Odin Energi Latvija (Odin Energi) is looking to farmdown its 2018-1 licence in the Baltic Basin in Latvia following the 3D seismic shoot funded during 2019. Odin Energi is looking for a partner(s) to fund 2 exploration wells and repay back costs in return for a significant equity share in the licence.
The E-17 prospect is a drill-ready, low risk shallow water prospect in an area with a proven petroleum system. This opportunity represents a chance for early entry into an area with nearby producing field analogues in a basin with excellent reservoir and mature source rock.
The Odin Energi Group, have licences in Latvia, Lithuania and Oman and a successful farmee would have the opportunity to partner with the company to build a wider regional position and take advantage of their extensive geological and local business network.
An exploration well on the E-17 structure is expected to cost in the region of $16-20 MUSD and is in shallow water depth of less than 25m. Latvia has an excellent business environment (EU) and E&P licensing regime with excellent fiscal terms. The licence is about 10km from the shore where there is a significant regional infrastructure position which in the event of a successful discovery would facilitate rapid development with high value barrels.