Argentina Files Criminal Complaint Against Navitas Petroleum Over Falklands Gas Project

Argentina has filed a criminal complaint against Navitas Petroleum and related companies, accusing them of operating under licenses granted by the United Kingdom in the North Falkland Basin, which Buenos Aires claims violates Argentine law. The complaint, lodged by the office of President Javier Milei, also targets individual directors, managers, and auditors, marking a significant escalation in the dispute over offshore oil and gas exploration rights.

Navitas Petroleum holds a 65% stake in the Sea Lion project north of the Falkland Islands and operates it alongside Rockhopper, which holds the remaining 35%. A final investment decision has been made, with production slated to begin in 2028. While Argentina's ability to enforce its claims extraterritorially is limited, the move to pursue personal liability for company officials could impact their insurance and international financing arrangements.

In other market news, Israeli tech stocks saw gains, mirroring a strong performance in Asian semiconductor markets. The rally in Asia was fueled by positive U.S. employment data, which bolstered expectations of continued demand for data center memory driven by artificial intelligence. Tower Semiconductor, Nova, and Camtek were among the Israeli companies that benefited from this trend, with Tower experiencing a significant jump.

Exxon Vision announced it has received its first order for its ForceField system from a local defense entity. The initial order is valued at approximately 6 million shekels, with options for an additional 9 million, potentially bringing the total to 15 million shekels. The system, designed to counter drone threats, is expected to be delivered within the next 12 months, just a month and a half after its July launch.

Additionally, Angel Bakeries updated its estimate for damages from a factory fire in Kfar Horesh to 100 million shekels, a substantial increase from initial estimates. The insurance company is reportedly refusing to compensate, citing unmet safety requirements in the policy, and the parties have entered mediation. The company also reported a shift from operational profit to an operational loss in the first half of the year.