Givot Olam Oil Exploration LP (TASE:GIVO.L) today announced that it has received the initial draft engineering report on its Meged 5 well near Rosh Ha'Ayin, three weeks after the partnership's declaration that the well was commercially viable. The partnership added that it will release a statement in two or three days.
In a previous notice to the TASE, Givot said it expects to receive the initial engineering report on Meged 5 by August 15, and that it would begin producing oil on or about August 15.
Today, Givot said that it "has received the draft (incomplete) first part of said report, and it was now studying and analyzing it in order to formulate a notice to the public. The reports should be ready in two to three days."
A capital market source told "Globes", "It's reasonable that they would receive the report and take a few days to analyze it."
Givot's share price seesawed in morning trading, and was down 1% by midday to NIS 0.095, giving a market cap of NIS 762 million.
Published by Globes [online], Israel business news - www.globes-online.com - on August 15, 2010
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