DALLAS and CAESAREA, Israel, Jan.
5, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) announces that its Megiddo-Jezreel #1 well (MJ
#1) is currently at a depth of 4,330 meters (~14,200 feet), which
is approximately 1,000 meters deeper since recommencing drilling on
December 9, 2017.
Zion's President, Dustin Guinn,
provided further explanation for the recent changes stating, "While
it was a difficult decision to change the well plan and set our 7"
casing earlier than we had originally planned, the drilling results
have definitely supported that decision. Had we not revised
our well plan, it would have been difficult, if not impossible, to
drill to the depths we are at today. In fact, we are now
planning to potentially deepen the well to 5,000 meters (~16,400
ft), from the originally planned 4,500 meters."
Zion's CEO, Victor G. Carrillo,
added, "Various factors have influenced our decision to drill ~500
meters deeper than our originally planned total depth (TD). Most
significantly is that we want to have the opportunity to see as
much of the deep Triassic Mohilla Formation as possible in an
effort to tap into the blessings of the deep that lies
beneath (Genesis 49:25). We are now aiming for a TD that is
just over three miles deep. The Mohilla is a significant oil
producing horizon in Israel's
onshore Meged Field, discovered by
the Israeli company named Givot Olam. That company's website
reports that over 700,000 barrels of high-quality oil has been
produced out of the Mohilla in the Meged-5 well (from 2011-2013).
That well was drilled to 4,700 meters, and the crude oil sales have
yielded over $60 million (as of June
2014)."
This week, Israel's Petroleum
Commissioner visited Zion's MJ #1 well site for the first time and
was pleased and supportive of the ongoing drilling operations.
FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including statements regarding Zion's
planned operations, anticipated attributes of geological strata
being drilled, the presence or recoverability of hydrocarbons,
operational risks in testing and well completion, timing and
potential results thereof and plans contingent thereon are
forward-looking statements as defined in the "Safe Harbor"
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on assumptions that are
subject to significant known and unknown risks, uncertainties and
other unpredictable factors, many of which are described in Zion's
periodic reports filed with the SEC and are beyond Zion's control.
These risks could cause Zion's actual performance to differ
materially from the results predicted by these forward-looking
statements. Zion can give no assurance that the expectations
reflected in these statements will prove to be correct and assumes
no responsibility to update these statements.
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.