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58

Detroit Jewish NP \NS

Classified section
of
The Jewish News

Business

Givot Olam
Shares Soar

Jerusalem (JPFS) — Givot Olam Oil
Exploration Limited Partnership has
struck oil at a site near Rosh Ha'ayin,
it was announced; but industry skep-
tics suggest it's too soon to get excited.
Givot Olam confirmed that the
fluid gushing through a pipe at the
Meged-2 bore is high quality oil from
the Paleozoic oil basin.
The company decided to retest the
15-meter site at a depth of 4,365m.,
using a process of acidization. Meged-
2 was originally drilled in 1994, and
oil was discovered but in non-com-
mercial quantities.
Five kilometers to the west at
Moshav Elishama, just south of Kfar
Sava, the company believes the oil
deposit reaches a thickness of 300
meters. In a year's time the company
hopes to begin drilling there. That
location, known as Meged-3 is
thought to contain I billion barrels
and 4 trillion cubic feet of natural gas.
The Paleozoic basin, which is the
source of oil throughout Saudi Arabia
and other Arab countries is one of the
largest oil-producing basins in the
world.

El Al Code Share
With American?

Jerusalem (JPFS) — In what the
company sees as a breakthrough in
efforts to initiate a code-sharing deal
with American Airlines, El Al chair-
man Yosef Ciechanover met with U.S.
Secretary of Transport Rodney Slater
to discuss the issue.
The agreement means flights oper-
ated by one company would be listed
by the other as their own flights, with
their own flight numbers. El Al
reached agreement with American
Airlines three years ago but the U.S.
Civil Aviation Authority has blocked
the deal.
According to El Al spokesman
Nachman Kleiman, the Americans
have now indicated there is a basis on
which it is possible to reach a deal.
Kleiman said Slater expressed the
hope that aviation ties between Israel
and the United States would be
increased and that the Israeli propos-
als constituted the basis for an overall
solution of the problem.
Kleiman said code-sharing was
important both for El Al and to