On Sunday evening, Givot Olam Oil Exploration LP (TASE:GIVO.L) announced oil flow from the Meged 6 well. "During the drilling of the Meged 6 well, at around 4 pm today, at a depth of 3,997 meters, 100 meters above section 8b, the highest section in the Meged 5 well that is known to have oil (and from the partnership is currently producing oil and accompanying gas at the Meged 5 well), oil flowed to the surface for over an hour (with breaks because of activity in the borehole)."
Givot added, "The first flow, at a rate of three barrels, lasted for five minutes, and was accompanied by a high rate of gas. The subsequent flow rate was five barrels for ten minutes, with a high rate of gas (the gas rates measured were higher than the rates measured in the Meged 5 well)."
Givot cautioned, "It is not possible to accurately estimate and state the quantities of oil and accompanying gas after this initial flow, because of activity during the drilling. The drilling was halted and was resumed after a few hours."
Givot said that the incident did not change the timetable and estimated budget as they were currently known.
Published by Globes [online], Israel business news - www.globes-online.com - on November 11, 2013
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