Zion Oil & Gas said that it will be awarded a new petroleum exploration license on land within its previous Issachar-Zebulun permit area in Israel by the Israeli Petroleum Commissioner's Office.

The new license, which has been named the Jordan Valley License, is to the east of the company’s Joseph license area and Asher-Menashe license area and to the south of the Sea of Galilee.

The new license area traverses south along the western Jordan River Valley.

Zion CEO Richard Rinberg said that in 2011, the company intends to acquire additional seismic and other geological and geophysical data in its new license area.

"Meanwhile the drilling operations at our Ma’anit-Joseph #3 well continue, as we strive for our primary target in deep Permian age rock, expected at a depth of over 19,000ft," Rinberg said.

Zion explores oil and gas in Israel in areas located on-shore between Haifa and Tel Aviv.