DALLAS and CAESAREA, Israel, Jan. 9, 2019 /PRNewswire/ -- Zion Oil & Gas, Inc. (ZN) announces that it is moving forward with the operational plan outlined in its press release dated November 29, 2018.
In a direct email to Zion's shareholders, Zion's CEO, Dustin Guinn, expresses, "First and foremost, we want to take this opportunity to wish all of our shareholders a blessed New Year. We hope that each of you had time for rest and reflection with family and loved ones during the holiday season. We also want to take a moment and sincerely thank each of you for your continued and overwhelming faith and support."
This letter also addresses Zion's multi-year license, for which the annual fee has been paid, 3-D seismic plans, and its commitment to its shareholders.
As previously announced, Zion received a multi-year license extension through December 2, 2019. Zion made its annual license fee payment on December 31, 2018, which confirms the Company's commitment to further exploration in the license area.
The Company has commenced preliminary scouting and survey design to help identify the geologic boundaries of the proposed 3D seismic survey. Additionally, Zion held initial meetings with potential vendors to aid in the 3D seismic planning and acquisition process.
Once the survey design and surface layout are completed, Zion intends to acquire the necessary government permits and negotiate potential surface damages to crops, irrigation piping, and other surface features.
Zion believes it will be necessary to import seismic source equipment and autonomous wireless geophones (to record the signal) to acquire the 3D data. 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 in their support. Zion's ability to adequately undertake all of these activities is subject to it raising the needed capital from its continuing offerings, of which no assurance can be provided.
In Zion's November 29, 2018 update, Zion noted many questions it believes need to be further explored after the drilling and testing of the Megiddo Jezreel #1, and this 3D seismic survey will aid in answering those questions.
While there is no guarantee that these exploration efforts will lead to commercial success, Zion stated that it takes its responsibility to its shareholders seriously and will continue to provide updates on the progress made.
"The Lord Himself goes before you and will be with you; He will never leave you nor forsake you. Do not be afraid; do not be discouraged."
"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."
"If you come with us, we will share with you whatever good things the LORD gives us."
Zion Oil & Gas, Inc. has filed a registration statement (including a prospectus) with the SEC for the unit program under the DSPP to which this communication relates. The prospectus in that registration statement and other documents the issuer has filed with the SEC may be obtained for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Company will arrange to send you the prospectus, if you request it by calling toll free 888-891-9466. Direct links to the SEC location, or to the documents in PDF, may be found on the home page of Zion Oil & Gas. Inc., at www.zionoil.com.
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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