The company reports a 10% probability of producing 16.9 million barrels of oil or more from the Meged 5, 6, and 7 drillings.
Givot Olam Oil Exploration LP (TASE:GIVO.L) will hold a special briefing at 10:00 this morning. In advance of the briefing, the partnership released an announcement to the Tel Aviv Stock Exchange on the oil reserves in the Meged field and an economic analysis of the reserves.
According to the report, there is a 90% probability of producing 2.2 million barrels of oil or more from sections 1 to 6 of the Meged 5 drilling alone. There is a 50% probability of producing 10.5 million barrels of oil or more from the Meged 5, 6, and 7 drillings, which have an approved work plan. In addition there is a 10% probability of producing 16.9 million barrels of oil or more from Meged 5, 6, and 7. The probabilities are classified in the report as P1, P2, and P3.
Published by Globes [online], Israel business news - www.globes-online.com - on November 29, 2010
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