The new well is 1 kilometer south of Meged 5, which has produced 300,000 barrels of oil since June 2011.
Givot Olam Oil Exploration LP (TASE:GIVO.L) has announced that it began drilling the Meged 6 well at 11 am today.
Since the start of oil production began at the Meged 5 well in June 2011 more than 300,000 barrels of oil have been produced resulting in tens of millions of dollars revenue for Givot Olam, according to estimates at the Ashdod oil refinery.
The Meged 6 drilling had been due to begin in April. The new well is one kilometer south of the Meged 5 well near Rosh Ha'ayin.
Published by Globes [online], Israel business news - www.globes-online.com - on June 20, 2013
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