Givot Olam Oil Exploration LP (TASE:GIVO.L) today reported that the oil flow from production test in section 1 of its Meged 5 well now contains gas, and no water was seen.
When the production test is completed, Givot will announce the number of barrels of oil that flowed during the test, the oil's composition, and how long the flow lasted.
Givot said, "The partnership wishes to reiterate that data of these kinds do not reflect the rate of flow from the well or its economic viability, which will only be determined after completion of the tests by the experts who will process and analyze the date obtained from each of the tests, which will be disclosed in separate immediate notices."
On Thursday, two days after the production tests began at Meged 5, near Rosh Ha'Ayin, Givot announced, "The production test in section 1 of the Meged 5 well yielded 33 barrels of liquid 1 over eight hours. No accelerants were used."
Givot's share price rose 7.6% in early trading today to NIS 0.057, giving a market cap of NIS 517 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 30, 2010
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