Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) Big Things Underway at Megiddo Jezreel #1 (“MJ 02”) Well as Oil Operator Races Up the Charts - MicroCap Daily - Financial Daily News Site

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) Big Things Underway at Megiddo Jezreel #1 (“MJ 02”) Well as Oil Operator Races Up the Charts – MicroCap Daily

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) is making a powerhouse run up the charts easily breaking through all resistance levels and emerging as a volume leader in small caps trading $1.7 million in dollar volume on Friday alone. ZNOG has a long history of big moves rocketing to $1.75 in 2020 and looks way oversold at current levels. There is a little doubt about it, there is something big brewing at Zion oil and gas and investors are catching on quickly. Recent pictures from the well site shows some massive tanks and other equipment being set up on site. In May the Company reported it was filing for a new exploration license in the Megiddo-Jezreel Valley on the same 99,000 area as the previous #401 license and the current #428 license. Jeff Moskowitz, the Company’s point man in Israel said that “This new exploration license application will further our current and future work plans in Israel,”  

All well-testing, completion, and stimulation equipment are at the Haifa port or on location in Israel for the next phase of Zion’s operations. Zion’s MJ-02 well has been completed through casing, liner, and cementing. Ongoing operations include well stimulation and DST testing. All necessary equipment to conduct the well stimulation and DST testing are in country despite the global logistical backlog. Simultaneously with the new exploration license filing, Zion has submitted a petition seeking administrative approval of a term of three-years for the #428 exploration license under Israel’s petroleum law. Zion’s 99,000-acre Megiddo-Jezreel license area is located in the Golan Heights and Jezreel Valley which are emerging as an oil hotspot in Israel. Scientists say they have discovered a possible oil bonanza in the area with the potential of billions of barrels in the ground. According to geologist Yuval Batov “the layer is 350 meters thick, which is 10 times larger than the average oil find worldwide.

Zion Oil Gas Logo

Zion Oil & Gas, Inc. (OTCMKTS: ZNOG) is an oil and gas exploration company operating in Israel. En ex Nasdaq stock ZNOG trades on the OTCQX Market and has warrants under the symbol “ZNOGW.” ZNOG has a very interesting history – In 1985, during a visit to Israel, John M. Brown (the Company’s founder and CEO) became inspired and dedicated to finding oil and gas in Israel, and he started the process that led to the Joseph Project. During the next fourteen years he made several trips each year to Israel, hired oil and gas consultants in Israel and Texas, met with Israeli government officials, made direct investments with local exploration companies, and assisted Israeli exploration companies in raising money for oil and gas exploration in Israel. This activity led Mr. Brown, together with others who had assisted him during those years, to form Zion Oil and Gas, Inc. 

5 30 Rig Sign Flags WebZion holds one active petroleum exploration license onshore Israel, the New Megiddo License 428 (“NML 428”), comprising approximately 99,000 acres. The NML 428 was awarded on December 3, 2020 for a six-month term with the possibility of an additional six-month extension. On April 29, 2021, Zion submitted a request to the Ministry of Energy for a six-month extension to December 2, 2021. On May 30, 2021, the Ministry of Energy approved our request for extension to December 2, 2021. On November 29, 2021, the Ministry of Energy approved our request for extension to August 1, 2022. The ML 428 lies onshore, south and west of the Sea of Galilee, and we continue our exploration focus here based on our studies as it appears to possess the key geologic ingredients of an active petroleum system with significant exploration potential. Zion’s Megiddo-Jezreel license area is located in the Golan Heights and Jezreel Valley which are emerging as an oil hotspot in Israel. Scientists say they have discovered a possible oil bonanza in the area with the potential of billions of barrels in the ground. According to geologist Yuval Batov “the layer is 350 meters thick, which is 10 times larger than the average oil find worldwide. 

To Find out the inside Scoop on ZNOG Subscribe to Microcapdaily.com Right Now by entering your Email in the box below

ZNOG

Zion Oil Gas Information Packet AdThe Megiddo Jezreel #1 (“MJ #1”) site was completed in early March 2017, after which the drilling rig and associated equipment were mobilized to the site. Performance and endurance tests were completed, and the MJ #1 exploratory well was spud on June 5, 2017 and drilled to a total depth (“TD”) of 5,060 meters (approximately 16,600 feet). Thereafter, the Company obtained three open-hole wireline log suites (including a formation image log), and the well was successfully cased and cemented. The Ministry of Energy approved the well testing protocol on April 29, 2018. 

Testing protocol was concluded at the MJ #1 well and while the Company did not locate commercial quantities of oil at the time, Zion believed it was prudent and consistent with good industry practice to examine further these questions with a focused 3-D seismic imaging shoot of approximately 72 square kilometers surrounding the MJ#1 well. Zion completed all of the acquisition, processing and interpretation of the 3-D data and incorporated its expanded knowledge base into the drilling of our current MJ-02 exploratory well. 

In 2020 the Company acquired an onshore oil and gas drilling rig, drilling pipe, related equipment and spare parts for a purchase price of $5.6 million in cash. The rig is a 1600 horsepower AC Top Drive equipped rig with a twin 1600 horsepower mud pump system with a depth capability of 20,000 ft. The rig will be equipped with almost 15,000 ft of heavy 5” drill pipe along with associated well control equipment and inventory. 1600 horsepower AC Top Drive equipped rig capable of 20,000ft depth. The rig underwent a full CAT III & IV certification in late 2017, reassuring the quality of the rig and ancillary equipment, and it has drilled two wells since certification.  

On May 11 ZNOG announced it has filed for a new exploration license in the Megiddo-Jezreel Valley on the same 99,000 area as the previous #401 license and the current #428 license. All well-testing, completion, and stimulation equipment are at the Haifa port or on location in Israel for the next phase of Zion’s operations. 

Zion’s MJ-02 well has been completed through casing, liner, and cementing. Ongoing operations include well stimulation and DST testing. All necessary equipment to conduct the well stimulation and DST testing are in country despite the global logistical backlog. Simultaneously with the new exploration license filing, Zion has submitted a petition seeking administrative approval of a term of three-years for the #428 exploration license under Israel’s petroleum law. 

Zion Vice President and Managing Director in Israel, Jeff Moskowitz. “This new exploration license application will further our current and future work plans in Israel.” 

For more on ZNOG Subscribe Right Now!

ZNOG is rocketing up the charts in recent days breaking through all resistance levels and emerging as a volume leader in small caps trading $1.7 million in dollar volume on Friday alone. There is a little doubt about it, there is something big brewing at Zion oil and gas and investors are catching on quickly. Recent pictures from the well site shows some massive tanks and other equipment being set up on site. In May the Company reported it was filing for a new exploration license in the Megiddo-Jezreel Valley on the same 99,000 area as the previous #401 license and the current #428 license. Jeff Moskowitz, the Company’s point man in Israel said that “This new exploration license application will further our current and future work plans in Israel,” The Golan Heights and Jezreel Valley are emerging as a potential oil hotspot in Israel. Scientists say they have discovered a possible oil bonanza in the area with the potential of billions of barrels in the ground. According to geologist Yuval Batov “the layer is 350 meters thick, which is 10 times larger than the average oil find worldwide. We will be updating on ZNOG when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with ZNOG.

Disclosure: we hold no position in ZNOG either long or short and we have not been compensated for this article.



Tags: #Zion #Oil #amp #Gas #OTCMKTS #ZNOG #Big #Underway #Megiddo #Jezreel #Oil #Operator #Races #Charts #MicroCap #Daily

Leave a Comment