Supreme Court dismisses appeal against Givot drilling

The Supreme Court rejected a petition against the development of the Meged oil field filed by the Union for Environmental Defense.

The Supreme Court today dismissed an appeal filed by the Israel Union for Environmental Defense against Givot Olam Oil Exploration LP (TASE:GIVO.L) and other companies over the validity of the Oil Regulations with regard to onshore oil exploration, and asked the court to order the company to refrain from continuing drilling in the Meged field near Rosh Ha'Ayin because of damage to the environment.

Last month, Givot announced that the Central Planning and Building Commission approved its request to drill the Meged 6, 7, and 8 wells, in accordance with the plan deposited. The company subsequently announced that it would raise capital to develop the Meged oil field.

In November Givot resumed production from the Meged 5 well, two weeks after an operating fault halted production.

In late September, Givot signed a letter of intent with a Romanian drill operator to drill two wells in the Meged field. The first well is scheduled to be drilled in mid-February 2013.

Published by Globes [online], Israel business news - - on December 24, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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