The potential of Leviathan is not priced in for Ratio: In our view, Ratio (1-OW)
is currently trading at a price that implies only the value of drilling gas from
Leviathan which is then sold to a third party distributor. This scenario completely
ignores the potential for oil and participation in the export side of the Leviathan
business model. Applying only a 50% chance of Ratio being involved in the export
story and 0% chance of oil would imply a value of ILS 0.71. When we include the
potential for oil at each of the two appraisal wells at 8% and 4% we get to our PT of
ILS 0.80.
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