Israel grants Zion 98,842-acre Megiddo-Jezreel exploration license


Israel grants Zion 98,842-acre Megiddo-Jezreel exploration license

DALLAS and CAESAREA, Israel -- Zion Oil & Gas announced that, on Dec. 3, Israel's Petroleum Commissioner awarded the company the Megiddo-Jezreel Petroleum Exploration License No. 401.

The Megiddo-Jezreel license covers an area of approximately 98,842 acres of onshore land south and west of Zion's existing Jordan Valley license. The new license has a three-year primary term, commencing Dec. 3 and going through December 2, 2016. The License may be further extended for additional one-year periods, up to a maximum of seven years, as provided by the Israeli Petroleum Law.

Under the terms of the Megiddo-Jezreel license, the company is to identify and submit a drilling prospect in the license area by July 1, 2015; enter into a contract for the drilling of such prospect by October 1, 2015; and begin drilling or spud a well to a minimum proposed TD of approximately 13,125 ft by December 1, 2015. Additional terms of the license require Zion to attain various geological and geophysical milestones during the primary term, including reprocessing and acquiring additional seismic data.

The new license award follows the company's submission in April of 2013 of a detailed and extensive application proposal seeking the Megiddo-Jezreel license. Zion holds three petroleum exploration licenses: the Asher-Menashe license (approximately 79,000 acres), the Jordan Valley license (approximately 56,000 acres), and the newly granted Megiddo-Jezreel License (approximately 99,000 acres). Zion's total license area amounts to approximately 234,000 acres.

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