Zion Oil & Gas Operations in Israel Continue with Setting of Conductor Pipe to a Depth of 110 Feet

Rhea-AI Impact

(Moderate)

Rhea-AI Sentiment

(Positive)

Tags

09/02/2020 - 08:37 AM

DALLAS and CAESAREA, Israel, Sept. 2, 2020 /PRNewswire/ -- Zion Oil & Gas, Inc. (OTCQX: ZNOG) announces the completion of the Megiddo Jezreel #2 (MJ02) conductor pipe to a depth of 110 feet and provides an operational update.

"We are thrilled to continue our pre-spud operations in Israel despite delays due to the worldwide Covid pandemic," Zion CEO, Rob Dunn, expressed. "We see completion of the setting of the conductor pipe as a key step for our future spud of the MJ02 well."

OPERATIONAL UPDATE

Zion's Israeli operations have completed setting the MJ02 conductor pipe to a depth of 110 feet (33.5 meters). Cellar construction and additional engineering work continue on the pad site in preparation of the rig arrival and spud. Zion will use the same pad site as the MJ#1 well, saving valuable time and significant expense.

Once Israeli visas have been issued for Zion's rig crew, Zion's rig will be shipped by sea to Israel. Zion's rig crew in Romania currently is preparing safety certification on IADC-required lifting components in addition to general packing and crating preparations for the move.

As of today, the wellhead has shipped from the Port of Houston and is expected to arrive in Israel on October 5, 2020.

Third party service providers have been selected for logging, directional drilling, mud services, tool rentals, and other related services. This will allow vendors to begin their importation and logistical procedures.

Zion purchased an additional 4,900 feet of heavy weight drill pipe for drilling operations to accommodate the rated 20,000-foot capability of the rig.

ZION MOVES TO OTCQX BEST MARKET

On Monday, August 31, 2020, Zion issued a press release describing the transition from Nasdaq Capital Market to OTCQX Best Market. As of today, September 2, all of Zion's existing and future shares will be traded on the OTCQX under the symbol "ZNOG."

Investors can find current financial disclosure and Real-Time Level 2 quotes for the Company on www.otcmarkets.com. OTC Link ATS and OTC Link ECN are SEC- regulated ATS's, operated by OTC Link LLC, a FINRA/SIPC member. OTCQX Best Market is the premium tier of OTC Markets Group and enables investors to easily trade through the broker of their choice.

Investors will have access to real-time bid-ask information and other information through the OTC Disclosure & News Service, which publishes and distributes data, news, and financials to a wide audience of investors.

NEW TO ZION MANAGEMENT

Monty Kness has joined Zion Oil & Gas management as V.P. of Operations. Mr. Kness brings with him over ten years of international industry experience including locations throughout the Middle East, Africa, and in countries such as Turkey and Iraq.

Holding key positions in operations, finance, and safety, Mr. Kness brings specific knowledge from all sectors of oil and gas operations and has the proven ability to move Zion's work in Israel forward. His proven record of accomplishments, including building and implementing integrated management systems that link the drilling, procurement, and finance departments, will create needed cost efficiencies for Zion that can be measured in real time.

Mr. Kness has a degree in finance from Texas Christian University and lives in Spring, Texas.

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; 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