Ratio Petroleum received rights from Morocco to explore the Dahla bloc

Gas and Oil Drilling Partnership


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Jumps up in trade in Tel Aviv after reporting that the Moroccan government has received an exclusive right to study and research the Dakhla Atlantique block in the south of the country, which covers an area of ​​109,000 square kilometers, for a year with an option for extensions. Subject to the approval of the Energy and Mines, this is the first Israeli partnership agreement with the Moroccan government, made about a year after the normalization process that began under the Abrahamic Agreements.

In a brief review of the market in its territory in Morocco, Ratio Petroleum notes that “as of the date of this report, no hydrocarbon production has yet taken place at sea, but a number of discoveries have been made, most of which are apparently non-commercial or currently under evaluation.” Similarly, drilling has not yet been drilled in the area of ​​the block. The drilling closest to the license area, 1-CB, was drilled in 2015 and ended in a non-commercial discovery.

Block Dahla is located along the shores of the Atlantic Ocean and borders in the north on a coastal city after which it is named and in the south on the border with Mauritania. Berzio also details that part of the bloc is in territory where there is an ethnic minority of the Saharan tribe that demands recognition of independence from Morocco. “The partnership is unable to assess whether there will be any effects on the activity of Ratio in the block,” Berzio said in this context.

During the research period, Ratio will pay the Mining Office $ 70,000 annually for training programs for local managers and technicians. In total in the first research year the partnership will pay $ 600,000, in the second $ 200,000, and if you want to continue the research (and not move on to the search phase) for a third and fourth year as well, the amount will increase to $ 1 million.

If they want to continue wanting to advance to a search and production agreement they will have to give notice 60 days before the end of the research agreement period. Such an agreement would be valid for 8 years and would give Ratio Petroleum 75% rights in the block. Although 25% will remain in the hands of the Moroccan government, Ratio Petroleum will have to bear 100% of the search costs, and these will be recognized expenses.

Itai Rafael, CEO of Ratio Petroleum“The entry into Morocco is another application of Ratio Petroleum’s exploration strategy – locating geological basins with very significant potential that are still under the radar. In addition, we as Israeli citizens are very happy about the new cooperation of an Israeli corporation with the Moroccan government.”

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Ratio Petroleum received rights Morocco explore Dahla bloc

 
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