Leviathan natural gas field partner Ratio Oil Exploration (1992) LP (TASE:RATI.L) will reportedly raise NIS 200 million to finance its share of the development of the gas field. On Friday, the partnership's board of directors decided in principle to raise the capital by public offering on the basis of the shelf prospectus published in May 26, 2009.
Ratio owns 15% of Leviathan. Its partners are Noble Energy Inc. (NYSE: NBL), with a 39.66% stake, and Delek Group Ltd. (TASE: DLEKG) units Avner Oil and Gas LP (TASE: AVNR.L) and Delek-Drilling, with 22.67% each.
On Friday, following the publication of the company's financial report for the first quarter, Noble Energy CEO Charles Davidson told analysts that drilling of the Leviathan 1 exploratory well to the oil-bearing strata should resume in the third quarter, after the necessary equipment arrives in June.
Ratio's share price fell 4.4% in morning trading to NIS 0.452, giving a market cap of NIS 3.2 billion. Its partners, Avner and Delek Drilling, are both down 1.3% and Delek Group is down 1.4%.
Published by Globes [online], Israel business news - www.globes-online.com - on May 1, 2011
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