YNET, Sept 16 2007

According to YNET, Delek Driling and Avner have recently acquired from Ratio Oil Exploration 70 percent of the oil exploration permit at Ratio Yam, located several dozen miles west of Haifa. Both companies are planning to make large investments with the intention to promote drilling at this site, which extends some 1150 square miles, with a seabed 1640 meter water depth.
Ratio chief geologist Eitan Aizenberg (Eisenberg) explained that the Ratio Yam area demonstrates great promise for gas and oil on a global scale. He said, “oil explorations at these depths are very costly, but with the recent rise in oil prices, exploration has become widespread. The results of this drill will have significance for the development of the entire region.”