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Oil Found Near Ashdod

An oil strike Thursday near Ashdod sent hopes soaring that Israel may yet find the precious resource it has been seeking for 40 years.

“It’s only a matter of time and money,” oil experts here said, after learning of the gusher at the Heletz oil exploration site worked by the Nafta Oil Prospecting Co.

The company indicated Wednesday that it found traces of oil and gas and they planned to continue drilling to a depth of 5,200 feet.

The oil came in Thursday at slightly over 5,100 feet and the well, known as Kochav hole 32, was immediately capped.

The Tel Aviv Stock Exchange halted trading in domestic oil shares for one week as soon as the strike was announced, to avoid speculation.