Oil well with potential found in Israel

Dec. 24, 2009 at 9:58 AM

TEL AVIV, Israel, Dec. 24 (UPI) -- An exploration team in Israel said it had discovered an oil field in the center of the country described as having significant commercial potential.

The Givat Olam Exploration Partnership said, "at this stage it is not possible to estimate the significance of these findings," but the firm described the oil field as one with "significant quantities," Arutz Sheva reported Friday.

"More than 60 percent (natural) gas was discovered in the drill mud," the company said.

The discovery was made Wednesday and announced to the Tel Aviv Stock Exchange, where the firm's stock value more than doubled, the Israeli news service said.

The so-called "Meged" well is near Rosh HaAyin, a city east of Tel Aviv, Israel, close to a mountainous area in the northern part of the West Bank called Samaria, Arutz Sheva reported.

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