Givot Olam Oil Exploration LP (TASE:GIVO.L) today announced that it has begun fracing Section 1 of its Meged 5 well, near Rosh Ha'Ayin.
Fracing is a technique that uses a high-volume pump to special fluids into the bore. This creates enough pressure to crack or fracture the formation. The fluid often contains material, such as sand, which remains in the well after the fluid pumping is stopped. The remaining sand allows the oil to move more freely up the wellbore.
Givot added, that before the fracing, unassisted oil flow from the section of the well was 593 barrels in a 98-hour period between May 27 and June 2.
Givot's share price fell 2.3% by early afternoon to NIS 0.086. The share has risen 100.6% year-to-date.
Published by Globes [online], Israel business news - www.globes-online.com - on June 7, 2010
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