JERUSALEM (JTA) — An Israeli oil drilling company said it has found “significant signs” that there is natural gas and oil in an offshore well near the port city of Ashdod.

Shemen Oil and Gas Resources Inc. made the announcement on Monday, clarifying that these are only “preliminary indications” and that “the size and economic worthwhileness of the reserve cannot yet be determined,” the Israeli business daily Globes reported.

The well, called Yam 3, is located about 10 miles off the coast of Ashdod. It could contain up to 120 million barrels’ worth of oil, according to the Times of Israel.

Israel has made several large natural gas discoveries on the Mediterranean coast  in recent years.