The new estimate includes section 8b of the borehole near Rosh Ha'ayin
Givot Olam Oil Exploration LP (TASE:GIVO.L) has announced that the proved oil reserves at its Meged reservoir near Rosh Ha'ayin are higher than previously estimated - 2.6 million barrels, up from 2.2 million estimated in late 2010. The estimate by Baker RDS Ltd. includes section 8b of the Meged 5 well borehole, which was not included in the previous estimate.
Baker RDS did not change its estimate that Meged's probable reserves at 7.9 million barrels of oil and 6.4 million barrels of possible reserves.
Givot's share price rose 6.9% in morning trading to NIS 0.062, giving a market cap of NIS 613 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 23, 2011
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