Bloomberg News

Globe Exploration Drops Most in One Year on Ofek Drilling Delay

December 01, 2011

Dec. 1 (Bloomberg) -- Globe Exploration LP declined the most in more than a year after the oil and gas explorer said a delay in a drilling test at the Ofek-1 well will cost an estimated $2.4 million in damages.

The shares tumbled 20 percent, the biggest intraday decline since September 2010, to 0.041 shekel at 2:44 p.m. in Tel Aviv.

Globe reported a mechanical error at the Ofek-1 site, according to a filing to the Tel Aviv Stock Exchange today.

--Editors: Shanthy Nambiar, Claudia Maedler

To contact the reporter on this story: Shoshanna Solomon in Tel Aviv at ssolomon22@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net


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