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ITC Newsletters News

Shana Tova from the Israel Trade Commission Sydney

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ITC Newsletters News

Givot begins producing 800 barrels a day at Meged 5

As reported in Globes.co.il: The company has obtained a rabbinical ruling that its automatic production process does not desecrate the Sabbath.

Givot Olam Oil Exploration LP has begun production at the Meged 5 well near Rosh Ha’Ayin and says that output from the well’s section 8b is stable at 800 barrels a day. The company announced last week that it would begin production tests at the well within two weeks.Givot added that it will design the oil production process during the long-term production tests and commercial production to operate automatically on Saturdays and holidays. The company has obtained a rabbinical ruling that the automatic process complies with Jewish religious law (Halakha) and does not desecrate the Sabbath.

Givot’s share price rose 1.5% in morning trading to NIS 0.07, giving a market cap of NIS 729 million.