Royee license

In March 2010, Israel Opportunity – Energy Resources Limited Partnership ("Israel Opportunity") entered into a contractual arrangement for the first time in an agreement with Ratio Oil Explorations (1992) Limited Partnership ("Ratio Partnership") for the acquisition of 10% of the participation rights in the preliminary offshore permit "Gal". On august 15, 2011 Gal early permit expired and the partnership requested the licenses Neta & Royee instead, on the same territory. On April 15, 2013 the Oil Commissioner in the Energy and Water Ministry granted the partnership the licenses for a period of 3 years. On December 2nd, 2015, the Patnership's request to change the boundaries of Royee license by way of transferring some areas from Neta license to Royee and reduction of others was approved. The partners remained with only one license: Royee License, with new boundaries

  
Asset Royee 

 Purchase Date


April 15, 2013
   

  Partners 


10% - Israel Opportunity Energy Resources, LP

70% - Ratio Oil Exploration ltd.
   
20% - Edison  
              

 Operator


Edison International S.P.A
                

Area 

Royee - 400 Km2
   

 Location

Located 150 km west to Netanya city shore, right on the border with Cyprus and Egypt and next to the license where 
‘Levaithan’ structure was found.
     

 Major Milestones

Spud date by December 15th, 2016
                

Potential


- CPR by NSAI for Royee prospect, within the Neta and Royee licenses, from December 2014 estimates ~3.2 Tcf of natural gas (best estimate), as the range is between ~1.9 Tcf (Low Estimate) and ~5 Tcf (High Estimate).

- Probability of Geological success: 36%.