Trading in oil explorer Givot units halted

The halt was due to what the TASE called a lack of clarity regarding the company.

Trading in energy explorer Givot Olam Oil Exploration LP (TASE:GIVO.L) participation units has been halted by the Tel Aviv Stock Exchange (TASE) due to what the TASE calls a lack of clarity regarding the company.

The participation units had been up 5.7% in pre-opening trade.

On Wednesday, the company said that it had received the final engineering report regarding the output potential at its Meged 5 well, but that it needed several days in order to analyze the data, before releasing a report to investors.

Following the report, a lawyer from the Yehuda Ressler law firm, representing an investor, asked the Israel Securities Authority and TASE to suspend trading in the units until the full engineering report is published.

The investor claimed that since the Meged field is the partnership's only significant asset, and until now there have not been detailed and final estimates of the field's economic value, from which the basis of the value of the partnership is derived, the report should be considered "significant information" which must be immediately reported.

A Securities Authority spokesman declined to respond to a "Globes" request for comment. A TASE spokeswoman said that the issue is being checked.

Published by Globes [online], Israel business news - - on September 19, 2010

© Copyright of Globes Publisher Itonut (1983) Ltd. 2010

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