JERUSALEM (JTA) — A commercially sized oil field has been identified in central Israel, an oil prospecting firm said.

Tests on the Meged Five drill site near the central town of Rosh Ha’ayin have determined that the site can produce about 470 barrels of oil a day, the Givot Olam Oil prospecting and production firm announced late Wednesday.

The well will be ready for production by Aug. 15, the Israeli business daily Globes reported.