DALLAS and CAESAREA, Israel, March 5, 2019 /PRNewswire/ -- Zion Oil & Gas, Inc. (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."
"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."
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.
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