Zion Oil & Gas Operational Update – October 28, 2020

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Dear Zion Oil & Gas Supporters and Shareholders,

 

After some logistical issues, we have been able to solidify a new timeline for the ship leaving Romania with our rig and arrival at the Haifa port in Israel. In this update, we are pleased to report the latest updates now that we have more reliable information from our vendors.

We appreciate all the shareholder support as we move forward during these challenging times and see God’s hand in every one of these items.

The latest updates as we await the rig’s transportation into Israel:

  • The ship, “BBC Bangkok,” will arrive November 2 at the port of Constanta, Romania. We expect a two-day load time followed by a six-day sail time. After arriving in Israel on November 10, we expect a one- or two-day initial customs clearance. Then, the first loads of equipment should arrive on location on or around November 12. (You may track the cargo ship by clicking here and searching "BBC Bangkok".)

  • To reach this point has been an incredible undertaking from our operations team. There have been more than sixteen (16+) different countries where we have had to coordinate our service providers and equipment, including Romania, Hungary, Croatia, Turkey, Italy, Spain, Ireland, Scotland, Germany, Holland, Cyprus, Saudi Arabia, China, Canada, the United States, and Israel.

  • Our experienced rig crew has been assembled from Eastern Europe and is currently in Israel for quarantine. This crew has been with the rig (named “I-35”) for several years. In addition to the experienced rig crew, we are hiring twelve Israelis to begin training and gain experience as we move towards building an indigenous drilling crew to support our Zion Drilling subsidiary company.

  • We are working with Israel’s Water Authority during this time to ensure water supply safety and ongoing testing to ensure non-contamination of the water aquifer. As Zion has done previously with earlier drilling programs, this requires extensive preparation and monitoring throughout our drilling program.

Zion’s new VP of operations, Monty Kness, highlighted the incredible amount of work and coordination, stating:

“The Lord has brought together an effective team of experienced personnel, equipment, and service companies from all over the world for this project. We have an aggressive drilling schedule that is quickly coming together. We predict a safe and successful drilling operation that could not take place without the prayers and support of our shareholders. For that, we are very thankful and humbled. Thank you for your continued support and know we are all working hard for the same goal and to carry out God’s plan.”

We are thankful to our heavenly Father for how He has made a way forward and we ask our shareholders and supporters for continued prayers.

We appreciate your support and know that God’s timing is not our timing (Psalm 37:7), and that we will continue to move forward (Proverbs 4:25-27).

Sincerely,

Rob Dunn
CEO & COO
Zion Oil & Gas

FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion’s operations; Zion’s ability to continue as a going concern; operational risks in ongoing exploration efforts; importing the rig it purchased into Israel in a timely manner; the timing and completion of the processing, interpretation of the results and plans contingent thereon off the 3-D seismic survey; regulatory approvals needed for the rig’s erection and startup; the effect, if any, of the coronavirus pandemic on the timing of the delivery and start-up of the well, and liquidity for shareholders on OTCQX are forward-looking statements as defined in the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties, and other unpredictable factors, many of which are described in Zion’s periodic reports filed with the SEC and are beyond Zion’s control. These risks could cause Zion’s actual performance to differ materially from the results predicted by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Zion’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Zion’s filings with the SEC. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.