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Estimates of the amount of oil in the Rosh HaAyin discovery have rises to 1.5 billion barrels, and there is more oil off-shore, but it is not yet known how much of the “black gold” can be extracted for commercial use.
In a preliminary report to the Tel Aviv Stock Exchange, Givot Olam Oil estimates there are 1.525 billion barrels of oil at its Rosh Ha'Ayin site, located about 10 miles inland from the Tel Aviv coastline.
John Brown, the Christian founder of Zion Oil & Gas, is also cautiously optimistic. "Until we physically see it, we really don't know," Brown told Charisma. "We hope it's the truth. We want all the success in the world for Israel, obviously."
Givot said that its calculations, on the basis of the findings, show that the quantity of oil in the Meged structure for all the eight sections of the well was 19 million barrels of oil. The breakdown is as follows: nine million barrels of oil in sections 7 and 8 together; 4.6 million barrels of oil in section 6; 3.9 million barrels of oil in sections 2-5; and 1.5 million barrels of oil in section 1.
Givot cautions that production tests on sections 7 and 8 (which account for 47% of the total figure above) have not yet been conducted, so it is premature to determine whether the sections contain oil or free gas. The calculation assumed that these two sections contain oil.
Givot Olam Oil Ltd notified the Tel Aviv Stock Exchange of the find in its "Megev Five" drill near the town of Rosh Ha’ayin, saying it can produce 470 barrels of oil a day.
The firm also announced it would start natural gas exploration at the Leviathan offshore prospect off Israel's coast in the fourth quarter of this year. The latter announcement came in the wake of estimates of 16 trillion cubic feet of natural gas in the prospect.