Ratio reports potential for 100m barrels of North Sea oil

Oil rig Photo: Reuters

The Israeli energy exploration company has a 15% stake in one field and a 10% stake in the other.

Leviathan partner Ratio Oil Exploration (1992) LP (TASE:RATI.L) overseas exploration unit Ratio Petroleum (TASE: RTPT.L) announced this morning that a resources assessment report by independent energy consultants RPS Group found potential for 100 million barrels of oil in two fields in the North Sea. The Israeli company has a stake in the rights of both fields, which are in advanced stages of development and ready for drilling.

In the first of the two fields, in which Ratio has a 15% stake, there are an estimated 62 million barrels of oil with the potential for a further 20 million barrels of oil in the area of the license.

In the second license, in which Ratio has a 10% stake in the rights, there are an estimated 23 million barrels of oil with a higher geological likelihood of success - between 45%-90%.

Ratio's cost in the two drillings is estimated at about $3 million. Drilling in the first prospect is scheduled to take place in the third quarter of 2017, and drilling in the second prospect is an option for immediately afterwards.

Ratio Petroleum, which held its IPO on the TASE in January, engages in oil and gas exploration outside of Israeli economic waters. The company, owned by the Landau and Rotlevy families, holds exploration rights in Malta, Guyana (in partnership with Exxon), Ireland, and the Philippines as well as the North Sea. The company is also about to ask shareholders to approve acquiring rights in Surinam.

Published by Globes [online], Israel business news - www.globes-online.com - on July 24, 2017

© Copyright of Globes Publisher Itonut (1983) Ltd. 2017

Oil rig Photo: Reuters
Oil rig Photo: Reuters
Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018