DALLAS and CAESAREA, Israel, Nov.
20, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) announces that it has completed the testing
program of its primary zones located within the Jurassic and
Cretaceous-age Formations of the Megiddo-Jezreel #1 (MJ #1)
well.
As a result of the testing, Zion has determined that the well is
not commercially productive.
Zion's Chief Executive Officer, Dustin
Guinn commented, "Unlike the lower Triassic zones, two of
the multiple zones we tested within the Middle Jurassic and
Cretaceous had sufficient permeability and porosity to flow to
surface, as outlined below:
- Zone 1:
-
- 3,468-3,461 meters would not flow naturally to surface.
The fluid characteristics obtained while swabbing indicated high
chloride brine.
- Zone 2:
-
- 3,455-3,446 meters would not flow naturally to surface.
The fluid characteristics obtained while swabbing indicated high
chloride brine.
- Zone 3:
-
- 3,325-3,310 meters would not flow naturally to surface.
The fluid characteristics obtained while swabbing indicated high
chloride brine.
- Zone 4;
-
- 1,784-1,775 meters flowed naturally and continuously to
surface. The fluid characteristics obtained from monitoring
samples taken while the well was flowing indicated low chloride
water.
- Zone 5:
-
- 1,232.5-1,228 meters flowed naturally and continuously to
surface. The fluid characteristics obtained from monitoring
samples taken while the well was flowing indicated low chloride
water.
The fluid did not contain hydrocarbons, and further testing at
this time is not warranted. Zion is currently in discussions
with the Israeli government on plugging obligations. Given
the thermal gradient, flow rates, surface pressure and low
salinity, certain ministries within the Israeli government have
made requests of Zion concerning the use of the well as a water
monitoring well. Zion will review the economic impact and
obligations as a result of this request to determine a prudent
plugging plan.
While the well was not commercially viable, Zion has
learned a great deal from the drilling and testing of this well. We
refer to our previous press release and operational update of
August 16th, 2018 where we
outlined our testing objectives relating to this well. We believe
that the drilling and testing of this well carried out the testing
objectives we previously outlined and may support further
evaluation and potential further exploration efforts within our
License area. Those efforts will obviously take time and
support and additional financial resources, which we will need to
raise, but we are confident that it will be time and resources well
spent to deliver on Zion's mission and the vision of supporting
Israel.
Management, along with all of our staff, want to sincerely thank
you for your continued support. There is much left to do, and
it is an honor to represent our shareholders in this mission."
"But everything exposed by the light becomes
visible and everything that is illuminated becomes a light"
Ephesians 5:13
"That your faith should not stand the wisdom
of men, but in the power of God"
1 Corinthians
2:5
FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including statements regarding Zion's
planned operations, anticipated attributes of geological strata
that may be drilled or tested in the future, our ability to raise
additional funds in amounts adequate to support further exploration
efforts in our license areas, operational risks in ongoing
exploration efforts, 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.