DALLAS and CAESAREA, Israel, June
19, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) announces that it expects to commence
perforation, stimulation and flow back operations on multiple
stages of its Megiddo-Jezreel #1 (MJ #1) well as early as
June 21, 2018.
Zion's President and Chief Operations Officer, Dustin Guinn, explains Zion's current testing
operations, "As I have mentioned in previous announcements, the
next two zones, the second and third primary testing objectives,
are key zones of interest.
"We had originally planned to test the zones independent of one
another, but both the proximity of the zones and downhole condition
considerations have led us to change our strategy and combine these
zones to test them simultaneously.
"While it has added a few days to properly plan for the
logistics of this change with our service providers, we believe
that these changes will provide the best opportunity for success in
two of the zones that from a log analysis perspective identify some
of the most encouraging criteria for production.
"Barring any unforeseen mechanical issues, we expect to complete
the perforation and stimulation next week, after which we will
monitor the well before proceeding to additional zones of
interest.
"We recognize the keen interest in the MJ #1 well from not only
our shareholders and the various Israeli regulatory agencies, but
from many people who simply have strong feelings about
Israel.
"As such, we treat this project with the utmost diligence,
balancing a sense of urgency for results while continuing to insist
on a zero tolerance policy regarding health, safety, security and
environmental incidents.
"Management's job is to provide long-term shareholder growth.
Ultimately, that's by finding and producing commercial amounts of
oil and/or natural gas. Releasing partial or incomplete
testing result information only drives short term speculation which
is harmful to our long-term shareholders.
"Therefore, we will not be releasing any information, other than
operational updates, until we have concluded the initial testing
and analyzed the results of the primary targets at a
minimum.
"This should take weeks, not months, unless unexpected
mechanical issues arise.
"We want to continue to thank all of our loyal shareholders who
have made this project a reality and ask that you continue to pray
for success and safety in helping Israel become energy independent, giving Zion
a huge platform to share the gospel of Jesus Christ."
"I have heard your prayer and your petition
that you made before Me …"
1 Kings 9:3
"….The LORD has broken through my enemies
before me, like a breakthrough of water"
2 Samuel
5:20
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 or tested, 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.