DALLAS and CAESAREA, Israel, April
30, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) announces that it has resumed operations on its
Megiddo-Jezreel #1 (MJ #1) well. After receiving formal
approval from the Israeli Energy Ministry, Zion will now begin to
flow test the MJ #1 well after reaching total depth of 5,060 meters
(~16,600 feet) in February.
Zion's President and Chief Operations Officer, Dustin Guinn, stated, "As can be expected with
an exploration well with very little offset data, we wanted to take
adequate time to properly evaluate our logs both internally and
externally. We are very pleased with our internal geoscience
staff and our independent petrophysical consultants, each of whom
did a great job in their analysis. We are confident that
their analytical work positions us well to deliver successful
results. The equipment, which was sourced from the Netherlands, Italy, and the
United States amongst other countries, has arrived and we
are very eager to start our testing program."
Zion's CEO, Victor G. Carrillo,
added, "Based on our internal interpretation that is supported by
third-party petrophysical analysis, we have chosen up to three
primary and two secondary deep target zones to test for
flow/production capacity. Dr. Lee
Russell, Dustin Guinn, and I
will travel to Israel to observe
and oversee the initial phase of well testing. We expect to
start testing the first zone in the first week of May and testing
will likely take several weeks to complete (depending on individual
zone outcomes). We cannot comment on the well's capacity for
commercial production until after we conduct and analyze our well
testing protocol. We will endeavor to provide further updates
as material information becomes available."
Zion's 2018 Annual Shareholders Meeting will be held on
June 5 at 2:00
pm at the Westin Park Central in Dallas, Texas. All shareholders planning
to attend are asked to register on Zion's website
(www.zionoil.com/2018-annual-meeting-of-shareholders/).
Shareholders are also encouraged to obtain Proxy information and
voting instructions online from AST Financial
(www.astproxyportal.com/ast/Zionoil/).
"And by the Almighty who will bless you with
blessings of heaven above, Blessings of the deep that lies
beneath …" Genesis 49:25
"In His hand are the deep places of the earth
…" Psalm 95:1-7
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.