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An Israeli oil exploration company on Thursday announced that it had found a huge amount of oil and gas during drilling below the city of Rosh Ha'ayin this week.

Givot Olam Oil Exploration Limited Partnership said that more than 60 percent gas was measured in the drill, indicating the first such find in Israel.

The company said it was too soon to determine what significance the find would bring to Israel, but added that it would become clear over the next few months of drilling whether it could be used for commercial purposes.

Givat Olam began drilling at the Megged 5 well beneath Rosh Ha'ayin last June. Its shares rose 123 percent upon news of the find.