Commercially sized oil field found in cent

Commercially sized oil field found in central Israel, firm says
Givot Olam stock swings up 44% on huge turnover
'Significant’ signs of oil found off Israel coast

Its oil-exploration business long left for dead, Givot Olam suddenly came back to life two weeks ago when it announced it was getting a $50 million cash infusion by a mysterious investor group called Alberta-Texas Energy Ventures.

Alberta-Texas retained the Israeli public relations man Rani Rahav, but a statement released by his firm was short on details. It described the group as including “Jewish families that work for Israel’s stability and inclusive regional development.” It also said the group has been in the global oil and gas sector and invested in Israeli startups but never in Israeli energy.

Givot Olam, whose shareholders Monday backed the investment plan that will give Alberta-Texas a 40% stake in the company, declined to name any of its backers.
Ben Shani
Ben Shani

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But a source told TheMarker that the key figure is a former Israeli named Ben Shani, who also works as president of Houston-based Agar Corporation, a maker of equipment used in oil-well testing and production.

His No. 2 is Benny Mehr, a retired brigadier general who left the Israel Defense Forces four years ago as Northern Command chief. He has since helped manage and invest in security companies as founder and head of Beemehr Consulting & Management.

Mehr reportedly led the negotiations with Givot Olam and is in charge of Alberta-Texas’ Israel operations.