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 

Validity

September 15th, 2018
   

  Partners 


10% - Israel Opportunity Energy Resources, LP

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

 Operator


Edison International S.P.A
                

 Location

150 km west of Netanya near the licenses where ‘Levaithan’ structure was found.    
 

 Prospects

Work Program was completed, including:
• 3D Seismic Survey
• Various Geological, Geophysical and Engineering works
• Environmental Impact Assessment and Site Risks
• Engineering plan for the first Exploration Well

CPR by NSAI for Royee prospect, within the Royee license from May 2017estimates ~3.4 Tcf of natural gas (best estimate), with a forecasted 36% geological chance of success.
                

 Major Milestones


Submission of a signed contract with a drilling contractor by March 15th, 2018

Spud date by September 15th, 2018.