The Royee license is an exploration license covering 400 km², on the southern side of Israel’s exclusive economic zone, along the maritime border with Egypt. The Royee license was originally awarded to Ratio in 2013, following an extensive period (2009-2013) during which Ratio held a preliminary permit over the same area (previously named Gal). During the preliminary permit period, Ratio held 100% working interest and acted as operator, fulfilling the work plan in its entirety, which included the acquisition of a 3D seismic survey. Ratio currently holds 70% of the rights in the license along with Edison International Spa (20% - operator) and Israel Opportunity (10%). Significant work has been undertaken to date in the license, including on the geological prospect as well as the engineering and environmental aspects relating the drilling of the first well in the Royee license, which is planned to be spud during H2/2019, subject to obtaining the relevant approvals.
The Royee prospect is located ~140km offshore Israel in the Royee license, in water depths of 1200-1500 meters, and is located in the Oligo-Miocene depocenter of the Levant Basin. The Levant Basin has proven to contain a regional biogenic hydrocarbon system in a tectonically active setting along with a vast amount of high quality turbidites that have been transported to the deep basin floor. The prospect targets the prolific Lower Miocene turbidite sandstones. Ratio’s expansive database allows for the opportunity to calibrate seismic data with well log data and analyze the geophysical response of the of gas-bearing sands found in recent discoveries around the Levant Basin including Leviathan, Tamar, Aphrodite, Dolphin, Tanin, and Karish.