DALLAS and CAESAREA, Israel, April 30, 2018 /PRNewswire/ -- Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it has resumed operations on its Megiddo-Jezreel #1 (MJ #1) well. After receiving formal approval from the Israeli Energy Ministry, Zion will now begin to flow test the MJ #1 well after reaching total depth of 5,060 meters (~16,600 feet) in February.
Zion's President and Chief Operations Officer, Dustin Guinn, stated, "As can be expected with an exploration well with very little offset data, we wanted to take adequate time to properly evaluate our logs both internally and externally. We are very pleased with our internal geoscience staff and our independent petrophysical consultants, each of whom did a great job in their analysis. We are confident that their analytical work positions us well to deliver successful results. The equipment, which was sourced from the Netherlands, Italy, and the United States amongst other countries, has arrived and we are very eager to start our testing program."
Zion's CEO, Victor G. Carrillo, added, "Based on our internal interpretation that is supported by third-party petrophysical analysis, we have chosen up to three primary and two secondary deep target zones to test for flow/production capacity. Dr. Lee Russell, Dustin Guinn, and I will travel to Israel to observe and oversee the initial phase of well testing. We expect to start testing the first zone in the first week of May and testing will likely take several weeks to complete (depending on individual zone outcomes). We cannot comment on the well's capacity for commercial production until after we conduct and analyze our well testing protocol. We will endeavor to provide further updates as material information becomes available."
Zion's 2018 Annual Shareholders Meeting will be held on June 5 at 2:00 pm at the Westin Park Central in Dallas, Texas. All shareholders planning to attend are asked to register on Zion's website (www.zionoil.com/2018-annual-meeting-of-shareholders/). Shareholders are also encouraged to obtain Proxy information and voting instructions online from AST Financial (www.astproxyportal.com/ast/Zionoil/).
"And by the Almighty who will bless you with blessings of heaven above, Blessings of the deep that lies beneath …" Genesis 49:25
"In His hand are the deep places of the earth …" Psalm 95:1-7
FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including statements regarding Zion's planned operations, anticipated attributes of geological strata being drilled, the presence or recoverability of hydrocarbons, operational risks in testing and well completion, timing and potential results thereof and plans contingent thereon 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. 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.
SOURCE Zion Oil & Gas, Inc.