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And if it spikes like you said, all those $.01 deals are going to sell and take their profits bringing it back down very quickly.
Woo hoo, we can drill again. BUY, BUY, BUY....JB sends out another email with more biblical prophesy. Then nothing probably happens except for more fundraising and further stock dilution.
Anyone buying and holding this worthless penny stock is going to be very disappointed IMO.
It is almost comical that people cannot see what is happening and it is so obvious, at least to me.
In no way would I make excuses for dumb moves. That said, I would not disclose the 3d info at all with the exception of the placing the rig. That 3d info is not cheap to come by and sharing it with SH would be like sharing it with the world of competitors. Plus, by having it, Israel is more likely to be more concillitory ..sorry for the mispelling but I am going to bed now... Israel will be more amiable to support the companies endeavors in the search for hydrocarbons by having that data. IMO
And like the greenies in France, Germany is once again starting up nuclear reactors after re-classifying them as green!!! LMAO, just change the definitions as they trot along on the CO2 ride to hell.
by the way, more co2 in the atmosphere means more green grass and more growing green trees... which in turn makes more oygen for us to breath. Yes, in the days when carbon was a real footprint of the dinosaurs everything grew much bigger, much greener,and lived longer. The greenie weenies need to begin by taking a course in Historical Geology taught by a real professor of science, not some university installed diversity quack paid for by Sir George Soros and Herr Schaub.
I still don't know why ZN did not explore ALL AREAS of INTREST .....when we had all the equipment in MJ01.
Did they hit a little and decided to move to MJ02 and hit more ?
Is this a Stall Strategy ?? (Stall 'em as long as you can)
If they had all the data from the 3D....why didn't they focus on it ?
Why does ZN BOD not share what 3D info they did come up with ....with ZN SH's ?
(ZN has the lease area / area of interest secured and should not be able to get kicked off of it....right ???)
All the Hype about the 3D info for a while there and we paid for it.....so let's hear it.
I need to find the article so I can post the link..... Some City in France bought 3000 Electric Taxies. Used them for a couple of years or however long it take for the batteries to die permanently. So they go back to the Dealer to see how much it costs to replace the batteries - then they find out that it's cheaper to buy new Taxies than to replace the batteries. So now.....Taxi France has to not only buy the new Taxis but store the Crap ones as well. There's a Limp .....
Yep, I agree, I have had shares for many yrs, although I did sell majority just before they closed MJ#1 a few yrs ago
and yep I have even posted the license is a given
But watching current trading I think a lot if folks have forgotten this
And am trying to remind them that when license renewal and re entry into MJ#1 they gonna see a heck of a spike here
Regardless of what Nellie's R currently saying
All IMO of course
That would be correct IMO too. Israel is not about to let a US oil rig which is onsite and continually gathering critical subterranean formation info. The need for energy is not abating and green power is like a limp you know what.
Don’t be in too much of a hurry to receive the license. As Tisdal said, the license is a given. In the meantime, get as many shares for you and your family as possible. How about enough for your children so college costs when it comes will not be an issue?
$znog is IMO stair stepping back ↗️, it's 3rd qrtr, & drilling license re-newal & drilling is supposed to commence according to last PR on 5/15/23
IMO when announcement comes $$↗️↗️
""plan to commence operations in the third quarter of this year.""
https://www.prnewswire.com/news-releases/zion-oil--gas-inc-announces-significant-progress-and-launch-of-a-new-unit-program-301828176.html
Play em the way they play
I am trying think positively on an update soon to get the pps moving up
Gots to play em the way they play,
Like PT Barnum might say, we'll know in 9 weeks.
In the meantime, Zion Oil will cash the DSPP checks for July 25th, August 25th, and Sept 25th with no bother.
As for an update, Zion Oil does not update when it's bad news. They will issue one at-a-boy PR after another at-a-boy PR, right up until the one aw-8hit PR wipes out all the at-a-boys.
Be happy. Send in your money. You are in for the LONG term. :)
Not according to the latest PR, so now we ask and push for an update
And update will help the pps
No, they are not shooting for re-drilling MJ#1 this quarter. What they want is to get a new 7 year license for the re-drilling of MJ#1. Once they get a license, it will take Zion Oil years to get the funds to drill it.
Be happy. Send in your money. You are in for the LONG term. :)
I can tell you now. Lease is Approved.
There's no reason to say no. The pad is there, the rig is there. Knock yourself out.
