The five months since the last update have ended the season of transition concerning Ness’ potential involvement with the private company. There was no resolution of the litigation against the private company and the settlement attempts failed up to this point. The plan for Ness to pursue a project owned by the private company has been cancelled. This is due to a combination of challenges that include the mechanical and economic risk involved with the project/wells located on the private company’s leasehold and the failure of the litigation settlement.
The business plan to return Ness Energy to trading on a public exchange will move forward, but without the private company or any of its projects. Hopefully, this change of plans will simplify the completion of the SEC Form 10. A few hurdles remain in order to successfully complete the SEC Form. The biggest hurdle at this time is obtaining sufficient funds for the legal and consulting fees required in the preparation of the SEC application. The legal costs suffered from the 2010 through 2014 Alpha Capital lawsuit was several hundred thousand dollars. This great legal expense exhausted available funds that we might have moved forward with; therefore, there is still no projected timeline as to when the SEC Form will be completed and filed.
It should go without saying, the foundation and focus of Ness Energy will always be to serve the Lord’s plan concerning Israel and the Jewish people. There is oil in Israel to be harvested for the needs of the country and for the support of the Diaspora’s return to and accommodation in their Promised Land.
My most sincere thanks to all those who continue to pray and stand with Ness.
For God so loved…, He took the most wonderful action and gave the greatest gift ever given in the history of mankind! I am thankful I am privileged to participate in the Grace of it all!
David M. Boyce
President and CEO
Ness Energy International, Inc.