Zion Oil & Gas Announces Renewed Operations Underway for MJ-01 Well Testing & Recompletion Project in Israel
Rhea-AI Summary
Zion Oil & Gas (OTC: ZNOG) has resumed operations on the Megiddo-Jezreel 1 (MJ-01) well recompletion project in Israel. The rig crew arrived on February 15, 2025, and began maintenance work on the previously warm-stacked rig. The next phase involves drilling out a temporary plug at 1,100 meters, expected to take 2-3 weeks, followed by setting a permanent plug to isolate testing zones.
Equipment is being sourced globally from India, Romania, Germany, Netherlands, UAE, US, and Tanzania. The company expects all equipment to be on-site by mid-March, with completion and testing operations projected to finish in Q2 2025.
The current Unit Program closes on February 28, 2025, offering investors common stock and warrants for every $250 unit purchased. Warrants are exercisable from March 31, 2025, to March 31, 2026, with a $0.25 exercise price.
Positive
- Operations resumed with crew on ground and equipment mobilization underway
- Well testing and completion expected to finish in Q2 2025
- Secured international equipment supply chain despite logistical challenges
- Maintained continuous security at MJ-01 site
Negative
- Current Unit Program ending February 28, potentially limiting funding options
- Project timeline dependent on successful equipment delivery from multiple countries
- Operations subject to unforeseen circumstances affecting completion timeline
News Market Reaction – ZNOG
In the trading session that priced this news, ZNOG gained 15.41%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Current Unit Program Ends on February 28
Operations Update: Crews on the Ground and Progress Underway
Zion's rig crew arrived in
Following maintenance, the team will begin drilling out the temporary plug at approximately 1,100 meters. This phase is expected to take 2-3 weeks, paving the way for the subsequent well recompletion and testing operations. Once the plug is removed, Zion will proceed with setting a permanent plug at the deeper part of the well to isolate the targeted zones of interest for testing.
Global Coordination & Logistics
Zion Oil & Gas has successfully navigated complex logistical challenges to ensure the timely delivery of essential equipment. Resources are currently enroute from across the globe, including
"As we move forward with this phase of operations, we are witnessing God's provision in extraordinary ways," said Monty Kness, VP of Operations. "The ability to coordinate a project of this scale, with equipment and expertise sourced from multiple continents, is a testament to both our team's determination and the global support behind our mission."
Security and Site Preparedness
Zion has maintained continuous security at the MJ-01 site, ensuring a stable and secure operational environment. Additionally, commercial air travel into
"Our focus remains on safety, precision, and execution," said Zion CEO Rob Dunn. "With boots on the ground and critical equipment in motion, we are committed to seeing this project through knowing God has directed our steps forward."
Completion Timeline & Next Steps
With all necessary equipment expected to be on-site by mid-March, barring unforeseen circumstances Zion anticipates its well completion and testing operations should be nearing completion in Q2 2025. The team remains confident in its planned operations and will continue to provide updates as milestones are achieved.
Final Opportunity: Unit Program Closing February 28, 2025
Zion Oil & Gas reminds investors that the current Unit Program will close on February 28, 2025. This is the final opportunity to participate before the program concludes.
For every
- Common stock based on the high-low average sale price on OTCQB: ZNOG for the day of purchase (or the next trading day if purchased after 4:00 PM EST).
- 50 Warrants with an exercise price of
$0.25 - 50 Additional Warrants for those enrolled in Automatic Monthly Investments (AMI) at
$50 - Warrants are exercisable for 12 months from March 31, 2025, to March 31, 2026.
To learn more, visit www.zionoil.com/dspp
Faith & Perseverance
John Brown, Zion's Founder and Chairman, expressed gratitude for the unwavering support from shareholders and believers in its mission. "We remain steadfast in our calling, knowing that each step forward is guided by the Lord. As we embark on this critical phase of operations, we are encouraged by His promises and the faithfulness of our supporters."
About Zion Oil & Gas, Inc.
Zion Oil & Gas, a
For more information, visit www.zionoil.com.
"The end of a matter is better than its beginning, and patience is better than pride."
Eccl 7:8 NIV
"Bless the Lord, O my soul, and forget not all his benefits, who forgives all your iniquity, who heals all your diseases, who redeems your life from the pit, who crowns you with steadfast love and mercy, who satisfies you with good so that your youth is renewed like the eagle's."
Ps 103:2-5 ESV
Contact:
Andrew Summey
VP, Marketing and Investor Relations
Zion Oil & Gas, Inc. (OTC: ZNOG)
12655 North Central Expressway, Suite 1000,
Telephone: 888-891-9466
Email: info@zionoil.com
www.zionoil.com
FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion's operations or any disruptions thereto and the results therefrom, including timely testing and completion; timely availability, shipment, and receipt of necessary equipment and rig crews; Zion's ability to discover and produce oil in commercial quantities; Zion's ability to continue as a going concern; operational risks in ongoing exploration efforts including timely resolution of supply and operational disruptions; regulatory approvals, including necessary and timely work visas for crews, needed for exploration within our license and the rig's operation; the effect of the uncertainties and potential delays associated with wars and skirmishes between
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SOURCE Zion Oil & Gas, Inc.