Zion moves forward with seismic campaign in Israel, as previously outlined

1/9/2019

DALLAS and CAESAREA, Israel -- Zion Oil and Gas confirmed today that it will move forward with the operational plan in Israel that the firm outlined previously in its Nov. 29, 2018, press release. Also, as previously announced, Zion received a multi-year license extension through Dec. 2, 2019. The company made its annual license fee payment on Dec. 31, 2018, which confirms its commitment to further exploration in the license area.

Zion now believes “it is prudent and consistent with good industry practice to try and answer some of these questions with a focused 3D seismic imaging shoot of approximately 50 km2.” The area is acreage surrounding the MJ#1 wildcat.

If undertaken, noted the operator, this will not be a short-term exploratory project with immediate results, and it is one for which Zion will need to raise additional funding, the success of which is not assured. A realistic timeframe in which Zion can reasonably expect to complete this project would be six to 12 months (following a successful raise) to plan the survey design or layout, identify and obtain the necessary equipment which will likely have to be imported, receive the necessary permits, negotiate potential surface damages, and acquire the data. An interpretation effort would follow the seismic acquisition. Zion intends to proceed soon with a new unit program to try and raise the needed funds for this, and will provide details concerning unit program limits, parameters, use of proceeds, and other pertinent information.

Zion has commenced preliminary scouting and survey design, to help identify the geologic boundaries of the proposed 3D seismic survey. Additionally, the firm 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.

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