DALLAS and CAESAREA, Israel, Sept.
21, 2020 /PRNewswire/ -- Zion Oil & Gas,
Inc. (OTCQX: ZNOG) confirms transportation arrangements for
its drilling rig from Romania
to Israel.
"We are thankful for the many challenges the Zion team has been
able to overcome," stated Zion CEO, Robert
Dunn. "Despite the global challenges this year, we look
forward to the Zion rig arriving at our drill site in Israel soon."
ZION OIL & GAS DRILLING RIG
Zion's drilling rig crew is mobilizing in preparation for an
estimated nine (9) days of overland transport in Romania to its departure port. Once at the
port, Zion has a confirmed vessel date for sea transport to be
October 21, 2020, from Romania and arriving at Haifa port in Israel by October 27,
2020.
Zion's local logistics group in Israel is currently finalizing the rig
importation customs paperwork. The first group of rig personnel
visas are approved. Once in Israel, the rig-up crew and spudding crew will
be required to quarantine in Israel for fourteen (14) days. Both crews are
estimated to arrive in Israel by
mid-October, 2020.
OPERATIONAL HIGHLIGHTS
In preparation for the rig arrival, setup, acceptance testing,
and spudding the Megiddo-Jezreel #2 well, the conductor pipe has
been set to a depth of 110 feet, the cellar has been completed (dug
and cemented), and other finalizations of the pad are ongoing.
Zion has finalized arrangements for such essential services as
directional drilling services, mudlogging services,
wireline/logging services, and cementing services. Much of the
necessary additional equipment needed such as drill pipe, casing,
mud, chemicals, wellhead, a blowout preventer (BOP) and drill bits,
has also been contractually secured by Zion.
Zion's drilling crew will complete a water well monitoring
program in compliance with the Megiddo-Jezreel lease agreement and
Water Authority mandate before spudding the Megiddo-Jezreel #2
well. The estimated completion time for the water monitoring
program is fourteen (14) days. Upon completing the well monitoring
program, the Megiddo-Jezreel #2 drilling campaign will begin, and
Zion will spud the well.
WARRANT EXPIRATION DATES EXTENDED
On September 15, 2020, Zion
executed an Amendment to certain Warrant Agent Agreements between
Zion and AST Financial to extend the expiration date of all
outstanding warrants by two (2) years.
"We will do all that we can to support the Zion shareholders who
have invested with faith," expressed John
Brown, Zion's founder and board chairman.
Details on Zion's warrant extension can be found within the 8-K
filing with the SEC filed on September 21,
2020, and Zion's website
(www.zionoil.com/dspp/exercise-warrants).
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-Jezreel
license area.
"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."
Deuteronomy
31:8
"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."
Isaiah
12:5-6
FORWARD-LOOKING STATEMENTS: Statements in this communication
that are not historical fact, including, but not limited to,
statements regarding Zion's operations; Zion's ability to continue
as a going concern; operational risks in ongoing exploration
efforts; importing the rig it purchased into Israel in a timely manner; the timing and
completion of the processing, interpretation of the results and
plans contingent thereon off the 3-D seismic survey; regulatory
approvals needed for the rig's erection and startup; the effect, if
any, of the coronavirus pandemic on the timing of the delivery and
start-up of the well, and liquidity for shareholders on OTCQX 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. These risks and uncertainties include, but are not
limited to, those described in Item 1A in Zion's Annual Report on
Form 10-K, which is expressly incorporated herein by reference, and
other factors as may periodically be described in Zion's filings
with the SEC. 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:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (OTCQX: ZNOG)
12655 North Central Expressway, Suite 1000, Dallas, TX 75243
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
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SOURCE Zion Oil & Gas, Inc.