Every move on that lease has to be approved. There is no reason to not give them the lease.
There, the veil is removed. Still does not mean they will find the money to re-enter, nor does it mean they will find oil. That's many months away.
People and their "somebody knows something" syndromes. LOL
The reason I say you won't know what's going on for two months is under the Oil Ministry regulations, a company has 30 days to appeal a lease decision, and the oil ministry has 30 days to respond to that appeal.
Don't kid yourself.
Zion Oil: Masters of Delay.
People are taking the change in policy at Zion Oil as positive news. Last week, if you "CHAT" asked Zion Oil about the lease, they would say they were optimistic about getting one. This week, they won't say that, anymore. They are saying wait for the press release to find out.
In the twisted world of Alice in Wonderland logic, Zion Oil supporters think that means news pending of license approval.
To me, common sense would dictate the exact opposite.
Given that Sunday is a normal work day in Israel, I suspect ZNOG was told something last weekend about the lease (and they don't want to talk about it). You will find out what it was in about two months.
In the meantime, the last thing you need to do is "buy more shares", although that might make an interesting short term play.
they must know something is in the works.
Ok, ty, so this qrtr $ZNOG should be drilling M#1 again, sounds good
The short sale volume percent (not short interest) for stock ticker ZNOG is 42.86% on Jul 18, 2023. The short sale volume is 991,918. The total volume is 2,314,116. The short sale volume percent is down -15.18% compare to Jul 17, 2023. (Source: shortvolumes.com)
The only time I hold my breath is when I'm driving down to pick up something off the bottom of my pool and when I'm in the men's room at work.
I wouldn't hold my breath on it.
Bring it on !!!!!
Nice up day today. Something about to be released?
As previously posted (I can repeat post the link if you want), Oil Ministry regulations call for them to decide (accept or reject) off-Shore oil lease applications within 60 days of receiving the application. Off-shore leases would seem to me to be more complicated than on-shore leases. Anyone know why it's going to take the Oil Ministry 9 months to approve the Megiddo lease when it only takes 2 months to approve an off-shore lease? Has Zion Oil ever said what's going on, other than the January 24, 2023 lease application is their third amended application (following their May 11, 2022 application and their Aug 29, 2022 application).
I guess 3 times is the charm, but it's been six months. An explanation FROM ZION OIL is needed.
Zion is on a calendar year. Now in Q3.
So is this ZNOG 3rd qrtr or 4th qrtr,?? Seriously I forgets, when the fiscal year is, if it's 3rd qrtr then they gots a couple of months if its 4th they missed the deadline
I do agree with this;
You are not correct but keep 'em coming.
You can't trust much of anything they say, especially time periods.
They'll string you on for much longer and then make claims that it's because of this or that...surely you understand that it was "out of our control" but keep sending the paychecks.
So according the last news I see, they think they will license and e drilling in the 3rd, https://www.worldoil.com/news/2023/6/15/zion-oil-gas-updates-exploratory-well-status-onshore-israel/
Someone remind what is the reporting calendar here, are we in the 3rd qrtr
It's not news at all. Anyone paying any attention knows that has been announced policy for almost a couple years now. Try an on-line search along the lines of: "Israel ban+on-shore oil leases".
You'll get quite a few news releases.
https://oilprice.com/Latest-Energy-News/World-News/Israel-Stops-Onshore-Oil-Exploration-Permits.html
link to The ban on new on-shore oil leases by Israel please....
The ban on new on-shore oil leases by Israel came as a complete shock to everyone. Even if their was a conspiracy to steal or take over the Zion Oil company by an unscrupulous person or a group of lawyers or even an oil "Group" headed by a billionaire, the ban just wasn't expected, even by them. And that ban has ruined the companies future business plans and future value.
No one wants Zion Oil at this point. 1.6 million shares trading today is like 30 to 40,000 shares a few years ago - and that would have been and is... nothing. Unless Netanyahu stands up against the neo-environmentalists that seem to be taking over the world, Zion Oil's status will not change. And that status today is, no one wants it.
Let there be no doubt, the billionaire owner of the various firms that do the contract work for Zion Oil knows exactly what's under Megiddo #2 and Megiddo #1. And he doesn't want it. So if anyone else does, they are playing someone else's game and will lose.
Who is buying ZN ? BOD ? Why ? Shorters ? 1.6M shares ??
Somebody is using their PAY DAY Loan to purchase more shares.
