🇮🇱 Zion Oil & Gas Update: Unit Program Extended Until January 31, 2024

December 20, 2023

Dear Zion Shareholders and Supporters,

We're glad to report again that our recompletion site is still secure, and our staff in Israel is still safe. Thank you for your prayers and continued support during these times.

As we've mentioned, the Israeli government has approved our work plan to recommence operations at the MJ-01 site in Israel, with work expected to begin in the first quarter of 2024.

Drawing from our further geological understanding of the MJ-02 well and our MJ #1 well (which confirmed an active Petroleum system in MJ-01 in 2018), we're now planning to implement advanced technologies and innovative stimulation techniques. These new approaches will be utilized to potentially unlock both previously and newly identified zones of interest.

Due to ongoing interest, we are pleased to announce the extension of our Unit Program. You now have until January 31, 2024, to participate.

With a $250 investment per unit, you will receive shares in Zion Oil & Gas along with 50 Warrants. If you enroll in the Automatic Monthly Investment (AMI) program, you'll be eligible for additional Warrants.

For more details on this opportunity and how you can be a part of it, please review the information provided below.

Additionally, we want to extend our warmest wishes to all our shareholders and supporters. May you have a Merry Christmas as we pray for HIS peace on earth.


John Brown
Founder & Chairman, Zion Oil & Gas

Rob Dunn
CEO, Zion Oil & Gas

"For unto us a child is born,
Unto us a son is given;
And the government will be upon His shoulder.
And His name will be called
Wonderful, Counselor, Mighty God,
Everlasting Father, Prince of Peace."

Isaiah 9:6


Duration: Until January 31, 2024.

What You Get with Each $250 UNIT Purchase: $250 worth of ZNOG stock priced at the trading day’s high-low average and fifty 25-cent Warrants.

Bonus for Automatic Monthly Investments (AMI) Enrollees: If you're enrolled in AMI (or choose to sign up) and purchase at least one UNIT, you will receive 50 additional 25-cent Warrants with a minimum investment of $50/month. (This bonus is a one-time offer during this Unit Program.)

Warrant Exercise Period: You can exercise these Warrants for 12 months, starting from February 15, 2024, until February 14, 2025.

What is a Warrant? Simply put, a Warrant is like a coupon that lets you buy our stock at a set price for a certain time, no matter the price of the stock later. (For example, if our stock price rises to one dollar, you may purchase our stock for 25-cents for each Warrant you have.)

How to Participate: Online (https://www.zionoil.com/dspp/invest-now) or through regular postal mail.

Note: Warrants are exclusively available through our UNIT programs and are not sold separately or through brokers.

Please refer to Amendment No. 4 to our Prospectus (https://www.zionoil.com/dspp-pdfs/Zion_Oil_Gas-DSPP_Prospectus.pdf).