No oil was found at the Ofek 1 well near Lod.
The share price of Globe Exploration LP (TASE: GLEX.L) plummeted by midday on the TASE today, after announcing that its Ofek 1 well was a dry hole.
Drilling of the Ofek 1 well, near Lod, began in October 2011. The target strata, at a depth of 2,400 meters, had an estimated 30 million barrels of oil with a 30% geologic probability of success.
Globe Exploration's share price fell 27.4% by midday to NIS 0.024, giving a market cap of NIS 53 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 26, 2012
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