Givot Olam Oil Exploration LP (TASE:GIVO.L) notified the Tel Aviv Stock Exchange (TASE) today that it has completed drilling of the Meged 6 oil well near Rosh Ha'Ayin, and that it will carry out production tests during the second quarter of 2014. The well's final depth is 4,754 meters.
Givot added that it would publish a detailed plan for the production tests, after the processing and analysis of the log data collected during the drilling are completed. It intends to carry out electrical logs and prepare the well for the production tests, which it estimates will take three months.
At the order of the authorities, Givot will drill a water monitoring well before beginning the tests. When this well is completed, the company will order the testing equipment.
Givot began drilling the Meged 6 well in June 2013, but halted work in December at a depth of 3,860 meters, well the piping got stuck. In late December, it decided to drill a bypass well around the stuck borehole pipes. The bypass and failed attempt to retrieve the stuck pipes cost $2.7 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 4, 2014
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