Press Release: July 17, 2019 – Zion Oil & Gas Enters into Binding Agreements in Israel
Zion Oil & Gas Enters into Binding Agreements in Israel
DALLAS, Texas, and CAESAREA, Israel, July 17, 2019 – Zion Oil & Gas, Inc. (NASDAQ: ZN) announces it has entered into binding agreements for 3-D seismic landowner permitting services and for consulting services in connection with the required approvals from the Israel Ministries of Transportation and Communication for importation of the seismic equipment.
“The biblically inspired vision of Zion Oil & Gas remains to discover oil and gas onshore in Israel,” Zion’s CEO, John Brown said. “Our planned 3-D seismic program demonstrates Zion’s long-term commitment to our dedicated shareholders and to the citizens of Israel.”
“We are enthusiastic about the progress we have made to date with the 3-D program permitting process and other required approvals,” stated Zion’s COO, Robert Dunn.
AGREEMENTS AND UPDATE ON 3-D SEISMIC PROJECT
Although Zion’s permitting contractor began preliminary work on the 3-D landowner permitting process several weeks ago, Zion has now formalized the scope and performance of that work with a signed agreement with Zion’s contractor as of July 1, 2019.
The contractor has begun obtaining necessary infrastructure permits, acquiring accurate landowner identification for the seismic area and meeting with landowners and authorities. Zion reports this typically is a time-intensive but very important stage of the project because it creates a survey of the program area, which is a prerequisite for mobilization of the seismic acquisition contractor.
In parallel with the permitting process in the license area, Zion is utilizing the services of consultants to work with the Ministries of Transportation and Communication to obtain the necessary permits for the importation of the seismic source vehicles and equipment from Europe.
“The Zion Israel team is pleased with the progress made so far on our 3D program permitting process,” reiterated Zion’s managing director and VP in Israel, Jeff Moskowitz. “This is a vital step as we move forward with our exploration plans.”
In both the shareholder class action litigation in federal district court in Dallas, Texas, and in the consolidated derivative litigation in federal district court in Delaware, Zion, through its attorneys, has filed Motions to Dismiss all litigation, which Motions are now under consideration by the respective courts.
Zion Oil & Gas, a public company traded on NASDAQ (ZN), explores for oil and gas onshore in Israel currently on their 99,000-acre Megiddo-Jezreel license area.