DALLAS, and CAESAREA, Israel, Feb.
26, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) announces that it has successfully drilled its
Megiddo-Jezreel #1 well to a total depth of 5,060 meters (~16,600
feet). Zion also successfully obtained three open-hole wireline log
suites (including a formation image log). The well has also been
cased and cemented in preparation for upcoming testing of multiple
zones of interest, including zone(s) where free-flowing
hydrocarbons were collected after circulating mud in the
borehole.
Zion's President and Chief Operations Officer, Dustin Guinn, stated, "We are extremely pleased
with the completion of drilling of the MJ #1 well. While it may
have taken longer than we would have liked, we had more than
119,000 man-hours with zero recordable incidents while drilling
more than three miles into the earth. On a wildcat exploration
well, this is an achievement in which all involved should take
pride. We also recognize that the goal of this well was to find
oil, and we can say with absolute confidence that we were
successful in attaining that goal. The next crucial step is
being able to effectively test and establish the well's
commerciality. I am excited about this phase as it will be a
crucial and historic moment for Zion and its shareholders."
Zion's CEO, Victor G. Carrillo,
added, "The logs appear to confirm what we know from seeing oil
mixed in with the mud – that we encountered live oil in the deep
portion of the well. We still await a full interpretation of the
image log obtained in our last logging run to ascertain fracture
location and intensity. Our interpretation, supported by third
party petrophysical analysis, shows multiple zones exhibiting key
properties that we will test for production capacity. We
cannot comment on the well's capacity for commercial production
until after we conduct and analyze our well testing protocol, which
we anticipate to take place in April. We will endeavor to provide
further updates as material information becomes available."
"For You are great, and do wondrous things;
You alone are God." Psalm 86:10
"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.