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Zion Oil & Gas (OTCQX: ZNOG) has successfully completed the second section of its Megiddo-Jezreel #2 (MJ-02) well, achieving a significant drilling milestone. The well has reached a true vertical depth, overcoming subsurface challenges faced in previous drilling. The company has initiated a new Limited Unit Program aimed at raising $2.5 million for its exploration efforts, offering investors the chance to purchase units priced at $250 each, which include common stock and warrants. The program runs until May 12, 2021, or until the funding goal is reached.
Zion Oil & Gas (OTCQX: ZNOG) has been granted a new license agreement named 'New Megiddo 428' by Israel's Petroleum Commissioner, allowing the company to continue its oil and gas exploration operations in the Megiddo-Jezreel region. The license covers a 99,000-acre area and is valid for six months with the possibility of a six-month extension. Operations are reportedly on track, with all drilling equipment arriving on schedule and the crew preparing for inspections. CEO Robert Dunn expressed gratitude for Israel's support.
Zion Oil & Gas confirms logistics for transporting its drilling rig from Romania to Israel, set to depart by sea on October 21, 2020. The rig is expected to reach Haifa by October 27, 2020. Preparations for the Megiddo-Jezreel #2 well include a completed conductor pipe at 110 feet depth and secured essential services for the drilling process. Additionally, the company has extended the expiration date of outstanding warrants by two years, enhancing shareholder security. The water well monitoring program is also scheduled to commence before the drilling campaign.
Zion Oil & Gas has announced its transition from Nasdaq to OTCQX, effective September 8, 2020. This decision follows Nasdaq's notification to regain compliance with a minimum bid price of $1.00. Management believes the move will provide a more cost-effective and liquid trading environment. The company cited delays in operations due to COVID-19 shutdowns in multiple regions affecting their drilling plans. Zion will continue to meet SEC reporting obligations and provide full transparency to shareholders, aiming to navigate these turbulent times effectively.
Zion Oil & Gas (Nasdaq: ZN) has secured formal approval from the Israel Ministry of Energy for its drilling plan for the Megiddo Jezreel #2 well. The plan, submitted on April 12, 2020, was approved on July 29, 2020. Drilling activities are expected to commence by the third quarter of 2020, taking approximately five months. The company faced delays in importing its drilling rig due to COVID-19, but has resolved customs issues and is prepared for the rig's transport. Zion is also progressing with necessary civil work and has engaged multiple regulatory bodies for approvals.