I'm not going into the water bottle any more to buy with.
i get a bit nauseous when I think about what I bought 20,000 for in 2008 ....and now I can get the same amount for nothing.
I'm gonna go sit in the Pool .... it's 106 right now
Once you hire lawyers to senior staff and board positions, I think you will find, you can never get rid of them.
Lawyers were hired to replace oil men back in 2018/2019 to handle the SEC investigation and the lawsuits. That was necessary to control costs, but those days are over. Now that they are on staff, Zion Oil will never get rid of them.
I agree strongly that Zion needs to be taking action to reduce costs.
Cutting overhead and fixed costs not directly associated with exploration is the best place to start.
“Drilling for oil is a gamble and not for everyone.”
ZNOG is drilling?
There are a lot of exploration companies making money. Investing in them would be much wiser than buying a penny stock with no revenue paying its CEO $300k+; its founder $250k+; and its BODs $$$.
I mean they put the full court press on everyone to raise money to keep the company afloat. Did anyone see a memo where they gave up their salaries or reduced them to 25%?
The pumpers crack me up…
No lease
Old drilling rig collecting dust
Diluting the stock like crazy to bring in new investors
Just amazing pay for folks doing very little except for raising money to get paid themselves
What’s not to like about that? Woo hoo!
Think about this and re-read John Brown’s “Woe is me” last email. SMH
No wonder he writes those emails.
“Under the agreement, Mr. Brown is paid an annual salary of $249,000, payable monthly. Mr. Brown will receive an annual bonus of $30,000 and 25,000 stock options.“
I mean what else is he going to do. He must have had a vision to get rich off of Zion’s shareholders.
Thank you for the information & your time.
Where can I find the salaries of each person on the board? Where can I find their job descriptions?
Regardless of how educated or uneducated one is, common sense shows that all Zion has been doing for years is stringing us along while they continue to collect paychecks.
In addition, Zion has a notorious history of holding back information from us investors that they knew about in advance, only to reveal it to us AFTER THE FACT.
The information obviously was shareable and in no way compromised anything nor anyone otherwise, they would have never shared any of it.
John Brown has a terrible history of indirectly accusing people of not having faith in HIS VISION and supposedly his "Word from God".
In addition, it's as if John Brown tries to put focus (blame) on God as to the reason why Zion hasn't discovered commercial grade oil.
Then you have the staunch supporters of John Brown and Zion that continue to push buy, buy, buy, when there is NO LEGITIMATE REASON to buy at this point because there isn't even an approved extension or new license approval.
The pervious license expired in February of 2023.
THINK...
There are two applications of the Stockdale principle/paradox regarding ZNOG:
1. To investors. What discipline do we need to confront the brutal reality of the situation we are in as ZNOG investors? That discipline will lead to what actions?
2. To Zion Mgt/BOD. What discipline do they need to confront the brutal reality of the situation they are in as the leaders of Zion? That discipline will lead to what actions?
Here is one of many info sources on the Stockdale principle/paradox:
https://www.jimcollins.com/concepts/Stockdale-Concept.html
From a pps standpoint it is wiser to invest today than yesterday. And let us not forget, the stock market in general is forward thinking. Drilling for oil is a gamble and not for everyone. Just like the OTC especially, you are either in or out. Players are anticipating good news, at least good enough to consider re-entry for those who are not gamblers that will follow. Early birds get the worm or die trying. Some choose to live life more grand than other investors who tag along for the ride. I am expecting positive developments overall. No crystal ball, no tarot cards, no answer to prayers. Just stubborn faith in myself thanks to the One on Higher ground.
I can say this based on historical facts on this board...
It doesn't matter what "experts" say here nor the "faith speakers" about what's going on, etcetera. They have all proven on multiple wells that all they are really doing is speculating/assuming and hope they are correct when history has proven they were and are wrong.
It's as if they are either directly or indirectly tied to the B.O.D. in Zion Oil and just trying to keep money going into this company that still DOES NOT have an official extension approval or new license approval. The old one has been expired since February.
At this point, it is NOT WISE to invest one penny in ZNOG just to keep money in the pockets of the B.O.D. for producing NOTHING.
Perhaps its the Stockdale principle:
You must never confuse faith that you will prevail in the end—which you can never afford to lose—with the discipline to confront the most brutal facts of your current reality, whatever they might be.
