In June 2016, Ratio Petroleum was granted Licensing Option No. 16/28 in the Exclusive Economic Zone of Ireland.
Area 16/28 is located in the southern Porcupine Basin, about 100 km southwest of Ireland on the northeastern margins of the Atlantic Ocean.
Area 16/28 covers approximately 1,560 sq km at water depths ranging between 1,800 and 2,300 meters.
Ratio Petroleum is the operator and holds 100% of the rights in the block.
In accordance with the license option terms, an application was submitted to the Minister of Energy of Ireland for obtaining exploration license