Zion is Moving Forward With Operational Plan in Israel
Dear Zion Supporters and Shareholders,
First and foremost, we want to take this opportunity to wish all of our shareholders a blessed New Year. We hope that each of you had time for rest and reflection with family and loved ones during the holiday season. We also want to take a moment and sincerely thank each of you for your continued and overwhelming faith and support.
We also want you to know that we are moving forward with the operational plan we outlined in our November 29, 2018, press release.
As we previously announced, Zion received a multi-year license extension through December 2, 2019. We made our annual license fee payment on December 31, 2018, which confirms our commitment to further exploration in the license area.
Valley of the Springs in Zion’s 99,000-acre Megiddo-Jezreel license in Israel
We have commenced preliminary scouting and survey design to help identify the geologic boundaries of the proposed 3D seismic survey. Additionally, we held initial meetings with potential vendors to aid in the 3D seismic planning and acquisition process.
Once the survey design and surface layout are completed, we intend to acquire the necessary government permits and negotiate potential surface damages to crops, irrigation piping, and other surface features.
We believe it will be necessary to import seismic source equipment and autonomous wireless geophones (to record the signal) to acquire the 3D data. Once data acquisition is completed, interpretation is the final step and will involve integration with, and modification of, previous work by our technical staff.
We recognize the financial and time commitment that Zion’s shareholders have made in their support. Our ability to adequately undertake all of these activities is subject to our raising the needed capital from our continuing offerings, of which no assurance can be provided.
In our November 29, 2018 update, we noted many questions we believe need to be further explored after the drilling and testing of the Megiddo Jezreel #1 well. This 3D seismic survey will aid in answering those questions.
While there is no guarantee that these exploration efforts will lead to commercial success, we take our responsibility to our shareholders and supporters seriously and will continue to update you on the progress made.
Executive Vice Chairman, CEO, and COO
Zion Oil & Gas, Inc.