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ABOUT ZION OIL AND GAS COMPANY
Zion Oil & Gas is a U.S.-based corporation formed under Delaware law, exploring for oil and gas in Israel on licensed and permitted areas of approximately 99,000 acres located onshore between Tel Aviv and Haifa. Click on below link to find out more about Zion Oil & Gas.
COMPANY INFORMATION
In 1985, during a visit to Israel, John M. Brown (our 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. in April 2000 in order to receive the award of a small onshore petroleum license from the Israeli government. Upon its formation, Mr. Brown and the others contributed to Zion all of the technical, economic, legal and financial data they had accumulated over the years relating to oil and gas exploration in Israel. We were reincorporated in Delaware on July 9, 2003. Though we have been around a long time, support for Israel, it is similar to the recent phenomena of social and ethical investing,where in crowd fundraising and otherwise people can choose investments which match their social & political, etc., outlook. To our knowledge those groups are not discriminatorily targeted because of their beliefs.
Below link to ZN®ion's home page & corporate Public Relations banner, more info, inspiration of and ZN's SEC filing archive.
https://www.zionoil.com/
Share Structure
Ownership Summary as reported in the most recent 13-F filings
https://whalewisdom.com/stock/zn
https://www.nasdaq.com/symbol/znog/institutional-holdings
https://www.morningstar.com/stocks/pinx/znog/ownership
ZNOG Statistical Resources
https://www.otcmarkets.com/stock/ZNOG/quote Level 2
https://finviz.com/quote.ashx?t=zn
https://www.otcmarkets.com/stock/ZNOG/security
** https://finance.yahoo.com/quote/ZNOG/key-statistics?p=ZNOG
https://marketwirenews.com/stock/znog/short/
https://www.marketscreener.com/quote/stock/ZION-OIL-GAS-INC-5543530/
Penny Stock Exempt
Transfer Agent Verified
Independent Directors
Authorized shares: 800,000,000 11/01/2021
400,000,000 11/30/2020
200,000,000 09/30/2018
Outstanding shares: 323,653,837 11/01/2021
241,121,879 03/31/2021
238,488,738 03/05/2021
237,512,743 01/28/2021
237,167,067 01/04/2021
236,693,125 12/02/2020
236,524,194 11/30/2020
231,762,828 09/30/2020
173,367,104 05/07/2020
164,691,068 03/31/2020
123,973,084 12/31/2019
64,415,398 09/30/2018
55,888,399 12/31/2017
Held at DTC: 262,060,470 11/01/2021
179,968,498 03/31/2021
179,660,518 03/05/2021
179,487,173 01/04/2021
179,371,295 12/02/2020
179,413,084 11/30/2020
Restricted shares: *6,985,000
Float: 262,060,470 11/01/2021
223.78M 09/30/2020
124,191,166 01/17/2020
95.63M 12/02/2019
57,430,000 09/30/2018
Beneficial Shareholder: 45,700 08/10/2021
https://www.otcmarkets.com/stock/ZNOG/security
* estimate
* https://www.sec.gov/Archives/edgar/data/1131312/000121390020036443/f10q0920_zionoil.htm
Shorting Activity
Notorious clearing house for unlocked GTC shares, log in to see ZNOG availability, up dated hourly.
https://www.interactivebrokers.com/en/index.php?key=ZNOG&cntry=usa&tag=&ib_entity=llc&ln=&asset=&f=4587&conf=am&amref=1
Links to see recent short interest activity
https://iborrowdesk.com/report/ZN
http://shortvolumes.com/?t=ZNOG
https://fintel.io/ss/us/znog bi-monthly + daily intraday
http://shortsqueeze.com/?symbol=znog&submit=Short+Quote%E2%84%A2 bi-monthly
http://www.buyins.net/tools/symbol_stats.php?sym=ZNOG daily squeeze & friction
https://marketwirenews.com/stock/znog/short/
PREDICTED REVENUE WHEN ZION OIL STRIKES
Netback as of 04/10/2020
Posted by JRyan 10/11/2021
NOTE: I am using 300 million shares, todays share price, & todays Oil Price
Jake Maruschok's ZNOG Netback spreadsheet updated daily...sometimes
https://docs.google.com/spreadsheets/d/1Oxc9TLczRxQ_OvAnqN8beZ4foiCXh3GTtuETheInesw/edit#gid=0
Source
https://stocktwits.com/jmaruschok/message/409362402
LATEST UPDATES 2020-2021
Zion Oil & Gas Completion of the drilling phase of MJ-02 well November 23, 2021
https://www.zionoil.com/updates/zion-oil-gas-completes-drilling-phase-of-the-megiddo-jezreel-2-mj-02-well-in-israel/
Zion Oil & Gas Operations Update from Israel as of November 11, 2021
https://www.zionoil.com/updates/zion-oil-gas-operations-update-from-israel-as-of-november11-2021/
Zion Oil contracted for directional drilling services, Operational Update 09/21/2020
https://www.zionoil.com/updates/press-release-september-21-2020-zion-oil-gas-drilling-rig-set-to-depart-for-israel/
What is Directional Drilling?
