Givot Olam yesterday announced that indications of oil were discovered at its exploration drill site near Kfar Sava.
Trade in the company's shares was halted at 12:09 P.M. and the Tel Aviv Stock Exchange announced trade would only resume after the company released further details.
A quarter of an hour later, Givot Olam released a second announcement, stating that the inland Meged 4 well, northeast of the town of Kfar Sava, had reached a depth of 4,390 meters. Drops of oil and gas had been found at the target level and in rock chips.
Givot Olam said it had extracted a 16-meter long core in which it found "live" oil. The core, a cross-section of the target layer, was sealed and sent to the United States for testing and analysis. A second core should be extracted soon, the company announced.
The company said in its third-quarter statement that the target level of Meged 4 is identical to the target levels of the previous two Meged license wells, where evidence of oil had been found.
Before trade in Givot Olam had been suspended, NIS 90,000 worth of shares had changed hands, lifting the stock 6 percent. When trade was resumed at 13:08 P.M., the share shot up 16 percent and it ended the day with a gain of over 25 percent.
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