Energy Ministry approves Meged field development

Givot Olam: The approval represents recognition of the importance of developing the oil field.

Sighs of relief at Givot Olam Oil Exploration LP (TASE:GIVO.L): The oil exploration partnership notified the stock exchange this morning that the that the Petroleum Commissioner at the Ministry of Energy and Water Resources has approved development of the Meged field.

Givot reported that it received a letter from the Commissioner this morning which, under the heading Approval of Development Plan for Meged Field, states I hereby approve the development and production plan for the Meged field as submitted relating to the stage of development of the field including production at the existing drilling Meged 5, and the Meged 6-14 drillings.

Givot said in its announcement, The general partner sees in the approval for the Meged field development program by the Ministry of Energy and Water Resources a very important step in the process of developing the Meged field, and recognition by an arm of government of the oil field discovered by the partnership and of the importance of developing it.

Givot adds: The general partner hopes that the various government ministries will understand the importance of this recognition and will do their best to help in developing the field, for the benefit of the participation unit holders and the State of Israel.

In recent weeks, Givot investors have exerted pressure on the decision makers to approve the work program for the field, including personal letters to Prime Minister Benjamin Netanyahu and Minister of Energy and Water Resources Uzi Landau.

Published by Globes [online], Israel business news - www.globes-online.com - on January 30, 2012

Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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