The drilling has been hit by mechanical and technical limits at a depth of 5,400 meters.
Oil exploration company Globe Exploration LP (TASE: GLEX.L) reported today that it had halted drilling activities at the Ofek 2 prospect before the drilling has reached the planned depth of 5,950 meters.
The drilling has reportedly been affected by mechanical and technical limits at a depth of 5,400 meters after changes to the piping and lining system.
The drilling partners plan consultations in the coming days to discuss if it will be possible to overcome the limits in a way that will enable the drilling to resume.
Globe's share price fell 36.84% on the news to NIS 0.12.
Published by Globes, Israel business news - www.globes-online.com - on May 3, 2012
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