News Update: Zion Oil & Gas Hits Total Depth in Israel Well
Update: Target Depth in Israel Well Reached
We are pleased to announce that we have successfully reached our total depth of 5,026 meters (~16,500 feet) as of today. It has been a long and challenging journey for us all so far, and we are very pleased to have arrived at this highly anticipated step towards the completion of our MJ #1 well.
While we still have much to do, we want to take this opportunity to thank our shareholders and supporters for your continued prayer and financial support throughout our exploration efforts to date. Zion is your company, and we are so very grateful to you and deeply appreciate your commitment.
We plan to run an extended suite of open hole logs and case the well next week, after which we will evaluate the logs in our final determination of our testing program. We look forward to sharing continued news with you all.
UNIT PROGRAM
Zion’s Unit Program continues on and will last until the Company raises $5 million in funding or February 28, 2018, whichever occurs sooner. The new Unit Option program allows investors to purchase Units of our securities where each Unit (priced at $250.00) is comprised of:
- 50 shares of ZN common stock, and
- 50 common stock purchase warrants. Each warrant (symbol “ZNWAH”) affords participants the opportunity to purchase one share of ZN common stock at a warrant exercise price of $5.00.
The warrants will first become exercisable on the first trading day after the 31st day following the Unit Program Termination Date (i.e., on the earlier of February 28, 2018 or when this Unit Program receives $5 million in Unit purchases) and continue to be exercisable for one year after the exercise date at a per share exercise price of $5.00.
Zion is a company built on faith and dedicated to the mission of blessing Israel through exploration and production of hydrocarbons with the desire for Israel to, one day, be energy independent. We will continue to move forward towards completion of this arduous journey and dedicated efforts in order to provide this resource back to the support of the country, looking to further success for all supporters, believers, and shareholders in kind.
“If you come with us, we will share with you whatever good things the LORD gives us.” Numbers 10:32
I was in Israel in 1983. I had my 9 year old daughter by the hand when the Lord spoke to me about oil under my feet. I had never thought about oil. Period !! Someone in our group snapped a photo of my daughter and myself with my camera. I had forgotten about the photo until about a week ago. It was in that spot that God spoke and said that there is enough oil under your feet to furnish the Nations of the World and gave me other details about the oil. I wondered why God would share something about oil with me. I did mortgaged my car to be able for my daughter and myself to be able to take the trip to Israel. I have loved Israel for many years and had longed to travel to Israel. I pray daily for Jerusalem, Israel and Jewish people around the World. I am now 81 years young. The Oil is there. That’s all that I have to say. SHALOM
The incentive for the $250 stock/warrant buy in is really quite simple. It’s an offering to the populace of Israel with hopes of being a blessing to a nation that is apparently important in God’s plan for all of us.
The blessing is to see Israel thrive with being a self-sustaining energy sufficient nation. Yes, the $230 buy-in for a hundred shares with 50 warrants would be a blessing too and on a personal level a more attractive investment. In the end, I think we each have to ask our self, “How can I be the best steward of the finances God has blessed us with?’
Sale of stock and warrants to raise funds would be more equitable if 100 shares of common stock was offered and 50 warrants at $5 exercise price. Friday on open market I could buy more than 100 shares for $230.
I don’t see the incentive to do the $250 purchase program.
Hi
I am interested in investing in the project…i live in Kenya. I love Israel and wish to see Israel become energy sufficient. Please give me details of how to enroll and list as a valid shareholder. Thankyou
Thanks for the update. What does this mean, having reached the ‘target depth’? Did the seismic testing indicate a probability of finding oil at this particular depth? Or is it the geological strata that gives this indication?