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Thursday, October 21, 2021

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

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) continues to move steadily higher in recent trading as the Company reports its newly acquired oil rig left Constanta, Romania on November 4 en route to Haifa, Israel. Zion recently received formal approval from the Israel Ministry of Energy for its drilling plan in Israel at its Megiddo Jezreel #1 (“MJ #1”) site where the Company previously estimated the reserve potential of the formation at 484 million barrels. ZIon Oil & Gas has a biblically inspired vision to find oil and/or natural gas in Israel. The Golan Heights and Jezreel Valley are emerging as a potential oil hotspot in Israel. 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.

ZNOG is an ex NASDAQ runner that was trading well over $6 per share back in 2017 and has a huge gap to fill from current levels. The stock hit an all-time low of $0.12 after being delisted to the OTCQB but has been running steadily northbound since then. With the law suites tossed and no minimum bid requirement hanging over its head ZNOG is under heavy accumulation from investors who are all too aware of the explosive history of these ex big boards that land on the OTCQB. ZNOG has a lot going for it and there is a lot of support for Zion Oil & Gas and its biblically inspired vision to find oil and/or natural gas in Israel.

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) with executive offices located at 12655 North Central Expressway, Suite 1000, Dallas, Texas as well as 9 Halamish Street, North Industrial Park, Caesarea, Israel.  The Company 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 and 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 Ministry of Energy approved the well testing protocol on April 29, 2018.

Earlier this year Zion acquired a drilling rig, for $5.6 million in cash. The rig is a 1600 horsepower AC Top Drive equipped rig with a twin 1600 horsepower mud pump system with a depth capability of 20,000 ft. The rig will be equipped with almost 15,000 ft of heavy 5” drill pipe along with associated well control equipment and inventory. 1600 horsepower AC Top Drive equipped rig capable of 20,000ft depth. The rig underwent a full CAT III & IV certification in late 2017, reassuring the quality of the rig and ancillary equipment, and it has drilled two wells since certification.

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 hotspot in Israel. 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 November 5, Zion announced the departure of drilling rig and equipment from Constanta, Romania and en route to Haifa, Israel. Zion expects the rig to reach the port of Haifa, Israel, by November 13. Upon customs clearance, the crew is scheduled to satisfy certain protocols required by Israel, and, barring unforeseen circumstances, Zion expects to spud the Megiddo-Jezreel #2 well at our current well location near Bet She’an by early to mid-December 2020.

All necessary equipment and personnel required to perform the complex drilling operation are either en route or already in country. There is an aggressive drilling schedule planned on the Megiddo-Jezreel #2 (MJ02) well location. All parties are working closely together to ensure a seamless and professional operation. The rig crew has been assembled from Eastern Europe and is completing Israel’s quarantine period. This crew has been with the Zion drilling rig (“I-35”) for several years prior to Zion’s purchase of it in March 2020. In addition to the rig crew, Zion is hiring twelve Israelis to begin training and gain experience as Zion moves toward building an indigenous drilling crew to support Zion’s future drilling operations.

https://twitter.com/zionoil/status/1326939014969090048

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Currently on a steady rise northbound ZNOG is getting noticed by penny stock speculators as the Company’s newly acquired oil rig leaves Constanta, Romania en route to Haifa, Israel. Zion recently received formal approval from the Israel Ministry of Energy for its drilling plan in Israel at its Megiddo Jezreel #1 (“MJ #1”) site where the Company previously estimated the reserve potential of the formation at 484 million barrels. ZIon Oil & Gas has a biblically inspired vision to find oil and/or natural gas in Israel. The Golan Heights and Jezreel Valley are emerging as a potential oil hotspot in Israel. 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. ZNOG is an ex NASDAQ runner that was trading well over $6 per share back in 2017 and has a huge gap to fill from current levels. The stock hit an all-time low of $0.12 after being delisted to the OTCQB but has been running steadily northbound since then. With the law suites tossed and no minimum bid requirement hanging over its head ZNOG is under heavy accumulation from investors who are all too aware of the explosive history of these ex big boards that land on the OTCQB. ZNOG has a lot going for it and there is a lot of support for Zion Oil & Gas and its biblically inspired vision to find oil and/or natural gas in Israel. 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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