Ratio Oil Exploration (1992) LP (TASE:RATI.L) today announced that it has obtained a gas and oil exploration permit from the Ministry of National Infrastructures for the Gal prospect, 150 kilometers offshore from Netanya, adjacent to the Tamar prospect. The partnership plans to invest $4.5 million in surveys of the prospect in order to apply for a drilling license.
The partnership also owns the Leviathan prospect west of the Tamar prospect, and this proximity sent Ratio's share soaring last year.
Ratio's exploration permit is valid through August 15, 2011. The 1.77 million-dunam (44.25 million acre) prospect is at the edge of Israel's economic territorial waters. Ratio plans to complete the seismic mapping of the prospect by April. After processing the data, the partnership will hire a firm to conduct a 2D seismic survey, which will cost $3.6 million, including analysis, and is scheduled to be completed by early November.
Ratio's share rose 1.6% by midday today to NIS 0.128, giving a market cap of NIS 861 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2010
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