Rights in marine oil assets in Malta, Ghana, Ireland, and the Philippines have been obtained.
Leviathan partner Ratio Oil Exploration (1992) LP (TASE:RATI.L) has reported to the Tel Aviv Stock Exchange (TASE) the founding of a new limited partnership for overseas operations. The Landau and Rotlevy families, the controlling shareholders in Ratio, have agreed to transfer to Ratio overseas without payment their rights in overseas assets. It was also reported that the new partnership would raise capital from the public by issuing participation units and options.
In recent years, the controlling shareholders have made efforts to find oil assets outside of Israel as part of their private business development activity, together with Ratio geologist Eitan Eisenberg and other third party partners. As of now, rights in marine oil assets in Malta, Ghana, Ireland, and the Philippines have been obtained.
As of the date of this report, an initial draft prospectus has been submitted to the TASE, and discussions are taking place with Israel Tax Authority representatives in order to obtain the necessary permits for this. The measure is contingent on obtaining approval from the authorized partnership organs and a general shareholders' meeting of participation unit owners, and on completion of the offering.
Published by Globes [online], Israel business news - www.globes-online.com - on July 14, 2016
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Leviathan