Tullow holds 50% of the rights in the block 47 and serves as the operator of the block.
Ratio Suriname holds 20% of the petroleum rights in the Block.
Pluspetrol holds 30% of the petroleum rights in the Block.
After Eitan Aizenberg identified the potential in the Guyana-Suriname Basin in 2011, Ratio Petroleum’s professional team began studying and analyzing the basin.
In August 2017, Ratio Suriname entered into a Farmout agreement with Tullow to purchase 20% of its rights in Block 47.
In November Tullow entered into an agreement with Pluspetrol to transfer 30% (out of 100%) of the rights in Block 47
Block 47 covers an area of approximately 2,350 sq km at water depths ranging between 1,300 and 3,000 meters.
Most of the processing and interpretation work on the seismic data has been completed and a decision as to whether to proceed with drilling is expected to be made during the third quarter of 2019.
The acquisition of rights in Block 47 corresponds with Ratio Petroleum’s desire to expand its presence in the Guyana-Suriname Basin.