Tel Aviv  - Israeli off shore drilling companies said Sunday they located gas reserves estimated to be worth up to 15 billion dollars, sending their stocks on a precipitous rise.

"The amounts of gas that were discovered will supply Israel's energy needs for decades - it is one of the largest finds in the world," said Yitzhak Tshuva, a principal stock holder in the Delek company, one of several groups who were part of a consortium of companies searching for gas off Israel's coast.

The find off the Haifa shore, gave several companies massive boosts. Delek saw its stock jump 40 per cent, while shares of Isramco, another member of the group, soared 120 per cent during day trading.

Analysts, giving conservative estimates, said the known supply could be enough for a decade, but added that more drillings were scheduled, which would likely reveal the full potential in the area.

All the Tel Aviv benchmarks were boosted by the gas companies, and finished the day with gains. dpa