yasnopolyansky structural anticline.
The new data could also advance a potential drilling campaign on the project, which if successful could establish early cash flow for the company.
Legal due diligence on Burtasi Oil, which holds the two licences, is nearing completion, with all relevant documents in relation to Burtasi being duly received and reviewed by Sprint's independent Russian law firm in St Petersburg.
This is expected to be completed well before the end of the exclusivity period, allowing Sprint to proceed with acquiring up to 70% in Burtasi.