Press Release: Zion Oil & Gas Receives Multi-Year Extension on Megiddo-Jezreel License
Zion Oil & Gas Receives Multi-Year Extension on Megiddo-Jezreel License
Zion Prepares to Resume Drilling Operations
DALLAS and CAESAREA, Israel, November 27, 2017 – Zion Oil & Gas, Inc. (NASDAQ: ZN) is pleased to announce that on November 20th, 2017 Zion received a two-year extension on its Megiddo-Jezreel License No. 401, extending its validity to December 2, 2019. Zion’s CEO, Victor Carrillo, expresses his optimism, “During this season of thanksgiving, we are especially grateful that Israel’s Petroleum Commissioner has granted Zion a multi-year extension that validates the years of work accomplishments on the license. This multi-year extension should assure investors that our current well will continue unabated, without the risk that the Energy Ministry would ‘pull our license.’ Since I joined the company in 2011, I’ve seen no multi-year license extensions, as any extension is typically only one year at a time. Zion’s proven track record of continued exploration in Israel, and our history of fulfilling our obligations to the State of Israel, give confidence to the current Petroleum Commissioner to grant us this multi-year license extension.”
Zion’s President, Dustin Guinn, says, “We have received on location most of the equipment that was ordered to allow us to prepare to resume drilling operations soon. While it has been a patience-testing delay, I would like to reiterate that it was one that was necessary to maintain the integrity of the wellbore which will allow Zion to safely continue drilling deeper. I am very excited about resuming drilling operations. We have begun rigging up the equipment that has arrived on location and once all are inspected and tested we will run back in the hole and resume drilling. As we approach what I believe is the most exciting section of the well, we ask that you continue to pray for safe operations throughout the drilling and testing of the well”.