Press Release: January 9 – Zion is Moving Forward With Operational Plan in Israel
Zion is Moving Forward With Operational Plan in Israel
DALLAS and CAESAREA, Israel, January 9, 2019 – Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it is moving forward with the operational plan outlined in its press release dated November 29, 2018.
In a direct email to Zion’s shareholders, Zion’s CEO, Dustin Guinn, expresses, “First and foremost, we want to take this opportunity to wish all of our shareholders a blessed New Year. We hope that each of you had time for rest and reflection with family and loved ones during the holiday season. We also want to take a moment and sincerely thank each of you for your continued and overwhelming faith and support.”
This letter also addresses Zion’s multi-year license, for which the annual fee has been paid, 3-D seismic plans, and its commitment to its shareholders.
As previously announced, Zion received a multi-year license extension through December 2, 2019. Zion made its annual license fee payment on December 31, 2018, which confirms the Company’s commitment to further exploration in the license area.
Valley of the Springs in Zion’s 99,000-acre Megiddo-Jezreel license in Israel
The Company has commenced preliminary scouting and survey design to help identify the geologic boundaries of the proposed 3D seismic survey. Additionally, Zion held initial meetings with potential vendors to aid in the 3D seismic planning and acquisition process.
Once the survey design and surface layout are completed, Zion intends to acquire the necessary government permits and negotiate potential surface damages to crops, irrigation piping, and other surface features.
Zion believes it will be necessary to import seismic source equipment and autonomous wireless geophones (to record the signal) to acquire the 3D data. Once data acquisition is completed, interpretation is the final step and will involve integration with, and modification of, previous work by Zion technical staff.
Zion recognizes the financial and time commitment that Zion’s shareholders have made in their support. Zion’s ability to adequately undertake all of these activities is subject to it raising the needed capital from its continuing offerings, of which no assurance can be provided.
In Zion’s November 29, 2018 update, Zion noted many questions it believes need to be further explored after the drilling and testing of the Megiddo Jezreel #1, and this 3D seismic survey will aid in answering those questions.
While there is no guarantee that these exploration efforts will lead to commercial success, Zion stated that it takes its responsibility to its shareholders seriously and will continue to provide updates on the progress made.