The Ma’anit-Joseph #3 well, scheduled to spud in August 2010, is planned to be drilled below 18,000ft and is targeted at the ‘deep’ Permian geologic formation. The commencement of the drilling program is still subject to receipt of various government permits.
Zion has also signed an agreement with the Geophysical Institute of Israel relating to the acquisition of a total of approximately 64km of two-dimensional seismic lines located within the company’s Issachar-Zebulun Permit area and Zion’s Asher-Menashe License area.
Richard Rinberg, CEO of Zion, said: “The signing of the agreement with Kibbutz Ma’anit allows us to move forward with our plans to drill our next well, the Ma’anit-Joseph #3 well. We are also pleased to have been able to come to terms with the Geophysical Institute of Israel regarding the field acquisition of additional seismic lines in our petroleum exploration areas.
“The proposed seismic acquisition should help us to evaluate the next steps we need to take with respect to our temporarily suspended Elijah #3 well and also to identify one or more prospects within our Issachar-Zebulun Permit area.”
