Globe Exploration fully owns the onshore Ofek license near Moshav Nir Zvi in central Israel.
Globe Exploration LP (TASE: GLEX.L) has begun drilling the Ofek 1 well at a cost of $2.5 million. The well is targeting oil-bearing strata at a depth of 2,500 meters, and will take 6-8 weeks to drill.
Globe Exploration fully owns the onshore Ofek license near Moshav Nir Zvi in central Israel. The well has an estimated 30 million barrels of oil with a 30% geologic probability of success.
Globe Exploration's share price fell 5.2% to NIS 0.055, giving a market cap of NIS 119 million.
Published by Globes [online], Israel business news - www.globes-online.com - on October 17, 2011
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