most of Ratio Petroleum’s news are published in Hebrew
Leader Capital Markets’ oil & gas analyst looks at Ratio Petroleum’s operations and the profitability of investing in the share.
Ratio Petroleum reported this morning about the completion of the data collection stage of the 3D seismic survey in the Kaieteur Block in Guyana, jointly owned by Ratio Petroleum and ExxonMobil, which covered a massive area of 5,750 km² (equivalent to more than 14 offshore licenses in Israel).
The survey is expected to take four months and cover an area of 5,700 km². The survey will be carried out by a subsidiary of ExxonMobil, which is a partner in the license with Ratio Petroleum which recently concluded an IPO.
According to Ratio Petroleum’s report, following the discovery of additional leads in the block, Exxon decided to increase the massive 3D seismic survey that had been planned for 4,000 km² to 5,700 km².
Ratio Petroleum and Exxon increased the scope of the survey by more than 40%. The survey will be financed by Exxon, which discovered 1 billion barrels of oil in a block adjacent to Ratio’s block.
Ratio Petroleum, the partner of the international energy company ExxonMobil, reported today that Exxon’s drilling campaign in Guyana led to a new oil discovery called Snoek. The discovery is located in the Stabroek Block near Ratio Petroleum’s Kaieteur-B Block in which it is a partner with ExxonMobil.
Ratio transferred 25% of the reservoir in Guyana to Exxon, which will finance the drilling and pay $450,000.