https://en.m.wikipedia.org/wiki/Directional_drilling
VIDEO: Casing the first section of the Megiddo-Jezreel #2 Well in Israel 2/8/2021
https://www.facebook.com/zionoil/videos/746152222987089/
.
Nature of Operations as of November 2018
Zion Oil & Gas, Inc., a Delaware corporation is an oil and gas exploration company with a history of 18 years of oil & gas exploration in Israel. As of September 30, 2018, the Company has no revenues from its oil and gas operations.
Zion maintains its corporate headquarters in Dallas, Texas. We also have branch offices in Caesarea, Israel and Geneva, Switzerland. The purpose of the Israel branch is to support the Company’s operations in Israel, and the purpose of the Switzerland branch is to operate a foreign treasury center for the Company.
Exploration Rights/Exploration Activities
The Company currently holds one active petroleum exploration license onshore Israel, the Megiddo-Jezreel License, comprising approximately 99,000 acres. The 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, ahead of the June 30, 2017 deadline under the then-existing license terms. The MJ #1 well has been 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 of the well is ongoing and the Company expects that testing will be concluded in the fourth quarter of 2018.
Depending on the final outcome and results of the current MJ #1 well and having adequate cash resources, multiple wells could be drilled from this pad site as several subsurface geologic targets are reachable using directional well trajectories.
Megiddo-Jezreel Petroleum License, No. 401 (“MJL”)
The MJL was awarded on December 3, 2013 for a three-year primary term through December 2, 2016, with the possibility of additional one-year extensions up to a maximum of seven years. The MJL lies onshore, south and west of the Sea of Galilee, and the Company continues its exploration focus here as it appears to possess the key geologic ingredients of an active petroleum system with significant exploration potential. In late November 2016, The State of Israel’s Petroleum Commissioner officially approved Zion’s drilling date and license extension request.
On October 30, 2017, the Company sought a multi-year extension to its existing license. After receiving feedback from Israel’s Petroleum Commissioner, the Company submitted a revised extension request on November 9, 2017. On November 20, 2017, Israel’s Petroleum Commissioner officially approved the Company’s multi-year extension request on its Megiddo-Jezreel License No. 401, extending its validity to December 2, 2019. Until recently, the Company remained subject to the following updated key license terms:
No. | Activity Description | Execution by: | ||
1 | Submit final report on the results of drilling | 31 May 2018 | ||
2 | Submit program for continuation of work under license | 30 June 2018 |
On June 1, 2018, Zion submitted its Megiddo-Jezreel #1 End of Well Report (EOWR) for the MJL, thus fulfilling our item No. 1 Final Report license work plan obligation, shown above.
On June 14, 2018 Zion submitted its Application for Extension of Continued Work Program Due Date on the Megiddo-Jezreel License No. 401 . The additional time was necessary because the Company had still not completed testing and evaluating all planned testing zones. On July 1, 2018, Israel’s Petroleum Commissioner granted Zion’s work program report extension to November 1, 2018, as shown below.
No. | Activity Description | Execution by: | ||
1 | Submit program for continuation of work under license | 1 November 2018 |
On October 23, 2018 Zion submitted its Application for Extension of Continued Work Program Due Date on the Megiddo-Jezreel License No. 401 . The additional time was necessary because the Company had still not completed testing and evaluating all planned testing zones. On October 28, 2018, Israel’s Petroleum Commissioner granted Zion’s work program report extension to January 31, 2019.
The above notes excerpted from page 5 of 3rd quarter 10-Q November 8, 2018
https://ih.advfn.com/p.php?pid=nmona&article=78651027
https://www.sec.gov/Archives/edgar/data/1131312/000121390018015173/f10q0918_zionoilandgas.htm
Notes from November 20, 2018 Operational Update:
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.
