Givot Olam Oil Exploration LP (TASE:GIVO.L) produced 7,500 barrels of oil at the Meged 5 well in the second quarter of 2011. In June alone the company produced 7,481 barrels of oil and sold 4,482 barrels, Givot reported today in its financials for the second quarter of 2011.
The average price of a barrel of oil sold by Givot in the second quarter was $111 but after deducting royalties and production costs the company saw $68 per barrel. The average cost of producing a barrel of oil is $6.50.
The report also shows that from July 1 there was a huge jump in Givot's oil production, following the implementation of long term testing. The company produced 35,000 barrels of oil between July 1 and August 14 and sold 27,500 barrels. This meant Givot was producing 777 barrels of oil per day on average .
Published by Globes, Israel business news - www.globes-online.com - on August 22, 2011
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