The shares of Givot Olam Oil Exploration Limited Partnership (TASE:GIVO.L) resumed trading on the Tel Aviv Stock Exchange this morning after their suspension for three day last week until the engineering report on the Meged 5 well near Rosh Ha'ayin was published. The share price was down 18.7% at midday on the TASE to NIS 0.10.

The engineering report published last Wednesday indicated disappointing amounts of oil in the well but the company's lawyer Adv. Chaim Indig accused the media of false reporting, which was lowering Givot's share price.

He told “IDF Radio" (Galei Zahal), that the media is sowing fear among investors. He said,"It's not the media but certain media outlets. They take our reports and write different things. The main agreement at the Givot meeting was not to attack the media but provide clarifications."

Adv. Indig did not state which media outlets he was attacking. Last week Adv. Indig accused the Israel Securities Authority of preventing Givot from apparently publishing significant information for investors.

Published by Globes, Israel business news - www.globes-online.com - on September 26, 2010

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