Shemen Oil and Gas Resources has announced that its well operator discovered oil at the Yam 3 well, 16 kilometers (10 miles) from the port city of Ashdod. The company said signs of oil were found at a depth of 5,175 meters below sea level, and that the quality of the oil was high.

The shares of the company surged giving Shemen a market value of $149 million, according to a Bloomberg report.

Shemen Oil’s well operator, Caspian Drilling Company, found signs of a “high quality of oil” after drilling reached the target level of around 5,700 meters. Shemen said that the data were examined by logging analysts and a geologist experienced in oil and gas exploration. The company will now undertake production testing at the well.