•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.
https://www.sec.gov/Archives/edgar/data/1131312/000121390018016338/f8k112018_zionoilandgas.htm
Reference made to August 16, 2018 Operational Update re. future plans
https://www.sec.gov/Archives/edgar/data/1131312/000121390018011310/f8k081618ex99-1_zionoil.htm
/
November 2017 installing blowout protector (BOP)
Zion Oil & Gas Spuds the Megiddo-Jezreel #2 Well in Israel January 6, 2021
3D Grid Map upon completion October 2019
Source: https://www.zionoil.com/updates/
3D Assessent Report completed April 2020 is exclusive and proprietary to the State of Israel and ZION
3D & Rig podcasts
Robert Dunn, speaks about Zion’s recent rig purchase and other details of operations during this time of the COVID-19 spread worldwide.
https://www.zionoil.com/updates/zion-podcast-episode-1-interview-with-zion-chief-operations-officer-robert-dunn/
Dr Lee Russel, Zion Oil & Gas Senior Geoscience Advisor, speaks about his background, his coming to work with Zion, his work on the Megiddo-Jezreel #1 well, and his 3-D seismic interpretation work
https://www.zionoil.com/updates/zion-podcast-episode-2-interview-with-zions-senior-geoscience-advisor-dr-lee-russell/
Zion President, Bill Avery, and Zion CFO, Mike Croswell. Discussion includes the recent filing of the 10-Q, understanding financial aspects, how the rig is a game-changer for Zion..
https://open.spotify.com/episode/4xVV6kgCcFBvF76NsTHJki?si=NvH1GALjThS_ODpZJbsVDA
Jeffrey Moskowitz, Zion's VP, and Israeli Branch Managing Director. The interview discusses Jeff's role at Zion, his history , background, work at the Israeli office, 3-D Seismic work, the purchase of the rig.
https://open.spotify.com/episode/4xXap2YcEe5ZInnNdOSnJv?si=YBisoD9bSDm5Y-UkXOT2JQ
Zion Founder and CEO,John Brown. Discussion includes his heart for Israel, his single-minded focus on obeying God in all things, and his reliance on God's timing.
https://open.spotify.com/episode/2fzeiOxzB58isHgGu3uCr4?si=dx3u3fcIQkWEvbZm-FagEA
Zion Oil & Gas Purchases Drilling Rig for Israel Operations
Zion Oil & Gas, Inc. (Nasdaq: ZN) announces they (i) entered into a Purchase and Sale Agreement on March 12, 2020, for a drilling rig, drill pipe, and related equipment for $5.6 million in cash, and (ii) closed that purchase on March 12, 2020, the same day, by Bill of Sale from the seller to Zion.
On March 13, 2020, Zion paid the seller $4.6 million in cash and remitted the remaining $1.0 million in cash to an escrow agent to be held pending completion of acceptance testing of the rig upon its arrival in Israel.
“This is a new era for Zion and a positive step forward for our 2020 exploration plans,” Zion’s COO, Robert Dunn said. “With our asset based in the State of Israel, our planning and flexibility will become more robust.”
“We believe this is the right time for this to happen,” stated Zion’s President, Bill Avery. “Having cash budgeted and available for the purchase of this rig shows the strong support of our shareholders and evidence of God’s faithfulness.”
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.
Actual rig pictured above. Currently stacked awaiting shipment to Israel. 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.
The rig and equipment will be imported into Israel from Romania, where the Drilling Rig is currently stored.
The State of Israel has currently imposed travel restrictions relating to the Coronavirus outbreak, including a requirement that any person arriving in Israel, including the operating crew for the rig, will currently need to undergo a two-week quarantine.
In addition, the ports of entry into Israel through which the rig will need to enter, may be undergoing work disruptions on account of the virus outbreak. Accordingly, it is not possible at the present time to accurately estimate the time or resources that may be necessary to import the Drilling Rig onto the well site or any delay arising as a consequence of the outbreak.
Zion Oil & Gas, a public company traded on NASDAQ (ZN), explores for oil and gas onshore in Israel on their 99,000-acre Megiddo-Jezreel license area.
