The exploration partnership rose 5.6% in morning trading.
Givot Olam Oil Exploration LP (TASE:GIVO.L) today announced that the test on section 4 of its Meged 5 well, near Rosh Ha'Ayin, found an unassisted flow of 195 barrels of oil over 15.5 hours. The oil contained gas, but no water was seen. The test is continuing.
Givot reiterated these kinds of figures do not reflect the production rate from the well or its viability, which will only be determined when the tests are completed and analyzed. The partnership will announced these results when they are ready.
Givot's share price rose 5.6% in morning trading to NIS 0.095, giving a market cap of NIS 900 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2010
© Copyright of Globes Publisher Itonut (1983) Ltd. 2010