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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Zion Oil and Gas Inc (QB) | USOTC:ZNOG | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.003 | -4.52% | 0.0633 | 0.0617 | 0.0647 | 0.069 | 0.0616 | 0.0651 | 1,778,845 | 21:04:43 |
DALLAS and CAESAREA, Israel, Nov. 29, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it is completing the final phase of plugging the Megiddo Jezreel #1 (MJ#1) well in accordance with the wishes of various Israeli government ministries to allow for re-entry for future water monitoring.
The vision of Zion Oil & Gas remains to help Israel become energy independent, and in doing so, use our projects as a platform to share the gospel of Jesus Christ. That vision has not changed, and while the MJ#1 was determined to be non-commercial, we believe it was a meaningful and impactful project and one which we believe justifies further exploration efforts within our license area.
The MJ#1 well has provided Zion with information that we believe is important for potential future exploration efforts within our license area. As with many frontier wildcat wells, the MJ#1 also left several questions unanswered.
While not meant to be an exhaustive list, a summary of what Zion believes to be key information learned in the MJ#1 well is as follows:
A summary of what Zion believes to be some key questions left to be answered are:
As a result of these unanswered questions and with the information gained drilling the MJ#1 well, Zion now believes it is prudent and consistent with good industry practice to try and answer some of these questions with a focused 3D seismic imaging shoot of approximately 50 square kilometers surrounding the MJ#1 well.
If undertaken, this will not be a short-term exploratory project with immediate results, and it is one for which Zion will need to raise additional funding, the success of which is not assured. A realistic timeframe in which Zion can reasonably expect to complete this project would be six to twelve months (following a successful raise) to plan the survey design or layout, identify and obtain the necessary equipment which will likely have to be imported, receive the necessary permits, negotiate potential surface damages, and acquire the data. An interpretation effort would follow the seismic acquisition. We intend to proceed soon with a new unit program to try and raise the needed funds for this and will provide details concerning unit program limits, parameters, use of proceeds, and other pertinent information.
Zion recognizes the financial and time commitment that our shareholders have made in supporting us and its need for additional funding to undertake these efforts. As noted, there are a number of questions Zion believes need to be further explored. While there is no guarantee that these exploration efforts will lead to commercial success, Zion takes its responsibility to its shareholders very seriously.
Zion expresses appreciation for the continued support of their shareholders and considers it an honor to represent them.
"The Lord Himself goes before you and will be with you; He will never leave you nor forsake you. Do not be afraid; do not be discouraged."
Deuteronomy 31:8
"That your faith should not stand the wisdom of men, but in the power of God."
1 Corinthians 2:5
FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, anticipated attributes of geological strata that may be drilled or tested in the future, our ability to import into Israel or otherwise obtain the necessary 3-D imaging and related equipment and appropriate staff at commercially reasonable rates, our success in obtaining the necessary licenses and permits needed to undertake the seismic shoot, the timing of the 3-D seismic survey and the interpretation of the results, our ability to successfully raise the funds needed to undertake these exploration efforts, operational risks in ongoing exploration efforts, timing and potential results thereof and plans contingent thereon are forward-looking statements as defined in the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties and other unpredictable factors, many of which are described in Zion's periodic reports filed with the SEC and are beyond Zion's control. These risks could cause Zion's actual performance to differ materially from the results predicted by these forward-looking statements. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.
Contact Info:
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Andrew Summey
Telephone: 888-891-9466
Email: andrew.summey@zionoil.com
www.zionoil.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/zion-oil--gas-plans-going-forward-300757863.html
SOURCE Zion Oil & Gas, Inc.
Copyright 2018 PR Newswire
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