Press Release: November 20 – Zion Oil & Gas Operational Update on Megiddo-Jezreel #1 Well in Israel
Zion Oil & Gas Operational Update on Megiddo-Jezreel #1 Well in Israel
DALLAS and CAESAREA, Israel, November 20, 2018 – Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it has completed the testing program of its primary zones located within the Jurassic and Cretaceous-age Formations of the Megiddo-Jezreel #1 (MJ #1) well.
As a result of the testing, Zion has determined that the well is not commercially productive.
Zion’s Chief Executive Officer, Dustin Guinn commented, “Unlike the lower Triassic zones, two of the multiple zones we tested within the Middle Jurassic and Cretaceous had sufficient permeability and porosity to flow to surface, as outlined below:
- Zone 1:
- 3,468-3,461 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.
- Zone 2:
- 3,455-3,446 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.
- Zone 3:
- 3,325-3,310 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.
- Zone 4:
- 1,784-1,775 meters flowed naturally and continuously to surface. The fluid characteristics obtained from monitoring samples taken while the well was flowing indicated low chloride water.
- Zone 5:
- 1,232.5-1,228 meters flowed naturally and continuously to surface. The fluid characteristics obtained from monitoring samples taken while the well was flowing indicated low chloride water.
"The fluid did not contain hydrocarbons, and further testing at this time is not warranted. Zion is currently in discussions with the Israeli government on plugging obligations. Given the thermal gradient, flow rates, surface pressure and low salinity, certain ministries within the Israeli government have made requests of Zion concerning the use of the well as a water monitoring well. Zion will review the economic impact and obligations as a result of this request to determine a prudent plugging plan.
"While the well was not commercially viable, Zion has learned a great deal from the drilling and testing of this well. We refer to our previous press release and operational update of August 16th, 2018 where we outlined our testing objectives relating to this well. We believe that the drilling and testing of this well carried out the testing objectives we previously outlined and may support further evaluation and potential further exploration efforts within our License area. Those efforts will obviously take time and support and additional financial resources, which we will need to raise, but we are confident that it will be time and resources well spent to deliver on Zion’s mission and the vision of supporting Israel.
"Management, along with all of our staff, want to sincerely thank you for your continued support. There is much left to do, and it is an honor to represent our shareholders in this mission.”
Ephesians 5:13
1 Corinthians 2:5
I feel like now is a good time to buy and I’m excited about the opportunity. I hope you will not give up. Jim Itamura
Israel, Cyprus, Greece and Italy, with the backing of the EU, have reached agreement on laying the world’s longest underwater pipeline.
The news headline above. When Zion drill there next Oil Well and hit oil. Will this pipeline be used or will there be different method available.
ok, so what is your next move?
Please go HERE to view the latest.
Will Zion oil and gas keep searching for oil?
Yes. As long as we are able and have solid reason to do so.
Hello Zion –
I am so very sorry Megiddo-Jezreel #1 did not pan out in the way all had hoped. However, I must say, I am very proud and you should be proud of yourselves as well. Zion Oil and Gas was the very first to have the golden opportunity to drill on Israel’s soil. I know, we all were hoping and praying for oil but in fact you found water and in many places water world wide (when bottled) can be much more profitable than oil.
Yes it is true, we ALL had our sights on that “liquid gold” and as we all now know “the well is flowing chloride water in zones 4 and 5”. Now, inquiring minds would like to know what is next with this drill sight and if capping is in the future for Megiddo-Jezreel #1 then so be it.
My excitement is in our next steps. I still believe in Zion Oil and Gas mostly because you are for Israel and God himself has made it loud and clear that if you are for Israel, HE will be for you and Zion Oil and Gas has made it clear (from the beginning) Zion IS for Israel AND Israel is forever!
Now it is time to allow all the Na-Sayers to fall away like bug bouncing off a windshield and let us now turn and focus on the next steps as in:
Will you have the golden opportunity to bottle Israel’s water?
Will you cap the well and start a new drill sight in Israel?
Will you drill a new drill sight on other soil as “we” look for that liquid gold?
I want the everyone to know Zion Oil and Gas has been allowed to do something on Israel’s land that NO ONE ELSE has been allowed to do. And that is to drill on her soil. You should be holding your head high simply because God opened doors for you and only for you. I for one am very proud of all the hard word you have been able to accomplish and please know my expectations and prayers are for you and your outstanding team.
May God “continue” to bless you and have a Happy Thanksgiving.
Mari Shaff (11-21-18)
I would love to hear a word from John Brown after this disheartening news today. I can imagine how he must feel but those of us who still believe in Zion Oil would love to hear his thoughts.