The company wants the funds to finance drilling of the Meged 6 and 8 oil wells near Rosh Ha'Ayin.
Givot Olam Oil Exploration LP (TASE:GIVO.L) is seeking to raise $20-25 million in a rights issue, in order to finance the drilling of the Meged 6 and 8 oil wells near Rosh Ha'Ayin. The request appears in the summons for a general shareholders meeting, published on Tuesday.
Givot stated, "The decision on the rights issue at this time was taken to try and ensure that the capital will be raised before the Meged 6 well reaches the target strata."
Givot is also asking its shareholders to change the general partner's compensation terms, including its share of profits in the event of a bond issue or the obtaining of a loan.