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Zion Oil & Gas Announces Operational Update

Source: www.gulfoilandgas.com 11/20/2018, Location: Middle East

Zion Oil & Gas, Inc. (ZN) announces that it has completed the testing program of its primary zones located within the Jurassic and Cretaceous-age Formations of the Megiddo-Jezreel #1 (MJ #1) well.

As a result of the testing, Zion has determined that the well is not commercially productive.

Zion’s Chief Executive Officer, Dustin Guinn commented, “Unlike the lower Triassic zones, two of the multiple zones we tested within the Middle Jurassic and Cretaceous had sufficient permeability and porosity to flow to surface, as outlined below:

Zone 1:
3,468-3,461 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.

Zone 2:
3,455-3,446 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.

Zone 3:
3,325-3,310 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.

Zone 4:
1,784-1,775 meters flowed naturally and continuously to surface. The fluid characteristics obtained from monitoring samples taken while the well was flowing indicated low chloride water.

Zone 5:
1,232.5-1,228 meters flowed naturally and continuously to surface. The fluid characteristics obtained from monitoring samples taken while the well was flowing indicated low chloride water.

"The fluid did not contain hydrocarbons, and further testing at this time is not warranted. Zion is currently in discussions with the Israeli government on plugging obligations. Given the thermal gradient, flow rates, surface pressure and low salinity, certain ministries within the Israeli government have made requests of Zion concerning the use of the well as a water monitoring well. Zion will review the economic impact and obligations as a result of this request to determine a prudent plugging plan.

"While the well was not commercially viable, Zion has learned a great deal from the drilling and testing of this well. We refer to our previous press release and operational update of August 16th, 2018 where we outlined our testing objectives relating to this well. We believe that the drilling and testing of this well carried out the testing objectives we previously outlined and may support further evaluation and potential further exploration efforts within our License area. Those efforts will obviously take time and support and additional financial resources, which we will need to raise, but we are confident that it will be time and resources well spent to deliver on Zion’s mission and the vision of supporting Israel.

"Management, along with all of our staff, want to sincerely thank you for your continued support. There is much left to do, and it is an honor to represent our shareholders in this mission.”

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