Ratio Oil Exploration and Modiin Energy will reportedly each acquire 25% of the six leases.
Market sources believe that Ratio Oil Exploration (1992) LP (TASE:RATI.L) has acquired 25% of the six offshore gas exploration licenses held by Pelagic Exploration Company. Israel Opportunity Energy Sources LP (TASE: ISOP.L) today announced that it has acquired 10% of the licenses, and Modiin Energy LP (TASE:MDIN.L) last week confirmed a "Globes" report that it was in talks to acquire stakes in the leases. The sources believe that Modiin will acquire 25% of the leases.
The six leases are near the Leviathan prospect, and situation between other licenses held by Ratio.
In a notice to the TASE, Ratio said in response that it was in negotiations with Pelagic to purchase rights in the company's six offshore oil and gas exploration leases.
Ratio's share price fell 4.5% to NIS 0.444 today, giving a market cap of NIS 3.18 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on September 7, 2010
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