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Dankner in talks to buy Gal stake from Ratio

4 Aug, 2011 10:31
שלח תגובה במיילYael Gruntman

The deepwater Gal prospect is adjacent to Leviathan.

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

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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