Givot Olam Oil Exploration LP (TASE:GIVO.L) today announced that it has begun long-term production tests at its Meged 5 oil well near Rosh Ha'Ayin. The company is now carrying out preliminary operations and tests, and expects production to begin within two weeks.
In April, Givot announced that it expects the production tests to continue through September, after which it will prepare the well and adapt the equipment for commercial production in November, assuming all goes well.
Givot also announced today that Petroleum Supervisor Dr. Michael Gardosh has extended the company's Maccabee license by four months until October 15. By this date, the company must submit a timetable of operations, including geologic and geophysical work for development of the onshore license, located near Rosh Ha'Ayin.
Givot's share price fell 1.4% by early afternoon to NIS 0.07, giving a market cap of NIS 750 million.
Published by Globes [online], Israel business news - www.globes-online.com - on June 15, 2011
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