Dueling companies hash out accord on Benjamin prospect

14.07.2011                      12.Tammus, 5771

Übereinkunft:

Dueling companies hash out accord on Benjamin prospect

Teddy Sagi, Larry Mizel can be registered as rights holders.

After a year of legal wrangling an agreement has been hashed out among a business group belonging to American businessman Larry Mizel; Teddy Sagi's business group and the Israeli oil exploration partnership Lapidoth Heletz over exploration rights in the Benjamin prospect. The settlement paves the way for them to register as legal owners of oil exploration rights. Although the parties were awarded tenders a year ago the registration was never done.
In June 2010 the Director of the National Infrastructure Ministry's natural resources licensing administration, Yaakov Mimran, issued the offshore gas exploration licenses that triggered the legal disputes….