On 17 October 2018, Israeli-based Ratio Oil signed a non-binding Memorandum of Understanding (MoU) with EDF's wholly owned subsidiary Edison International. The MoU relates to a possible transaction, which could see Ratio acquire 15% equity in the deepwater North Thekah Offshore PSC, located along the border of the Nile Delta and Levant basins. There is no certainty as to if and when, a binding agreement may be reached.The 3,750 sq km concession agreement was signed by Edison on 12 February 2014, following the EGAS 2012 International Bid Round. The frontier block lies adjacent to the Israeli border and is contiguous with Ratio's frontier 399 Royee licence (Ratio 70%, EDF 20%, Israel Opportunity 10%). Whilst a two-well commitment has yet to be met, a 1,500 sq km 3D seismic survey was acquired across North Thekah between March-May 2015, using the "Polarcus Alima" vessel. Edison operates the concession with 100% equity, following the acquisition of 50% non-operated equity from former partner Petroceltic in mid-February 2016.
Israeli-based Ratio Oil signed a non-binding Memorandum of Understanding (MoU) with EDF's wholly owned subsidiary Edison International. The MoU relates to a possible transaction, which could see Ratio acquire 15% equity in the deepwater North Thekah Offshore PSC, located along the border of the Nile Delta and Levant basins.