WILDCAT SCHEDULED IN BALTIC OFF LATVIA

A joint venture of Amoco Corp. and Oljieprospektering AB (OPAB), a unit of Sweden's OK Petroleum, has agreed with the Latvian government to explore the Dalders prospect in the Baltic Sea. Amoco said a wildcat will cost $7-9 million and will be drilled to 1,600 m with a semisubmersible rig operating in 120 m of water. The well is slated for second half 1996, although Latvian parliamentary approval will depend on solution of a territorial dispute in the area between Latvia and Lithuania.

Nov. 13, 1995

A joint venture of Amoco Corp. and Oljieprospektering AB (OPAB), a unit of Sweden's OK Petroleum, has agreed with the Latvian government to explore the Dalders prospect in the Baltic Sea.

Amoco said a wildcat will cost $7-9 million and will be drilled to 1,600 m with a semisubmersible rig operating in 120 m of water.

The well is slated for second half 1996, although Latvian parliamentary approval will depend on solution of a territorial dispute in the area between Latvia and Lithuania.

Amoco said the Dalders prospect was first identified by OPAB in Swedish waters and was later found to extend into Latvia, where the larger part of its area lies.

Amoco and OPAB each hold a 45% interest in the project, with the Latvian government holding 10%. The government has an option to increase its share to 20% in the event of production and is expected to earn 40-50% of profits from the project.

About 50 wells have been drilled in the Baltic Sea, with only two, in Polish waters, resulting in discoveries. No drilling has taken place off Latvia.