Press Release: Zion Oil & Gas Successfully Drills, Logs, and Cases Deep Israel Well
Zion Oil & Gas Successfully Drills, Logs, and Cases Deep Israel Well
Petrophysical Analysis Supports Possibility of Multiple Hydrocarbon Bearing Zones
DALLAS and CAESAREA, Israel, February 26, 2018 /PRNewswire/ — Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it has successfully drilled its Megiddo-Jezreel #1 well to a total depth of 5,060 meters (~16,600 feet). Zion also successfully obtained three open-hole wireline log suites (including a formation image log). The well has also been cased and cemented in preparation for upcoming testing of multiple zones of interest, including zone(s) where free-flowing hydrocarbons were collected after circulating mud in the borehole.
Zion’s President and Chief Operations Officer, Dustin Guinn, stated, “We are extremely pleased with the completion of drilling of the MJ #1 well. While it may have taken longer than we would have liked, we had more than 119,000 man-hours with zero recordable incidents while drilling more than three miles into the earth. On a wildcat exploration well, this is an achievement in which all involved should take pride. We also recognize that the goal of this well was to find oil, and we can say with absolute confidence that we were successful in attaining that goal. The next crucial step is being able to effectively test and establish the well’s commerciality. I am excited about this phase as it will be a crucial and historic moment for Zion and its shareholders.”
Zion’s CEO, Victor G. Carrillo, added, “The logs appear to confirm what we know from seeing oil mixed in with the mud – that we encountered live oil in the deep portion of the well. We still await a full interpretation of the image log obtained in our last logging run to ascertain fracture location and intensity. Our interpretation, supported by third party petrophysical analysis, shows multiple zones exhibiting key properties that we will test for production capacity. We cannot comment on the well’s capacity for commercial production until after we conduct and analyze our well testing protocol, which we anticipate to take place in April. We will endeavor to provide further updates as material information becomes available.”
"For You are great, and do wondrous things; You alone are God."
Psalm 86:10
"In His hand are the deep places of the earth …"
Psalm 95:1-7
I love and support Israel! I’m so proud of you guys ; ty for being diligent ; it’s been a long journey; but in the end it’ll be worth it all; and it’s such a blessing for Israel! I’m so excited for israel! God bless you all!!!! Amen!
We are new investors via a friend’s advice ,now we would love to receive updates,we will be praying
I have worked in the oil industry for some 36 years,Drilling,Completion and Workover,offshore and onshore also as company consultant and would consider it the highlight of my career to work on this and any future exploration and/or development wells.
Sincerely,
Clark Street
I am grateful that Zion Oil keeps us up to date & is honest and true to your word. Think you. Fifteen year investor Lee Dean
I have some stock but would like to get more. Can I go through you or must I go through my broker.
Freda Howard
Either. Just go to the investment section of our website.
So glad you guys are accident-free. i pray for the up coming test, an that oil an gas
will flow freely.. GOD SPEED AN PRAYS BE WITH YOU.
Amos
Dear Zion Oil, I have been a stockholder since the beginning. I’m so thankful you were accident-free in your work. May God continue to bless your endeavors.
Just to clarify “We cannot comment on the well’s capacity for commercial production until after we conduct and analyze our well testing protocol, which we anticipate to take place in April.” Does it mean testing begins in April or that the production testing completes in April and next update would be in April ?
Begins in April