PRESS RELEASE: Zion Oil & Gas Management Travel to Israel for Upcoming Well Operations

Zion Oil & Gas Management Travel to Israel for Upcoming Well Operations

 

Zion prepares to log and case its MJ #1 well at 2,000 meters (6,560 feet)

DALLAS and CAESAREA, Israel, August 22, 2017 — Zion Oil & Gas, Inc. (NASDAQ: ZN) makes preparations to obtain wireline logs and case the next well interval at a depth of approximately 2,000 meters (6,560 feet).

Victor Carrillo (CEO), Dustin Guinn (President), and Dr. Lee Russell (Senior Geoscience Advisor and Board Director) arrived in Israel this week to be on site for upcoming operations at Zion’s Megiddo-Jezreel #1 well.

Senior Geoscience Advisor, Dr. Russell explains, “Recent drilling over the last few hundred meters suggests the possible existence of a highly fractured carbonate section in the Jurassic, which presents optimism for potential reservoir characteristics. Carbonate reservoirs are prominent in the Middle East, with around 70% of oil and 90% of gas reserves held within these reservoirs. Based on the evidence of existing fractures, we are eager to see what the next logging run will show us. There are multiple zones of interest through which we still plan to drill and evaluate as we drill towards our total depth.”

Zion President, Dustin Guinn, adds, “Given the formation characteristics that can be expected with highly fractured carbonates, we made the decision, to insure safety and well integrity, to case this interval at a shallower depth than previously anticipated. While this is a change to the drilling program, it is not expected to materially affect the expected total depth to which we hope to drill. I am also excited about the formation characteristics and while it may present drilling challenges, it may also present reservoir characteristics that are intriguing.”

From left to right: Dustin Guinn (President), Dr. Lee Russell (Senior Geoscience Consultant), Angelo Bianco (Safety and Environmental Engineer), and Victor Carrillo (CEO) on location at drill site in Israel.

Zion Oil & Gas license area and drill site location in Israel.

In 2015, an independent study by the international consulting company Beicip-Franlab concluded that up to 6.6 billion barrels of oil (in-place best estimate) remain to be found in Israel’s Levant Basin.  Zion’s Megiddo-Jezreel License area is entirely within the Levant Basin and is well positioned to encounter the key geologic ingredients of an active petroleum system.

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.