Trade leaped by 16 percent on the Givat Olam oil exploration company Monday after it reported to the Tel Aviv Stock Exchange that preliminary drilling uncovered the presence of a tower of crude oil more than 600 meters long.

At least 50 to 100 meters of the find is likely to be a “potential area for production” according to the report. The company said last month it had found “significant quantities” of oil in the “Meged 5” oil drilling site near Rosh Ha’Ayin.