58_offshore oil well.
(photo credit: Associated Press)
Geologist Yossi Langotsky, Tamar Oil Exploration Ltd., and LYA Explorations Ltd.
have sued Ratio Oil Exploration in the central district court in Petah Tikva,
just before Ratio and its partners in the Leviathan leases are due to announce
preliminary findings from the exploratory well. Ratio owns 15% of
The claimants said that, in 2004, they gave Ratio geologist
Eitan Eisenberg business information that lead to the understanding that there
was a good chance of finding commercial quantities of oil and gas in the
deep-water area offshore from Israel’s northern coast.
alleged that the respondents signed a confidentiality agreement about this
information when it was delivered.
They also claimed that the respondents
failed to maintain confidentiality of the information and used it when applying
for an early permit with priority rights for the Ratio Yam licenses in the Gal B
area, in breach of the confidentiality agreement and commitment not to use the
Ratio said that it regrets the odd actions by Langotsky, who
has waged legal battles against previous business partners in Tamar Oil
“Langotsky has no, and has never had, any relationship with
Ratio Yam or the Leviathan structure,” said Ratio.
Ratio’s share price
rose 0.2% by mid-afternoon to NIS 0.416, giving a market cap of NIS 2.85