WATCH THIS SHOW ON CNBC/EUROPE
http://www.exin.tv/mini/cplayer2.html?2,18%20Aug%202006,Zion%20Oil%20and%20Gas,CEO%20Gene%20Soltero
USGS Assessment of Undiscovered Oil and Gas Resources of the Levant Basin Province, Eastern Mediterranean
https://pubs.usgs.gov/fs/2010/3014/pdf/FS10-3014.pdf
~~~~ RESEARCH LINKS & POSTS ~~~~
**** Compiled Zion Information, The SEC, Share Pricing, Field Size!****
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=142598743
* How oil and gas are resources estimated with MJ#1 detail & drilling timeline 7/17/2017 through 3/12/2018
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142326507
* Testing Zones update November 2018
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144911158
* ZN Formation pressure encountered in 2018 & clarification of
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142566219
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144936287
* ZN Wellbore Pressure versus Formation Pressure
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=145013764
* ZN Heavy gas encountered Oct 12, 2017: what it means
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144960708
Drilling and Testing Hot, High-Pressure Wells
https://www.slb.com/~/media/files/resources/oilfield_review/ors93/0493/p15_32.pdf
HPHT wells
https://www.slb.com/-/media/Files/resources/oilfield_review/defining_series/Defining-HPHT.pdf?la=en&hash=3FF8F894C76522C77D31DAF3B136B24371E7CCDC
Drilling & Construction HPHT wells
https://www.slb.com/~/media/Files/resources/oilfield_review/ors98/sum98/pgs_36_49.pdf
Directional Drilling
https://drillers.com/directional-drilling-everything-you-ever-wanted-to-know/
Logistics & equipment
https://www.halliburton.com/content/dam/ps/public/solutions/contents/HPHT/related_docs/HPHT_Global_Client_Brochure.pdf
Wellhole analysis, what we know
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143010760
Packers
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143010760
Reservoir Fractures & Pressure
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143010760
Small Acid Job & Completion Fluids
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143309742
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143362301
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143440488
Formation Testing
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143361725
MJ#1 zone trap area and size.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143129790
Discounted rig costs for ZN
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144174715
Onshore Gas
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143858086
MJ#1 Reservoir Announcement Size
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142884720
MJ#1 Geology After Testing Triassic
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143028742
Genie, MJ#1 and the Rift (see 14min)
https://www.youtube.com/watch?v=Uqi1o-_a2ao&feature=youtu.be
https://blogs.timesofisrael.com/israels-oil-in-golan-megiddo-jezreel-valley/
Genie took ~2 years to spud exploratory well
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143591767
Genie took 10 months to drill 1000meters
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143590326
Map of four previous ZN wells
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143258821
Levant Basin report via USGS circa 2010
https://pubs.usgs.gov/fs/2010/3014/pdf/FS10-3014.pdf
Fracking and how it relates to ZN
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143300005
MJ#1 zone trap area and size
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143129790
Well Test Step 1 - Open Hole
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142845818
Well Test #2 - Pressure Transient Test
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142846173
Well Test #3- Production Flow Test
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142846523
Well Test Summary
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142846973
2D vs 3D Seismic
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142854420
Risk Factor #1 - Can the well be drilled?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142701633
Risk Factor #2 - Finances Available to Drill And Test The Well?
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142726740
Risk Factor #3 - Regulatory Approval
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142734193
Risk Factor #4 - SEC Compliance & Final Risk Factor Score Card
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142745430
Risk Factor of Exploratory Well vs. Production Well
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143155094
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144935395
* Calculating PPS based on Israel's Energy Independence
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142628564
* Oil Company that owns 3D Technology
http://www.usgeophysical.com/
* How do seismic surveys work
http://www.oilandgaslawyerblog.com/how-do-seismic-surveys-work/#more-48
* How 3D Seismic Imaging changed the Drilling Industry
http://www.domeenergy.com/3d-seismic-imaging-changed-drilling-industry/
* 3D Underground structures in clearer focus
http://www.dea-group.com/en/dea-magazine-2017-01underground-structures-clearer-focus
* 3D In the Med & Middle East
http://www.pgs.com/data-library/europe/mediterranean/
* Basic 3D
http://www.drillingformulas.com/basic-understanding-about-3d-seismic-for-petroleum-exploration/#more-6265
* 3D Evaluation, sweep example
https://csegrecorder.com/articles/view/an-evaluation-of-single-vibrator-single-sweep-3d-seismic-acquisition
* MJ#1: " a focused 3D seisimaging shoot of approximately 50 square kilometers surrounding the MJ#1 well."
