Genie Energy Ltd ( GNE ) said late Monday that its unit Israel Energy Initiatives, Ltd. received a favorable ruling by the Supreme Court of Israel. The Court's decision clears a major legal roadblock and enables this nationally important project to move forward to the permitting phase.
The Supreme Court of Israel rejected a petition filed by the Israel Union for Environmental Defense against various ministries of the State of Israel, IEI and another Israeli oil and gas company, seeking to cancel the regulations governing the permitting process of oil and gas exploration, and seeking to cancel the exploration license granted to IEI.
Shares of GNE are flati in the pre-market session at $6.95, near the low end of a 52-week range of $5.75 - $11.18.
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