Zion Begins Active Drilling Operations in Israel
DALLAS, and CAESAREA, Israel, June
5, 2017 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) announces it has spud (started to drill) the
Megiddo-Jezreel #1 – a deep, onshore well located in Israel's Jezreel
Valley.
"It has been a complicated and difficult multi-year journey to
get to this point, but our entire team is very excited to see this
project finally come to fruition. We anticipate drilling
through at least four different geologic strata with oil and gas
potential," stated Victor G.
Carrillo, Zion's CEO.
Echoing Victor's statement, Zion's President and Chief Operating
Officer, Dustin Guinn, said, "The
process to finally be able to start drilling has been met with
obstacles and patience-testing trials, but we believe we have
assembled a team that is very hard working and committed. We
are extremely proud of the work that has been done and look forward
to a successful well. We are thankful to our shareholders and
supporters for their faithfulness to stand with us during these
last few years."
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https://mma.prnewswire.com/media/519448/Zion_Oil_and_Gas_Drilling_Begins.jpg
Zion is contracting with world class service providers such has
Halliburton, Baker Hughes, Weatherford and highlighted by DAFORA's F-400
drilling rig. The rig has a 3,000 HP capacity drawworks
capable of drilling to over 7,000 meters (~23,000 feet). This
provides more than sufficient horsepower and safety factor to drill
our planned well with a target depth of up to 4,500 meters (~15,000
feet).
Depending on the results of the planned exploratory well and
subject to adequate cash resources, multiple wells could be drilled
from this pad site, as several subsurface geologic targets can be
reached using directional trajectories for subsequent wells.
In 2015, an independent study by the international consulting
company Beicip-Franlab, concluded that up to 6.6 billion barrels of
oil (in-place best estimate) remain to be found in the offshore
portion of Israel's Levant
Basin. Zion's Megiddo-Jezreel License area, though onshore,
is entirely within the Levant Basin and is well positioned to
encounter the key geologic ingredients of an active petroleum
system.
Zion Oil & Gas explores for oil and gas onshore in
Israel and its operations are
focused on the Megiddo-Jezreel License (approximately 99,000 acres)
south and west of the Sea of Galilee.
For more information on Zion Oil & Gas, go to
www.zionoil.com/
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
Photo -
https://mma.prnewswire.com/media/519447/Zion_Oil_and_Gas_License_Area.jpg