https://www.zionoil.com/updates/press-release-november-29-zion-oil-gas-plans-going-forward/
~sq. kilometers to sq. miles
https://www.dollartimes.com/calculate/area/square-kilometers/square-miles
~If the area of the circle is 50 kilometer2
https://www.calculator.net/circle-calculator.html?radius=&radiusunit=meter&diameter=&diameterunit=meter&circumference=&circumferenceunit=meter&area=50&areaunit=kilometer&ctype=1&x=82&y=17
* MJ#1 Low Chloride Well monitoring:
~Salinity of fresh, brackish and sea water
https://www.engineeringtoolbox.com/water-salinity-d_1251.html
~Mineral content of drinking water, 100 USA cities
http://www.mgwater.com/mgrank.shtml
~WHO Guidelines
https://www.who.int/water_sanitation_health/dwq/chloride.pdf
~~~~ LAWSUITS LINKS & POSTS ~~~~
Lawsuits and SEC investigation impact
All Lawsuits Against Zion Oil & Gas Have Now Been Dismissed
https://www.zionoil.com/updates/press-release-april-1-2020-all-lawsuits-against-zion-oil-gas-have-now-been-dismissed/
https://www.prnewswire.com/news-releases/all-lawsuits-against-zion-oil--gas-have-now-been-dismissed-301033335.html
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=142984351
SEC investigation filing, timing
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143586499
Shareholder Suits re ZN notice of Sec Investigation
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143563443
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144013604
http://securities.stanford.edu/filings-documents/1066/ZOGI00_01/201889_f01c_18CV02067.pdf
Yolanda Holtzee is Whistleblower by her own admission.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143550100
Opinion by IRisky
https://investorshub.advfn.com/boards/read_pmsg.aspx?message_id=143102483
Possible Reason for ZION SEC Investigation
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143166134
A quick brief over where things stand
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143685490
[ZION $ZN AND] THE STOCK MANIPULATION MEME
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143727229
Possible Outcome for ZION SEC Investigation
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144043255
JRyan's Lawsuit Compilation List up to Oct 9
https://investorshub.advfn.com/secure/post_reply.aspx?message_id=144235839
Lead plaintiff
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=144252116
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=144261260
Malicious Prosecution against a named plaintiff.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=144499304
PacerMonitor, Texas Northern District Court
https://www.pacermonitor.com/public/case/25309943/Peak_et_al_v_Zion_Oil__Gas_Inc_et_al
Litigation accrued estimated loss $500,000 a/o Nov 8, see 10-q , page 33
https://www.sec.gov/Archives/edgar/data/1131312/000121390018015173/f10q0918_zionoilandgas.htm
Assessment Report of November 6, 2015
~~~~~Image & Research Sources~~~~~
Assessment Report issued November 6, 2015
https://www.zionoil.com/updates/zion-oil-gas-announces-independent-resource-assessment-report/
8-K exhibit from Nov 6, 2015
https://www.sec.gov/Archives/edgar/data/1131312/000121390015008273/f8k110615ex99i_zionoilgas.htm
The entire exhibit list
https://www.sec.gov/Archives/edgar/data/0001131312/000121390015008273/0001213900-15-008273-index.htm
Upper Jurassic Original Oil-in-Place (OOIP) and Recoverable Oil
as of September 1, 2015
Gross Prospective Resources
Target Horizon MBbl
Low Estimate Best Estimate High Estimate
(P90) (P50) (P10)
OOIP 32,198 86,061 241,544
Recoverable 5,786 17,893 54,776
Triassic Original Oil-in-Place (OOIP) and Recoverable Oil
as of September 1, 2015
Gross Prospective Resources
Target Horizon MBbl
Low Estimate Best Estimate High Estimate
(P90) (P50) (P10)
OOIP 9,322 26,901 85,250
Recoverable 1,749 5,699 19,694
Example of an Fault Line Structural Trap
https://en.wikipedia.org/wiki/Directional_drilling
MJ#1 zone trap area and size.~~~ We are talking thousands of acres size and feet deep for the reservoir.
~~~ Note: See Seismic Locater (figure 11) before attempting to read AR-2118 & ZI-5128 seismic maps.
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Chart Source: https://www.stockscores.com/charts/charts/?ticker=znog
ZN MJ#1 well finds active petroleum system that is not commercially productive. 3-D seismic testing in progress.
Zion Oil and Gas, Inc., a Delaware corporation, which has an active petroleum exploration license onshore Israel, the Megiddo-Jezreel License (“MJL”), comprising approximately 99,000 acres, 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.
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.
•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.
8-k November 20, 2018
https://www.sec.gov/Archives/edgar/data/1131312/000121390018016338/f8k112018_zionoilandgas.htm
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