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Thursday, August 11, 2022

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) Steady Run Northbound as Oil Operator Files for New Exploration License in the Megiddo-Jezreel Valley

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) is making a steady run northbound since reversing off $0.102 lows at the end of March. Since than ZNOG has been making steady gains since the Company reported it has filed for a new exploration license in the Megiddo-Jezreel Valley on the same 99,000 area as the previous #401 license and the current #428 license. All well-testing, completion, and stimulation equipment are at the Haifa port or on location in Israel for the next phase of Zion’s operations. Zion’s MJ-02 well has been completed through casing, liner, and cementing. Ongoing operations include well stimulation and DST testing. All necessary equipment to conduct the well stimulation and DST testing are in country despite the global logistical backlog. 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. 

It’s easy to get excited about a stock like ZNOG, an ex-NASDAQ stock that skyrocketed to $1.75 in December of 2020 has certainly proved it has runner in its blood. Simultaneously with the new exploration license filing, Zion has submitted a petition seeking administrative approval of a term of three-years for the #428 exploration license under Israel’s petroleum law. Zion Oil & Gas, a public company, traded on OTCQX Best Market, explores for oil and gas onshore in Israel on their 99,000-acre Megiddo exploration license area. Zion’s goal to fulfill Israel’s fuel needs, which is circa 300k bopd and its clear there is oil there. The Heletz Field is one of the biggest on-shore oil fields in Israel. It began production in 1960 and produces oil. Its oil proven reserves are about 94.4 million barrels (15.01×106 m3). 

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Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) located Israel and traded on OTCQX Best Market, explores for oil and gas onshore in Israel on its 99,000-acre Megiddo-Jezreel license area. The Company came to be after John M. Brown (the Company’s founder and CEO) made a visit to Israel and 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

Zion’s 99,000-acre Megiddo-Jezreel license area is located in the Golan Heights and Jezreel Valley which 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. 

Last 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. 

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On May 11, ZNOG filed for a new exploration license in the Megiddo-Jezreel Valley on the same 99,000 area as the previous #401 license and the current #428 license. All well-testing, completion, and stimulation equipment are at the Haifa port or on location in Israel for the next phase of Zion’s operations. Zion’s MJ-02 well has been completed through casing, liner, and cementing. Ongoing operations include well stimulation and DST testing. All necessary equipment to conduct the well stimulation and DST testing are in country despite the global logistical backlog. 

Simultaneously with the new exploration license filing, Zion has submitted a petition seeking administrative approval of a term of three-years for the #428 exploration license under Israel’s petroleum law. Zion Oil & Gas, a public company, traded on OTCQX Best Market, explores for oil and gas onshore in Israel on their 99,000-acre Megiddo exploration license area. 

According to the 8k: All well-testing, completion, and enhancement equipment are at the Haifa port or on location in Israel for the next phase of Zion’s operations. Zion’s MJ-02 well has been completed through casing, liner, and cementing. Ongoing operations include well stimulation and DST testing. All necessary equipment to conduct the well stimulation and DST testing are 

On May 17, 2022 reported in another 8k, Zion Oil & Gas, Inc. executed an Amendment to a certain Warrant Agent Agreement between the Company and American Stock Transfer & Trust Company, LLC, a New York limited liability trust company. The Company has implemented an Agreement with AST as the Company’s Warrant Agent, under a Warrant Agent Agreement dated June 21, 2021 for the Warrant ZNWAQ. The Warrant ZNWAQ has an expiration date of July 6, 2022 

Pursuant to Section 3.2 of the Warrant Agent Agreement, the Company in its sole discretion extended the duration of the Warrant by delaying the Expiration Date. The Company is extending the duration of the Warrant ZNWAQ by one (1) year from the expiration date of July 6, 2022 to July 6, 2023. 

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ZNOG is making a steady run northbound since reversing off $0.102 lows at the end of March. Since than ZNOG has been making steady gains since the Company reported it has filed for a new exploration license in the Megiddo-Jezreel Valley on the same 99,000 area as the previous #401 license and the current #428 license. All well-testing, completion, and stimulation equipment are at the Haifa port or on location in Israel for the next phase of Zion’s operations. Zion’s MJ-02 well has been completed through casing, liner, and cementing. Ongoing operations include well stimulation and DST testing. All necessary equipment to conduct the well stimulation and DST testing are in country despite the global logistical backlog. Some acute investors noticed a Production Tank Battery (storage and processing tanks, flow lines, and other equipment necessary to operate a well) however IR made a statement on Tuesday that Zion can neither confirm nor deny the existence of a Production Tank Battery on their lease. In any case there are exciting days ahead for ZNOG which was a long history of big moves running to $1.75 per share in December 2020. 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.   Microcapdaily first reported on ZNOG in September 2020, several months before the stock made its big run. 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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