Zion Oil & Gas Gains Full Acceptance of Work Plan by Supervisory Committee in Israel
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Unit Program extended until March 31.
"On February 21, 2024, members of the Supervisory Committee visited our rig site. During this visit, they interacted with staff from Zion Oil & Gas, and our consultants and potential service providers. Some of these interactions occurred at Kibbutz Sde Eliyahu, while others were conducted through video conferencing with participants from US,
PROCESS OF ACCEPTANCE
On September 14, 2023, Zion announced that the Israeli Ministry of Energy had issued a new onshore exploration license – the Megiddo Valleys 434 license.
On October 7, 2023, during the Celebration of Simchat Torah, Hamas launched a vicious attack on
On December 6, 2023, the Israeli Ministry of Energy formally approved a detailed, industry-specific operational framework for the planned reentry, production tests, and recompletion of the MJ-01 well. The submission of this work plan is a requirement under Israeli law.
With the work plan approved, Zion was able to proceed with convening the required Supervisory Committee meeting. This Committee, consisting of a fifteen-member panel, is tasked with reviewing and endorsing the work plan. It also ensures that our planned operations have sufficiently mitigated potential impacts on the land, local roads, surrounding land uses, available water resources, and addressed other environmental and safety concerns.
Under Israeli law, the Supervisory Committee is composed of representatives from the Ministries of Energy, Water, and Environment, and representatives from the local Spring Valley County Council as well as from the surrounding kibbutzim of Sde Eliyahu (where the rig site is located) and Tirat Zvi (adjacent to Zion's rig site).
Due to the ongoing war between
Zion will deploy cutting-edge technologies and innovative stimulation techniques in the MJ-01 well, aiming to unlock hydrocarbon flows in both previously and newly identified zones of interest.
UNIT PROGRAM EXTENSION
With this news, Zion Oil & Gas is also announcing the extension of its current Unit Program. Originally set to conclude on February 29, 2024, the program will now run until March 31, 2024. This extension offers investors additional time to participate in Zion's vision for
Investors can participate directly in Zion's mission via the company's website at www.zionoil.com through Zion's Direct Stock Purchase Program.
John Brown, Zion Founder and Chairman, expressed gratitude for the unwavering support from Zion's shareholders and the diligent efforts of the team in
Zion Oil & Gas, a US public company traded on the OTC, explores for oil and gas onshore in
"As each one has received a gift, minister it to one another, as good stewards of the manifold grace of God."
1 Peter 4:10
"Let your eyes look straight ahead,
And your eyelids look right before you.
Ponder the path of your feet,
And let all your ways be established.
Do not turn to the right or the left;
Remove your foot from evil."
Proverbs 4:25-27
Contact:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (OTC: ZNOG)
12655 North Central Expressway, Suite 1000,
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion's operations and the results therefrom, including testing and completion; Zion's ability to discover and produce oil in commercial quantities; Zion's ability to continue as a going concern including raising the necessary funds for operations; operational risks in ongoing exploration efforts; regulatory approvals needed for exploration within our license and the rig's operation; the effect, if any, of the coronavirus pandemic on the timing of the operation of the well; the effect, if any, of the uncertainties associated with wars and skirmishes between
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SOURCE Zion Oil & Gas, Inc.
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