Owner Tova Luskin, an ultra-Orthodox Jew. Givot Olam is an Israeli O&G partnership traded on the Israeli Stock Exchange which believes in biblical prophecies of finding oil and gas in the holy land. The main asset of Givot Olam is 99% of lease # I/11 Rosh Haayin containing the Meged Oil Field and covering 243,000 dunam. Their other asset is License #330 Maccabi covering an area of 110 dunam. This License contains the southern extension of the Meged Oil Field. During 2006 Givot Olam invested 4.6 million shekels and concluded 2006 with a net loss of over 7 million shekels. In May 2007 Givot Olam entered into an agreement with an American company called Shayar that will invest $50 million for Givot Olam to carry out 50 exploration drills in Israel. Under the terms of the agreement, Shayar will receive 65% of the proceeds until it recuperates its investment after which proceeds will be shared equally between Shayar and Givot Olam. Givot Olam is undertaking the development of the Meged Oil Field in the Rosh Ha’ain area and the drilling of Meged 5.

The three Meged Oil Wells drilled by Givot Olam between 1994 and 2004 have discovered in the Triassic Mohilla A Formation, a structure with a gross oil column of over 400m thick containing several layers of porous, oil-saturated reservoirs in which a continuous oil reservoir approximately 20 meters thick was proven by testing. Based on seismic and well information the areal extent of the oil accumulation is app. 200 km² at the depth of 4,500m. The Meged oil is of good quality, 38° API and contains a substantial amount of petroleum gas (based on report by Givot Olam).

On 10th January 2010 Givot Olam completed their exploratory drilling at the Meged 5 drilling near Rosh Haayin and reached a td of 4,697 meters. After this they moved to the phase of analyzing the electric logs. This phase was completed on the 18th January. A first analysis of the electric logs showed the presence of an oil column of 600 meters in length, out of which 50-100 meters show a potential for production. Final results will only be available after the electric logs have been fully analyzed as well as all the other data.

The Meged 5 drilling on the hills at the Rosh Ha’ayin site is based on a prospectus that was put together by a national exploration company in the 1980s under the direction of Dr. Charlie Druckman. Structures similar to the one at Rosh Ha’ayin exist at five other spots in Israel; each has been drilled, and, up to now, each has been a disappointment.