PRESS RELEASE: Zion Oil & Gas Israel Drilling Update
Zion Oil & Gas Israel Drilling Update
Petrophysical analysis suggests hydrocarbon zones penetrated
DALLAS and CAESAREA, Israel, September 20, 2017 /PRNewswire/ — Zion Oil & Gas, Inc. (NASDAQ: ZN) continues active drilling operations at its Megiddo-Jezreel #1 well in Israel, near the eastern border with Jordan. As of today, Zion has reached a depth of approximately 9,200 feet (~2,800 meters) toward a possible total depth of up to ~15,000 feet.
Zion’s CEO, Victor Carrillo, says, “In late August, our President (Dustin Guinn), Senior Geoscience Advisor (Dr. Lee Russell), and I traveled to Israel to assess ongoing drilling operations at Zion’s MJ #1 well. After running a suite of wireline logs up to the level of our prior logging run, we set a Halliburton Versa-Flex Liner Hanger and cemented the 9-5/8” casing string to ~1997 meters.”
Carrillo further states, “Enhanced petrophysical analysis of our wireline logging suites by an independent third-party company provides evidence of having penetrated hydrocarbon zones. However, we are not able to comment on the volume, producibility or commerciality of the zones until after we finish drilling and testing the zones of interest. We also have yet to penetrate a key objective zone. Tomorrow begins the Jewish Fall Feasts holiday season, which will slow our drilling operations as we respectfully observe these upcoming high holy days –
Rosh Hashana (Feast of Trumpets); Yom Kippur (Day of Atonement); and Sukkot (Feast of Tabernacles).”
Zion Oil & Gas explores for oil and gas onshore in Israel and its operations are focused on the Megiddo-Jezreel License (approximately 99,000 acres) south and west of the Sea of Galilee.
To learn more about Zion Oil & Gas, visit our website at www.zionoil.com