An operational fault has halted pumping of oil from the Meged 5 site of Givot Olam Oil Exploration LP (TASE:GIVO.L). Trading in the partnership's participation units was halted after it fell 12%, pending a notification by the company to the stock exchange.
What is known is that sensors monitoring escapes of toxic substances identified excess gases from the extraction well, and it was therefore decided to halt extraction. It is also reported that the substance in question is apparently hydrogen sulphide, the same as halted work at the Noa drilling.
It is not yet clear when pumping will resume. It is believed that the partnership reported the fault to the Ministry of Environmental Protection, and that checks carried out by the ministry found no remnants of the substance in the air.
In a notice to the Tel Aviv Stock Exchange later today, Givot stated, "The general partner wishes to advise that, as a matter of greater safety, it will carry out further checks and take samples from the Meged 5 well for analysis. The general partner estimates that this is not a significant problem, if any at all. Production from Meged 5 is expected to resume in the next few days, after the required checks are completed."
Published by Globes [online], Israel business news - www.globes-online.com - on November 13, 2012
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