Ratio Oil Exploration and Isramco Negev 2 have discovered natural gas in their Or 1 well in the Med Yavne prospect, offshore Israel.

The well, which is located in the Or 1 licence, intersected gas-bearing sands in the Pliocene Yafo formation at a depth of 2,020m.

The companies said that the well results provided a best estimate of 42.4 billion cubic feet of natural gas with a 50% probability.

Ratio Oil Exploration holds a 12.3% stake in the licence while Isramco and its affiliates own a 62% interest, Israel Petrochemical Enterprises and Dor Chemicals and its affiliate Dor Gas Exploration own 5.5% and 5.4%, respectively.