24.06.2011 22.Siwan, 5771
Givot Olam says Meged 5 well producing at 800 barrels a day
Securities Authority orders firm to provide more info for investors.
Givot Olam's test production at its Meged 5 drill site has been proceeding at 800 barrels a day – a figure it confirmed after the Israel Securities Authority had raised doubts.
"Givot Olam must warn investors that the production rate it reported … is based on a relatively short period and is not necessarily an indication of commercial production rates," the ISA said. The watchdog told the company to give more details….