At least 230 barrels is needed to conduct the necessary tests to know the exact composition of the liquid.
Givot Olam Oil Exploration LP (TASE:GIVO.L) today announced that the unassisted liquid flow from section 5 of its Meged 5 well near Rosh Ha'ayin was 182 barrels over 10.5 hours. The test of section 5 is continuing. Earlier tests showed liquid from section 4 as well.
Givot did not provide details about the composition of the liquid, since at least 230 barrels is needed to conduct the necessary tests. In short, the amount of oil in the output is not yet known.
Givot's share price rose 5.5% in morning trading today to NIS 0.115, giving a market cap of NIS 1.09 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 15, 2010
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