Zion Update: Divine Timing for New License

September 14, 2023


Dear Zion Shareholders and Supporters,

Tomorrow is Rosh Hashanah, the Jewish New Year, and the start of Israel’s High Holy Days. What marvelous timing for God to mark the beginning of a new era of Zion’s long journey toward fulfilling our mission to help Israel attain energy independence.

After months of anticipation, we are beyond overjoyed that we can finally declare the official approval of our new oil exploration license in Israel, “Megiddo Valleys License #434”, preparing the way for Zion to proceed with our planned recompletion operation at the MJ-01 wellsite. Blow the shofar as we celebrate this new year of God’s merciful favor upon us!

As we shared in our press release this morning, this new license (like our previous licenses), will be valid for three years until September 13, 2026, with the option of four 1-year extensions, for a total of seven full years until September 13, 2030, and it includes 302 square kilometers of land–approximately 75,000 acres—in the Megiddo Valley.

Zion Oil & Gas Megiddo Valleys 434 License in Israel

Now, we move forward. By God’s grace, Zion intends to launch its planned recompletion operations on the Megiddo-Jezreel #1 well as soon as possible, deploying new technologies and new stimulation methods for MJ-01 aimed at potentially unlocking hydrocarbon flows in several identified key zones. Zion has already procured service contractors and ancillary items required for efficient operations and anticipates commencing operations in Q4.

We can’t express sufficiently just how grateful we are to our supporters and shareholders who have been central to helping us reach this point. Over the past year-and-a-half, Zion has ridden an unprecedented series of waves amidst Israel’s many political storms, which have seen multiple national elections and resulting leadership changes, including the appointment of a new Minister of Energy.

We’ve weathered much along the way—from our initial license application submission in May 2022, through multiple updates and amendments to the application up to and including the final re-submission in January 2023, and, significantly, the arduous efforts of our staff in Israel working constantly behind the scenes with various departments in the Israeli government including Energy, Water, Finance, Environmental, and Zoning to expedite the review and approval process these past few months in the lead-up to getting the current green light for renewed operations.

No doubt, our diligent Zion staff have put in hard work during this time; but we’ve never been more cognizant that it is entirely to God’s glory and by way of the astonishing, patient support, trust, and prayers of our supporters that we are where we are. Your continued faithfulness through this extended journey humbles and inspires us as a company to press on with hope and finish His work.

Rob Dunn
CEO, Zion Oil & Gas