The 3D seismic study of the offshore Gal permit indicates the presence of oil. The findings were submitted to Petroleum Supervisor Dr. Michael Gardosh on July 15. Sources inform ''Globes'' that the survey covered at least two structures at various depths, which may contain oil and natural gas.
The 1,770-square kilometer Gal license is located in deep water 150 kilometers west of Netanya, near Leviathan. It is one of the last two licenses still on the market. The sources said that at least two foreign companies - ATP Oil & Gas Corporation (Nasdaq: ATPG) of US, and Norway's AGR Group AS (OMX: AGR) - are bidding to be the license's operating partner.
On 15 August, Ratio Oil Exploration (1992) LP (TASE:RATI.L) is due to ask Gardosh for two 400-square kilometer licenses within the Gal permit area.
Ratio fully owns the rights to the Gal permit, but signed a deal in March 2010 to sell 10% to Israel Opportunity Energy Resources LP (TASE: ISOP.L). The agreement has not yet come into effect because Ratio's shareholders still have to approve it.
Ratio commissioned the 3D seismic survey on a 500-square kilometer section of Gal in late 2010. A year ago, the Petroleum Supervisor allowed the company to skip a $4 million 2D seismic survey and go straight to the 3D seismic survey.
Ratio declined to comment on the report.
Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2011
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