Modiin Energy LP (TASE:MDIN.L), controlled by Nochi Dankner and Tzahi Sultan today notified the TASE that it in talks with Ratio Oil Exploration (1992) LP (TASE:RATI.L) to acquire 20% of the Gal prospect. The announcement follows yesterday's announcement by EZ Energy Ltd. (TASE:EZ) that it is in talks to acquire 10% of Gal, and Ratio's statement that it in talks with "various parties" to bring in a partner as the license operator.
Ration, which owns 15% of Leviathan, has the preliminary permit for Gal, located in deep water 150 kilometers west of Netanya. Under the terms of the permit, Ratio must bring in a partner by August 15. With an area of 1.77 million dunam (382,500 acres), it is one of Israel's largest offshore licenses.
Ratio's share price rose 1.5% in early trading today to NIS 0.421, giving a market cap of NIS 3.1 billion, and Modiin Energy's share price rose 2.4% to NIS 0.043, giving a market cap of NIS 810 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 4, 2011
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