Zion Oil & Gas achieves “significant milestones” in Israel
(WO) – Zion Oil & Gas, Inc. celebrates significant milestones leading the company into a new phase of operations in Israel.
"Our preparations for the re-entry of the Megiddo-Jezreel #1 well (MJ-01) are underway, and we are excited about the potential for success by utilizing new perforation methods," said Rob Dunn, CEO of Zion Oil & Gas.
The company owns its drilling rig, a substantial advantage that eliminates past challenges of securing one. They are also finalizing quotes for specialized coil tubing and plan to commence operations in the third quarter of this year.
"Our 7th license application is in process, and we are confident in its approval, considering we have never been denied a license," said Jeffrey Moskowitz, VP and Managing Director, Israel Branch. "This is not an extension but a new license spanning seven years, providing ample time for further exploration and development."
Zion Oil & Gas conducted the first and only commercial 3D seismic testing in Israel. The Israeli Ministry of Energy has expressed encouragement towards their planned operations.