Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it has received an extension on its Megiddo-Jezreel License until December 2, 2020.
Image: Valley of the Springs in Zion's 99,000-acre Megiddo-Jezreel license in Israel. Photo: courtesy of Zion Oil & Gas, Inc.
Zion submitted and received approval on its work plan outlining the 3D seismic details for 2019. In addition to approving the work plan, the Petroleum Commissioner approved Zion’s Megiddo-Jezreel License through December 2, 2020.
The license extension is evidence of a positive relationship that Zion has with the Energy Ministry in a shared mission to explore for oil and gas within the Megiddo-Jezreel license area.
The Company is nearing completion of its scouting and survey design which have identified the desired geologic boundaries of the proposed 3D seismic survey.
Additionally, Zion has met with potential vendors to aid in the 3D seismic planning and acquisition process and will be submitting requests for quotations based on its proposed boundaries and scouting reports.
Following the completion of the survey design and surface layout, Zion intends to acquire the necessary government permits and negotiate potential surface damages to crops, irrigation piping, and other surface features.
Once data acquisition is completed, interpretation is the final step and will involve integration with, and modification of, previous work by Zion technical staff.
Zion recognizes the financial and time commitment that Zion’s shareholders have made. Zion’s ability to adequately undertake all of these activities are subject to its raising the needed capital from its continuing offerings, of which no assurance can be provided.
As noted in Zion’s update on November 29, 2018, there remain questions Zion believes should be further explored after the drilling and testing of the Megiddo Jezreel #1, and this 3D seismic survey will aid in answering those questions.
There is no guarantee that these exploration efforts will lead to commercial success. Zion takes its responsibility to its shareholders very seriously and will continue to provide updates on the progress made.
Source: Company Press Release