Ratio Oil Exploration 1992 LP (RATIL) headed for the biggest jump in more than two months after Noble Energy Inc. (NBL:US) said it sees “potential for significant oil resources” at the Leviathan site.
The shares were up 6.8 percent, set for their steepest gain since Feb. 29, and traded at 0.331 shekel as of 3:26 p.m. in Tel Aviv.
Noble said yesterday it suspended drilling at Leviathan due to high well pressure and mechanical limitations of the drilling equipment and plans to secure a different rig to continue work at the site.
“It seems likely that they will drill again, perhaps with higher probability for oil and this is taken in the market as better than a situation of a dry well,” Dan Harverd, an equity analyst at Deutsche Bank AG in Tel Aviv, said by phone.
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