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STANDING BY FOR A BILATERAL AGREEMENT

 

The border dispute between Latvia and Lithuania continues to hamper Svenska’s activities in licence E-24. The sensitive issue has placed a deadlock on the exploration process. Svenska continues accumulating geological knowledge and is ready to go forward once a solution is reached.

 

Svenska has had a 90 per cent interest in the E-24 licence since 2002. The Latvian state holds the remaining 10 per cent. Once an upcoming Latvian-Lithuanian border deal is ratified in the Latvian parliament, Svenska’s subsidiary OPAB will have three years to drill a well.

 

GOOD COMMERCIAL POTENTIAL

The E-24 licence covers a large low-risk prospect in 120 metres of water. At the heart of the licence is the Dalders structure, where the geology and geoscience indicate up to 300 mmbbls of recoverable oil reserves. Dalders is the largest undrilled prospect in the Baltic Sea.

 

WORK GROUP FORMED TO SOLVE THE ISSUES
Latvia and Lithuania have recently formed a work group whose task is to solve the border dispute. Svenska is supporting this work by supplying technical information. 

Meanwhile, geological and technical work goes on, focusing on making this promising prospect a future success.

 
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