Argentina files criminal complaint against Navitas over Falklands; firm silent, shares slide

Argentina has filed a criminal complaint against Israeli oil company Navitas Petroleum and four other firms over hydrocarbon exploration in waters near the Falklands. The accusation, submitted to federal court by Foreign Minister Pablo Quirno with the backing of Treasury Attorney General Sebastián Amerio, targets Navitas Petroleum Development & Production Ltd., Navitas Petroleum Atlantic United, Navitas Petroleum LP, JHI Associates Inc., and Eco (Atlantic) Oil & Gas Ltd., along with their directors, managers, administrators, and representatives.

The government claims that three of these companies allegedly hold licenses granted by what it calls the "illegitimate government of the United Kingdom" to operate in the basin north of the archipelago. The complaint invokes Law 26,659, which bars participating in, financing, or providing services to unauthorized hydrocarbon activity on the Argentine continental shelf and allows bans of up to 20 years.

Shares in Navitas and Rockhopper, the British partner holding 35%, have slid since President Javier Milei's initial announcement, with the latter's stock falling over 14% following the presidential address.

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