Givot to clean Meged 6 borehole

The company estimates the cost of cleaning the borehole at $500,000.

"The general partner, after consulting with foreign experts, has decided to use special equipment to clean 300 meters at the bottom of the borehole," announced Givot Olam Oil Exploration LP (TASE:GIVO.L) today regarding its Meged 6 oil well. When the cleaning is complete, the company will resume the electric logs to test the quality and height of the cement inserted into the borehole, both at the bottom and in higher sections at a depth of 4,450 meters.

"Until the logs are completed, there is no assurance about the quality and height of the cement in the borehole. In addition, the chances that the cement will reach the higher sections (above 4,450 meters) are not high," cautions Givot. "There is also no assurance that at the depths reached by the cement it will be possible to carry out the tests if the quality of the cement is inadequate."

After the logs, Givot will decide whether to carry out tests, or to go ahead with production without them. The company estimates the cost of cleaning the borehole at $500,000, but says that it not materially affect the timetable.

Published by Globes [online], Israel business news - www.globes-online.com - on April 9, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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