Geologist sues Ratio Oil Exploration

Geologist Yossi Langotsky, Tamar Oil Exploration Ltd., and LYA Explorations Ltd. have sued Ratio Oil Exploration in the central district court in Petah Tikva.

By HILLEL KOREN/GLOBES
November 8, 2010 07:03
1 minute read.
The Deepwater Horizon oil well in the Gulf of Mexico.

58_offshore oil well. (photo credit: Associated Press)

 
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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 Leviathan.

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.

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The claimants 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 information.

Ratio said that it regrets the odd actions by Langotsky, who has waged legal battles against previous business partners in Tamar Oil Exploration.

“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 billion.

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