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Saturday, July 24, 2021

Oil at Megiddo Jezreel: The Rise of Zion Oil & Gas, Inc. (OTCMKTS: ZNOG)

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) is heating up and running northbound in a hurry in recent weeks quickly emerging as a volume leader in small caps. ZNOG was delisted from the NASDAQ stock exchange where it used to trade under the ticker; ZN on September 3 after opting not do a RS. Penny stock speculators are accumulating heavily and biding ZNOG stock higher as they are well aware of the explosive history of these ex big boards that land on the OTCQB.

ZNOG skyrocketed to $0.88 highs on July 30 after the Company reported formal approval from the Israel Ministry of Energy of its drilling plan in Israel at its Megiddo Jezreel #1 (“MJ #1”) site where the Company previously discovered oil and estimated a reserve of at least 484 million barrels of oil. The stock has continued northbound after Zion reported the drilling equipment is on the way to its site in Isreal; a huge task requiring the movement of 6,000,000 pounds of steel, 150 (25 to 30 tons each) shipping containers, 150 semi-truck loads moving from shipping port to work site. With the law suites tossed and no minimum bid requirement hanging over its head ZNOG is under heavy accumulation from investors and moving up quickly.

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) is a U.S.-based corporation formed under Delaware law, exploring for oil and gas in Israel on licensed and permitted areas of approximately 99,000 acres located onshore between Tel Aviv and Haifa. The Company was conceived years ago during a trip to Isreal in 1985, ZION’s founder and CE0, John M. Brown became inspired and dedicated to finding oil and gas in Israel, and he started the process that led to the Joseph Project. During the next fourteen years he made several trips each year to Israel, hired oil and gas consultants in Israel and Texas, met with Israeli government officials, made direct investments with local exploration companies, and assisted Israeli exploration companies in raising money for oil and gas exploration in Israel. This activity led Mr. Brown, together with others who had assisted him during those years, to form Zion Oil and Gas, Inc. in April 2000 in order to receive the award of a small onshore petroleum license from the Israeli government. Upon its formation, Mr. Brown and the others contributed to Zion all of the technical, economic, legal and financial data they had accumulated over the years relating to oil and gas exploration in Israel. ZION was reincorporated in Delaware on July 9, 2003.

Zion currently holds one active petroleum exploration license onshore Israel, the Megiddo-Jezreel License, comprising approximately 99,000 acres. The Megiddo Jezreel #1 (“MJ #1”) site was completed in early March 2017, after which the drilling rig and associated equipment were mobilized to the site. Performance and endurance tests were completed, and the MJ #1 exploratory well was spud on June 5, 2017, ahead of the June 30, 2017 deadline under the then-existing license terms. The MJ #1 well has been drilled to a total depth (“TD”) of 5,060 meters (approximately 16,600 feet). Thereafter, the Company obtained three open-hole wireline log suites (including a formation image log) and the well was successfully cased and cemented. The Golan Heights and Jezreel Valley are emerging as an oil hotstpot in Isreal. Scientists say they have discovered a possible oil bonanza in the area with the potential of billions of barrels in the ground. According to geologist Yuval Batov “the layer is 350 meters thick, which is 10 times larger than the average oil find worldwide.

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ZNOGIn September Zion reported the completion of the Megiddo Jezreel #2 (MJ02) conductor pipe to a depth of 110 feet and provides an operational update. Zion’s Israeli operations have completed setting the MJ02 conductor pipe to a depth of 110 feet (33.5 meters). Cellar construction and additional engineering work continue on the pad site in preparation of the rig arrival and spud. Zion will use the same pad site as the MJ#1 well, saving valuable time and significant expense.

On September 21 ZNOG confirmed transportation arrangements for its drilling rig from Romania to Israel. Zion’s drilling rig crew is mobilizing in preparation for an estimated nine days of overland transport in Romania to its departure port. Once at the port, Zion has a confirmed vessel date for sea transport to be October 21, 2020, from Romania and arriving at Haifa port in Israel by October 27, 2020. Zion’s local logistics group in Israel is currently finalizing the rig importation customs paperwork. The first group of rig personnel visas are approved. Both crews are estimated to arrive in Israel by mid-October, 2020. In preparation for the rig arrival, setup, acceptance testing, and spudding the Megiddo-Jezreel #2 well, the conductor pipe has been set to a depth of 110 feet, the cellar has been completed and other finalizations of the pad are ongoing. Zion has finalized arrangements for such essential services as directional drilling services, mudlogging services, wireline/logging services, and cementing services. Much of the necessary additional equipment needed such as drill pipe, casing, mud, chemicals, wellhead, a blowout preventer (BOP) and drill bits, has also been contractually secured by Zion. Upon completing the well monitoring program, the Megiddo-Jezreel #2 drilling campaign will begin, and Zion will spud the well.

“We are thankful for the many challenges the Zion team has been able to overcome,” stated Zion CEO, Robert Dunn. “Despite the global challenges this year, we look forward to the Zion rig arriving at our drill site in Israel soon.”

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Currently moving steadily higher, ZNOG is an exciting story developing in small caps; recenlty the Company reported formal approval from the Israel Ministry of Energy of its drilling plan in Israel at its Megiddo Jezreel #1 (“MJ #1”) site where Zion previously discovered oil and estimated a reserve of at least 484 million barrels of oil. The Golan Heights and Jezreel Valley are emerging as an oil hotstpot in Isreal. Scientists say they have discovered a possible oil bonanza in the area with the potential of billions of barrels in the ground. According to geologist Yuval Batov “the layer is 350 meters thick, which is 10 times larger than the average oil find worldwide.Zion has reported the drilling equipment is on the way to the site after which, the Megiddo-Jezreel #2 drilling campaign will begin .With the law suites tossed and no minimum bid requirement hanging over its head ZNOG is under heavy accumulation from investors and moving up quickly. We will be updating on ZNOG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ZNOG.

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Disclosure: we hold no position in ZNOG either long or short and we have not been compensated for this article.

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