(IsraelNN.com) A joint venture near the Negev city of Arad has produced “preliminary indications” of an oil reserve, the drillers announced.

The venture is a partnership of Zerach Oil Exploration Ltd., which owns 50%, and Avner Oil Ltd. and Delek Drilling Ltd, which own 25% each. The three companies notified the Tel Aviv Stock Exchange (TASE) on Sunday that they had found oil at the Tzuk Tamrur 4 oil exploration well, west of the Dead Sea. They emphasized that they do not yet know if the quantities found are commercial.