Connect with us

Hi, what are you looking for?

Jewish Business News


Ratio acquires 20% of Israeli Myra and Sarah Gas fields licenses

If Ratio finds a new operator, it will receive an additional 5% of the rights.

Tamar,    The Natural Gas Production Platform Off The Israeli Coast,    Is To Begin It's Natural Gas Production

Please help us out :
Will you offer us a hand? Every gift, regardless of size, fuels our future.
Your critical contribution enables us to maintain our independence from shareholders or wealthy owners, allowing us to keep up reporting without bias. It means we can continue to make Jewish Business News available to everyone.
You can support us for as little as $1 via PayPal at
Thank you.

Leviathan partner Ratio Oil Exploration (1992) LP (TASE:RATI.L) has acquired 20% of the Myra and Sarah offshore licenses. It will receive the relative proportionate stakes from the licensees Modiin Energy LP (TASE:MDIN.L), Israel Land Development Company Energy Ltd. (TASE: IE) and IDB Development Corporation, plus the relative proportion of the rights held by the well operator,  GeoGlobal Resources Inc. (Bulletin Board: GGGR). The transfer of the rights will not be subject to super royalties.

Following the acquisition, Modiin Energy owns 23.1% of the Myra and Sarah licenses, IDB Development owns 4.4%, ILD Energy owns 41.6% through Emanuelle Energy Ltd. and Emanuelle Oil and Gas LP, and its parent company Israel Land Development Company(TASE: ILDC) owns 5%,  IPC Oil and Gas Holdings Ltd. (IPC) (TASE: IPC) owns 10.7%, and GGR owns 5%. IPC and GGR did not sell rights in the licenses as part of the deal with Ratio.

The licensees will seek a new well operator to replace GGR, and the new operator will receive 25% of the rights to the two licenses. If Ratio finds the new operator, it will receive an additional 5% of the rights.

If a commercial discovery is made at Myra and Sarah, Ratio will pay the other licensees 10% of the oil or gas sales up to $12.3 million.

Ratio has undertaken to review, at its own expense, the various finds at the two wells within 29 days of signing the deal.

In late 2012, both the Myra and Sarah wells were declared dry holes, after the licensees spent $100 million drilling the wells and conducting tests.

Published by Globes [online], Israel business news – 



You May Also Like

World News

In the 15th Nov 2015 edition of Israel’s good news, the highlights include:   ·         A new Israeli treatment brings hope to relapsed leukemia...


The Movie The Professional is what made Natalie Portman a Lolita.


After two decades without a rating system in Israel, at the end of 2012 an international tender for hotel rating was published.  Invited to place bids...

VC, Investments

You may not become a millionaire, but there is a lot to learn from George Soros.