Oil exploration co Givot Olam to invest $6m in Sharon prospect

Givot Olam Oil Exploration Limited Partnership (TASE:GIVO.L) announced yesterday it will invest $6 million in a well, Meged 4, in the Sharon region.

Givot Olam hired Lapidot Israel Oil Prospectors Corp. for $3 million to drill at the site between Kfar Saba and Kochav Yair.

Givot Olam geologists believe that the deep 200-sq.km. formation is rich in oil.

Lapidot Oil Prospectors has placed a 45-meter tall drill on the site, operated by a 30-man crew. They will drill to a depth of 4,700 meters. Givot Olam hired Miller and Lents, a US oil and gas consultancy, for the project.

The drilling series will continue until June 2003. In 1994, Givot Olam drilled in the area with positive results, but did not find commercially sufficient quantities of oil.

Givot Olam has invested $31 million drilling at the Meged 2 and Meged 3 prospects in 1994-2000.

Published by Globes [online] - www.globes.co.il - on November 18, 2002