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Zion Oil & Gas Israel Drilling Update

Petrophysical analysis suggests hydrocarbon zones penetrated

DALLAS and CAESAREA, Israel, Sept. 20, 2017 /PRNewswire/ -- Zion Oil & Gas, Inc. (ZN) continues active drilling operations at its Megiddo-Jezreel #1 well in Israel, near the eastern border with Jordan.  As of today, Zion has reached a depth of approximately 9,200 feet (~2,800 meters) toward a possible total depth of up to ~15,000 feet.

Zion’s President (Dustin Guinn), Israel Managing Director (Jeffrey Moskowitz), and CEO (Victor Carrillo) at MJ #1 Well.

Zion's CEO, Victor Carrillo, says, "In late August, our President (Dustin Guinn), Senior Geoscience Advisor (Dr. Lee Russell), and I traveled to Israel to assess ongoing drilling operations at Zion's MJ #1 well.  After running a suite of wireline logs up to the level of our prior logging run, we set a Halliburton Versa-Flex Liner Hanger and cemented the 9-5/8" casing string to ~1997 meters."

Carrillo further states, "Enhanced petrophysical analysis of our wireline logging suites by an independent third-party company provides evidence of having penetrated hydrocarbon zones.  However, we are not able to comment on the volume, producibility or commerciality of the zones until after we finish drilling and testing the zones of interest. We also have yet to penetrate a key objective zone. Tomorrow begins the Jewish Fall Feasts holiday season, which will slow our drilling operations as we respectfully observe these upcoming high holy days – Rosh Hashana (Feast of Trumpets); Yom Kippur (Day of Atonement); and Sukkot (Feast of Tabernacles)."  

Zion Oil & Gas explores for oil and gas onshore in Israel and its operations are focused on the Megiddo-Jezreel License (approximately 99,000 acres) south and west of the Sea of Galilee.

To learn more about Zion Oil & Gas, visit our website at www.zionoil.com

FORWARD LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, geophysical and geological data and interpretation, anticipated attributes of geological strata being drilled, the presence or recoverability of hydrocarbons, operational risks in testing and well completion, the sufficiency of cash reserves, ability to raise additional capital, 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.

Contact Info:
Zion Oil & Gas, Inc. (ZN)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Andrew Summey
Telephone: 888-891-9466
Email: andrew.summey@zionoil.com
www.zionoil.com

 

Zion’s Megiddo-Jezreel #1 well in Israel.
Zion Oil & Gas Logo (PRNewsfoto/Zion Oil & Gas, Inc.)

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