Oil & gas exploration limited partnership.
Ratio Petroleum bought more time in 2025 at a lower cash cost, but it did not change the nature of the story: this is still a partnership built on geological optionality, with the Philippines carrying most of the thesis and the balance sheet relying partly on related-party suppo…
Ratio Petroleum ended 2025 with liquidity that still covers its liabilities, but part of the time it bought now rests on a sharp increase in the balance due to the general partner rather than only on fully free cash.
Ratio Petroleum’s Philippine story has effectively narrowed to SC76, and the 3D interpretation is now the decision gate that determines whether the asset moves toward drilling, a farm-in, or simply another round of uncertainty reduction before merger talks can be taken seriously.
