DALLAS and CAESAREA, Israel, July
20, 2017 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) continues active drilling operations at its
Megiddo-Jezreel #1 well in Israel. As of today, Zion has
reached a depth of approximately 5,345 feet (~1,629 meters) toward
a proposed total depth of up to ~15,000 feet.
Zion's CEO, Victor Carrillo,
says, "We continue to be very pleased with the operational drilling
progress. We've observed no notable drilling concerns and
have experienced no recordable safety incidents whatsoever.
Beginning Sunday after Shabbat, we plan to run a suite of wireline
logs from the current depth up to the level of our prior logging
run before we set and cement 13 3/8 inch casing to the
surface. After the cement fully sets, and we ensure the integrity
of the casing job, we will proceed to drill deeper toward our next
logging and casing point."
Successful Outcome of Recent Unit Program
Zion's
recent $250 Unit Program under its
Dividend Reinvestment and Common Stock Purchase Plan (DSPP), ended
successfully on July 12, 2017.
The company raised sufficient funds to drill and test the current
well to its proposed total depth, with the ability to also pay for
unanticipated financial contingencies.
Carrillo continued, "Management would like to express our
tremendous gratitude to our existing and many new shareholders who
participated in the Unit Program. It is only with your
ongoing financial and prayer support that we are able to move
forward in our oil exploration program in Israel."
Zion Oil & Gas explores for oil and gas onshore in
Israel and its operations are
focused on the Megiddo-Jezreel License (approximately 99,000 acres)
south and west of the Sea of Galilee.
To learn more about Zion Oil & Gas, visit our website at
www.zionoil.com
Contact Info:
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Andrew Summey
Telephone: 888-891-9466
Email: andrew.summey@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.