Givot Olam abandons Meged 3 prospect near Rosh Ha’Ayin: Not enough gas

No onshore nature gas field has been discovered in Israel to date.

The Givot Olam partnership today announced it would abandon the Meged 3 onshore gas drill near Rosh Ha’Ayin, having failed to discover commercial quantities of natural gas. Two weeks ago, Givot Olam announced it had discovered significant quantities of natural gas, whose volume could not yet be estimated.

Despite the discovery of gas signs, Givot Olam said two weeks ago it was discontinuing drilling, due to a technical failure. Last week Givot Olam announced it was resuming drilling, after the failure had been repaired.

In the past, Givot Olam announced several times the discovery of significant gas signs, but the sites have eventually been abandoned. It should be noted that no onshore natural gas field has been discovered in Israel to date, and the only discoveries have been made in offshore deep-water sites.

Givot Olam’s shares fell 37% today.

Published by Israel's Business Arena on 31 October, 2000

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018