The company said on Friday that following extensive due diligence activities, it had acquired a 74% interest in OOO Bakcharneftegaz (BNG), the holder of Block 71-1 in the south-western part of the Tomsk basin, Western Siberia.
Sprint had initially announced it had entered an option agreement for the acquisition in August. To execute the deal, the company was required to issue 19% equity and a cash payment of $800,000 to Electrosecur.
