Israel Firm Confirms Egypt Entry

MEES can confirm that independent Israeli firm Ratio Oil has signed a deal with Edison, the Italian subsidiary of French utility EdF, to take 15% stake in the North Thekah block in the deepwater Egyptian Mediterranean. North Thekah adjoins Israel’s Royee licence where the two firms are partners. The deal requires the approval of Egyptian authorities: Ratio points out “there is no certainty that the transaction will indeed be completed.”

Ratio’s groundbreaking Egypt entry (if approved) is part of a deal that sees Edison keep its 20% operator’s stake at Royee, making renewed plans to drill in the concession by 30 September ( MEES, 22 March ). (CONTINUED - 153 WORDS)