Zion Summer Update 2014
ZION SUMMER UPDATE
Tuesday, June 24, 2014
Dear Shareholder and/or Friend of Zion: This is an update of noteworthy events that have occurred since our last newsletter. Between updates, please consult our website, press releases, and our SEC filings to keep up with company developments.
MEGIDDO-JEZREEL LICENSE EXPLORATION FOCUS
We continue to believe that our almost 99,000 acre Megiddo-Jezreel License appears to possess the key geologic ingredients of an active petroleum system with good exploration potential. We have identified several key leads and are developing them into drillable prospects.
Over the last several months, Eskaton Seismic (U.S. based seismic company) reprocessed about 168 kilometers of existing seismic data for us. Eskaton’s reprocessing has significantly enhanced our geologic understanding of the subsurface, resulting in further encouragement.
NEW SEISMIC ACQUISITION PROGRAM THIS SUMMER
In April, we signed a contract with the Geophysical Institute of Israel to acquire approximately 34 kilometers of Vibroseis seismic data this summer. Once we process and interpret this new seismic data, we will be able to definitively select the precise spot to drill our next well(s).
ENVIRONMENTAL IMPACT ASSESSMENT
A critical prerequisite before obtaining a drilling permit for our next well is to conduct an extensive environmental assessment of the area where we plan to drill. This is a new legal and regulatory requirement as of July 2013.
We hired Geo-Prospect, an Israeli geological, environmental, and planning company to assist Zion with the environmental impact study and document which is expected to take several months to complete.
Study topics will include ecology, hydrology/water, archeology, acoustics, air quality, hazardous materials, pollution, land reclamation, drilling methods, risk mitigation, etc. Geo-Prospect has already begun to work on our project.
MEGIDDO-JEZREEL AND JORDAN VALLEY LICENSE MERGER
Also in April, Zion filed an application to merge the southernmost portion of our Jordan Valley License into our Megiddo-Jezreel License.
We contend that there is significant exploration potential in this geologically linked petroleum system that overlaps the boundaries between our two licenses. The application remains with Israel’s Petroleum Commissioner pending consideration.
ANNUAL SHAREHOLDER MEETING
Zion held its Annual Shareholder Meeting on June 9, 2014 in Caesarea, Israel. Shareholders voted to elect/retain the following members of our Board of Directors: Victor G. Carrillo, Paul Oroian, Yehezkel “Charlie” Druckman, and William H. Avery.
Shareholders also ratified the appointment of Malone Bailey, LLP, as Zion’s independent registered public accounting firm for 2014.
DIRECT STOCK PURCHASE PLAN
Did you know you can invest directly with Zion online with no need for a broker?
Our simple step-by-step online system will help you enroll and invest with confidence.
Remember: Our current unit offering continues through December 31, 2014.
ONE FINAL REQUEST – please keep us in your prayers per our founder John Brown’s March 24, 2014 message. GO HERE for the link.
“How good and pleasant it is when God’s people live together in unity!”