Odin Energi Farming out Baltic Basin Licence 2018-1 in Latvia
Odin Energi is looking for a partner(s) to join the licence with significant equity available in return for repayment of back costs and funding the forward 2-well exploration well programme including an initial exploration well on the E-17 prospect in 2021 which may contain up to 85mmbo.
5 Harbour Exchange Square, London, E14 9GE
0203 916 0101
February 26, 2020 at 11:44 am
Type of Deal:
Holt Energy Advisors (“HEA”) are acting on behalf of Odin Energi Latvija (“Odin Energi”) on their farmdown of Licence 2018-1 in the Baltic Basin offshore Latvia. New 3D seismic acquired in late 2019 over the E-17 prospect has confirmed the presence of a low-risk, material drilling opportunity which Odin would like to test in 2021. The prospect benefits from being in shallow water (<25m) with the Cambrian reservoir target itself being at the relatively shallow depth of 1,370m SS. Despite the lack of activity in the area historically, the Baltic Basin contains a proven petroleum system and excellent reservoir and source rocks. The E-17 prospect is expected to cost $16-20M to drill with a reserve potential of up to 85 mmbo. Low costs and a very generous Latvian fiscal regime assure (very) high value barrels in the success case.
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