DALLAS and CAESAREA, Israel, July
17, 2019 /PRNewswire/ -- Zion Oil & Gas,
Inc. (NASDAQ: ZN) announces it has entered into binding
agreements for 3-D seismic landowner permitting services and for
consulting services in connection with the required approvals from
the Israel Ministries of Transportation and Communication
for importation of the seismic equipment.
"The biblically inspired vision of Zion Oil & Gas remains to
discover oil and gas onshore in Israel," Zion's CEO, John Brown said. "Our planned 3-D seismic
program demonstrates Zion's long-term commitment to our dedicated
shareholders and to the citizens of Israel."
"We are enthusiastic about the progress we have made to date
with the 3-D program permitting process and other required
approvals," stated Zion's COO, Robert
Dunn.
AGREEMENTS AND UPDATE ON 3-D SEISMIC PROJECT
Although Zion's permitting contractor began preliminary work on
the 3-D landowner permitting process several weeks ago, Zion has
now formalized the scope and performance of that work with a signed
agreement with Zion's contractor as of July
1, 2019.
The contractor has begun obtaining necessary infrastructure
permits, acquiring accurate landowner identification for the
seismic area and meeting with landowners and authorities. Zion
reports this typically is a time-intensive but very important stage
of the project because it creates a survey of the program area,
which is a prerequisite for mobilization of the seismic acquisition
contractor.
In parallel with the permitting process in the license area,
Zion is utilizing the services of consultants to work with the
Ministries of Transportation and Communication to obtain the
necessary permits for importation of the seismic source vehicles
and equipment from Europe.
"The Zion Israel team is pleased with the progress made so far
on our 3D program permitting process," reiterated Zion's managing
director and VP in Israel,
Jeff Moskowitz. "This is a vital
step as we move forward with our exploration plans."
LEGAL UPDATE
In both the shareholder class action litigation in federal
district court in Dallas, Texas,
and in the consolidated derivative litigation in federal district
court in Delaware, Zion, through
its attorneys, has filed Motions to Dismiss all litigation, which
Motions are now under consideration by the respective courts.
Zion Oil & Gas, a public company traded on NASDAQ (ZN),
explores for oil and gas onshore in Israel currently on their 99,000-acre
Megiddo-Jezreel license area.
"The Lord Himself goes before you and will be
with you; He will never leave you nor forsake you. Do not be
afraid; do not be discouraged."
Deuteronomy 31:8
"Sing to the Lord, for he has done glorious
things; let this be known to all the world. Shout aloud and
sing for joy, people of Zion, for great is the Holy One of
Israel among
you."
Isaiah 12:5-6
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, Zion's ability to
successfully raise the funds needed to undertake these exploration
efforts; Zion's ability to continue as a going concern; Zion's
ability to comply with the continued listing requirements of the
Nasdaq Capital Market; Zion's ability to import into Israel or otherwise obtain the necessary 3-D
imaging and related equipment and appropriate staff at commercially
reasonable rates, Zion's success in obtaining the necessary
licenses and permits needed to undertake the seismic shoot, the
timing of the 3-D seismic survey and the interpretation of the
results, 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:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (NASDAQ: ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.