Givat Olam Announces 600 m Oil Find Near Rosh HaAyin
Trade leaped by 16 percent on the Givat Olam oil exploration firm Monday after it informed to the Tel Aviv Stock Exchange that preliminary drilling uncovered the presence of a tower of crude oil more than 600 meters long.
At least 50 to 100 meters of the find is likely to be a “potential area for production” according to the report. The company stated last month it had found “significant quantities” of oil in the “Meged 5” oil drilling site near Rosh Ha’Ayin
