Jerusalem, 8 October, 2026 (TPS-IL) — Givot Olam, an Israeli oil exploration partnership, reported a significant equipment failure Thursday, just one day after beginning drilling at the Meged 6 well, sending its units sharply lower.
The malfunction occurred at a depth of about 3,900 meters when an injector failed, causing continuous tubing (CT) to rapidly descend to the bottom of the newly drilled section, about 4,267 meters deep. The resulting friction damaged the injector.
Givot Olam said the well itself remains stable, secured and filled with drilling fluid, with stable pressure and temperature readings and continued communication with the directional drilling equipment. Engineers recommend removing the CT and drilling equipment and dismantling the injector for inspection.
The process is expected to take several days, potentially delaying drilling and adding costs. Givot Olam said it will assess the financial impact after evaluating the equipment and alternatives. Its shares fell about 23% following the report.