DALLAS and CAESAREA, Israel, March
5, 2019 /PRNewswire/ -- Zion Oil & Gas, Inc.
(NASDAQ: ZN) announces that it has received an extension on its
Megiddo-Jezreel License until December 2,
2020.
Zion submitted and received approval on its work plan outlining
the 3D seismic details for 2019. In addition to approving the
work plan, the Petroleum Commissioner approved Zion's
Megiddo-Jezreel License through December 2,
2020.
The license extension is evidence of a positive relationship
that Zion has with the Energy Ministry in a shared mission to
explore for oil and gas within the Megiddo-Jezreel license
area.
The Company is nearing completion of its scouting and survey
design which have identified the desired geologic boundaries of the
proposed 3D seismic survey.
Additionally, Zion has met with potential vendors to aid in the
3D seismic planning and acquisition process and will be submitting
requests for quotations based on its proposed boundaries and
scouting reports.
Following the completion of the survey design and surface
layout, Zion intends to acquire the necessary government permits
and negotiate potential surface damages to crops, irrigation
piping, and other surface features.
Once data acquisition is completed, interpretation is the final
step and will involve integration with, and modification of,
previous work by Zion technical staff.
Zion recognizes the financial and time commitment that Zion's
shareholders have made. Zion's ability to adequately
undertake all of these activities are subject to its raising the
needed capital from its continuing offerings, of which no assurance
can be provided.
As noted in Zion's update on November 29,
2018, there remain questions Zion believes should be further
explored after the drilling and testing of the Megiddo Jezreel #1,
and this 3D seismic survey will aid in answering those
questions.
There is no guarantee that these exploration efforts will lead
to commercial success. Zion takes its responsibility to its
shareholders very seriously and will continue to provide updates on
the progress made.
"From the Lord comes deliverance. May
your blessing be on your people."
Psalm 3:8
"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 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:
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.