Langotsky Suing For His Share

Last month we reported on Yossi Langotsky, “Israel’s Unlucky Oil Man”. Yossi has been part of Israel’s search for oil for fifty years. He played an integral role in last year’s natural gas discovery off the coast of Haifa; so much so that the two gas fields were named after his  daughter ‘Dalit’ and his granddaughter ‘Tamar’. But Yossi wasn’t a part of the planned profits from his discovery. The reason is that his financial partner, Benny Steinmetz, pulled the plug on their involvement two months before drilling began.

Now Yossi wants what he believes is his. Israeli newspaper Haaretz reported today:

“Geologist Joseph Langotsky is on a crusade to reclaim his rights in the Tamar and Dalit gas field exploration, which he himself initiated.

Langotsky will shortly be suing his former partner, mining tycoon Benny Steinmetz, over the loss of his rights to the Tamar and Dalit fields, where large reserves of natural gas were discovered last year. The fields are named for Langotsky’s daughter, Dalit, and granddaughter, Tamar.

Langotsky and Steinmetz had been the owners of a limited partnership, STX, which had a 5% stake in the exploration rights. But Steinmetz dropped out of the exploration partnership two months before drilling began and Langotsky, who was unable to find an investor to replace him in time, lost his rights.

Langotsky is believed to be seeking compensation equal to 1% of the project’s value – $60 million, based on the project’s assessed value of $6 billion.” (read more …)

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