Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) has been making an explosive move up the charts in recent days since hitting the OTCQB and reversing off $0.12 all-time lows. 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 and has been emerging as a volume leader in small caps since; newly delisted big boards have a long history of big moves once on the otc.
ZNOG skyrocketed up to $0.88 highs back on July 30 after the Company reported formal approval from the Israel Ministry of Energy of its drilling plan for its next well in Israel. With the law suites tossed and no minimum bid requirement hanging over its head ZNOG is under heavy accumulation from investors and moving up in a hurry.
Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) is an oil and gas exploration company with a history of 20 years of oil and gas exploration in 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. The Megiddo-Jezreel License is scheduled to expire on December 2, 2020. Zion executive offices are located at 12655 North Central Expressway, Suite 1000, Dallas, Texas.
ZNOG skyrocketed at the end of July after the Company reported formal approval from the Israel Ministry of Energy of its drilling plan for its next well in Israel. Zion submitted its proposed drilling plan to the Ministry for approval on April 12, 2020, and after considerable work by Zion and Ministry personnel, received plan approval on July 29, 2020. Zion’s plan anticipates drilling activities will commence in mid to late third quarter, 2020. Barring any unforeseen circumstances, Zion expects it will take approximately five months from spud to target depth to drill the Megiddo Jezreel #2 well. During the pandemic-related delays, Zion also has been working simultaneously with customs authorities and shipping agents to deal with all of the logistical issues posed by transporting approximately 150 truckloads of rig and related equipment to the port of Constanta, Romania for importation into Israel.
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All required customs documentation has now been delivered to the required Ministries within Israel, and Zion’s drilling rig is ready to ship from Constanta to Haifa, Israel once the visa issuance restarts. Zion estimates a 5-7-day transit from Romania to Israel. Zion plans to start civil work on the pad location in mid-August with the construction of the cellar and setting of the conductor pipe. Other required items have been procured, including wellhead, casing and drill bits, many of which are shipping out of Houston, Texas.
On December 2 Zion announced 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. Zion Oil & Gas, Inc. Setting the MJ02 conductor pipe at pad site in Israel on August 31, 2020. Once Israeli visas have been issued for Zion’s rig crew, Zion’s rig will be shipped by sea to Israel. Zion’s rig crew in Romania currently is preparing safety certification on IADC-required lifting components in addition to general packing and crating preparations for the move. As of today, the wellhead has shipped from the Port of Houston and is expected to arrive in Israel on October 5, 2020.
“We are thrilled to continue our pre-spud operations in Israel despite delays due to the worldwide Covid pandemic,” Zion CEO, Rob Dunn, expressed. “We see completion of the setting of the conductor pipe as a key step for our future spud of the MJ02 well.”
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Currently running northbound in a hurry since hitting the OTCBB on September 3, ZNOG is an exciting story developing in small caps; the recently received reported formal approval from the Israel Ministry of Energy of its drilling plan for its next well in Israel. Zion just announced 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). ZNOG hit the OTCQB on September 3 after opting not do a RS and has been emerging as a volume leader in small caps since; newly delisted big boards have a long history of big moves once on the otc. 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.