On October 13, 2013, the company announced that the production tests found that the drilling was a dry hole, and subsequently, on October 16, 2013, it reported that the drilling had been abandoned (Appendix 3 to the plaintiff's affidavit).
- As stated, the plaintiff purchased the Shemen shares on September 10, 2013, and according to him, he did so after reading articles in the newspaper about the report regarding the discovery of significant oil marks (paragraphs 1 and 3 of the plaintiff's affidavit). It should be noted that the plaintiff noted that his claim also relates to the reports dated September 16, 2013 and September 22, 2013 - but he did not raise a concrete claim in relation to them, except that the representation presented in the said report was not changed or amended, and the company continued to report on the production tests and fundraising (paragraphs 2 and 30 of the plaintiff's summaries). Therefore, the hearing will focus on Shemen's report of September 8, 2013 and the question of whether the plaintiff's claims that it was a false report were proven Marmati And misleading.
F.3 Porosity and rock cracking, results of the electrical logs tests
- As noted, on September 8, 2013, Shemen published a report regarding the discovery of "significant oil marks" and a decision to conduct production tests, following electrical log tests that included, inter alia, the characteristics of the reservoir rock.
- The main features of the rock that came up in the course of the procedure before me are "pores" and "cracking". According to what was stated in Levy's affidavit, the term "Porosity" Refers to the cavities within the rock in which oil, gas or water is found. The term "Cracking" Refers to cracks in the rock that contribute to the ability to flow, The Conductivityof the resource (paragraphs 9 and 48 of the Levy 3 affidavit).
Levy stated that prior to the commencement of the "Yam 3" drilling, the company published a prospectus to which a contingent resources report was attached, which was prepared by an international expert, certified and independent reserve company (hereinafter: the First Resources Report). This report detailed, inter alia, the estimate of the rate of porosity in the "Yam 3" drilling (paragraphs 44-54 of the Levy 3 affidavit). Levy even quoted in his affidavit the relevant paragraph in the first resource report (section 49):