Ratio Petroleum: Drilling in Suriname turned out to be conquered – the capital market

Oil and gas exploration partnership

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Submarine trades by about 37% after reporting that its 1-GVN exploration drilling (test) in the Suriname Basin turned out to be conquered, meaning no oil would be extracted from it. The report states that the company’s share in the expected drilling budget (including sealing and abandonment operations) stands at $ 17.4 million to be recognized as a loss in the first quarter reports of 2021, and that no additional expenses are expected to rehabilitate the drilling site. Ratio and her partners “will continue to study the drilling data and their impact on the rest of the prospects in the block.”

At the end of January, in an interview with CEO Itai Rafael, it expressed optimism about the chances of success in drilling. Of 235 million barrels of oil in the geological structure (the prospectus).

As mentioned, the prospect is located in the Suriname Basin where Ratio Petroleum also operates as part of Tanger-1 drilling. “We clearly see that large oil and gas companies are slowing down activity in basins that are considered good or realizing assets in the North Sea and Africa, and on the other hand in the Guyana-Suriname basin there is a massive inflow of investments,” Rafael told us at the time.

He added that “our fingerprint in this basin is very large, and we are one of the players who hold the largest area,” says Rafael. “Our professional team recognized the potential there as early as 2011, before they started drilling. If today we wanted to get space there, no one would give a small company from Israel like us.”

The GVN 1 drilling rig has been found to be dry, but Berzio Petroleum has previously stated that since the beginning of 2020, five oil discoveries have been announced in Suriname, and in the last five years exploration drilling in the Guyana Suriname Basin has discovered over 10 billion barrels of oil.