Zion Oil & Gas has been awarded a one-year extension on each of its petroleum exploration licenses – the Joseph License and the Asher-Menashe License – by the Israeli Petroleum Commissioner.

Zion’s Asher-Menashe License covers an area of approximately 78,824 acres located on the Israeli coastal plain and the Mt Carmel range between Caesarea in the south and Haifa in the north.

The Asher-Menashe License had an initial three-year term, from June 10, 2007 to June 9, 2010. Zion has received notification from the Israeli Petroleum Commissioner extending the term of the license until June 9, 2011.

The Joseph License covers approximately 83,272 acres on the Israeli coastal plain south of the Asher-Menashe License between Caesarea in the north and Netanya in the south. The Joseph License had an initial three-year term, from October 11, 2007 to October 10, 2010. Zion has received notification from the commissioner extending the term of the license until October 10, 2011.

Richard Rinberg, CEO of Zion, said: “In 2010, we plan to drill a new well, the Ma’anit-Joseph #3 well, on our Joseph License and also acquire new field seismic on both our Asher-Menashe License and our Issachar-Zebulun Permit.

“We remain excited about the possibility of recovering hydrocarbons on our license and permit areas, onshore Israel, especially due to the US Geological Survey report, published in April 2010, containing their assessment that there may be 1.7 billion barrels of recoverable undiscovered oil and 122 trillion cubic feet of recoverable gas in the Levant Basin, as all of Zion’s exploration rights fall within the area of the Levant Basin.”