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Zion Oil & Gas Obtains License Extension

Source: www.gulfoilandgas.com 7/9/2013, Location: Middle East

Zion Oil & Gas, Inc. (ZN) reported that the Israeli Petroleum Commissioner has awarded the company a one-year extension on its Asher-Menashe petroleum exploration license in Northern Israel.

Zionís Asher-Menashe License covers an area of approximately 78,824 acres located on the Israeli coastal plain and the Mount Carmel range between Caesarea in the south and Haifa in the north. Zion received notification from the Israeli Petroleum Commissioner extending the term of the Asher-Menashe License one final year, until June 9, 2014.

The Asher-Menashe License extension carries a commitment to re-enter Zionís Elijah #3 well to perforate, stimulate, and production test a Jurassic zone of interest.

On June 12, 2013, Zionís Board of Directors authorized spending up to $1.63 million toward upcoming operations in our Joseph and Asher-Menashe License areas. This dollar figure includes authorization to re-enter our Elijah #3 well to conduct in-well testing operations in hopes of finding commercially productive hydrocarbons.

Zion recently entered into a 2013 Workover Contract with Lapidoth Israel Oil Prospectors to use their rig and crew to conduct our upcoming field operations, currently planned for September and October, 2013.

New Megiddo-Jezreel License
Having reviewed our new license application and revised work plan, IsraelísEnergy Ministry officially published our proposed license area boundaries (approximately 98,000 acres in Israelís Megiddo and Jezreel Valley - see purple area in figure below).

The notice states that other companies have until September 3, 2013 to submit a competing application. After that date and following a second review, the new license can then be granted.

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