Here is some feedback for any new investors reading the bulletin boards. After I finish reading it Ill attempt to post more if Im able to. A big thank you to everyone who has taken the time to share some of their due diligence here. It is most appreciated!
Page 7 Notes to Financial Statements state, "The Company expects to incur additional significant expenditures to further its exploration programs. Management is of the opinion that its currently available cash resources are sufficient to finance its plan of operations, including the drilling of the MJ#1 well to the desired depth and the subsequent testing, through January 2018. To carry out further planned operations beyond that date, the Company must raise additional funds through additional equity and/or debt issuances or through profitable operations...."
This confirms the press release that stated the company's success in securing the funds to complete the drill. Now, if evidence is found that a petroleum system can indeed be built at this site...well then, GOODNIGHT Irene!! Securing the additional funds to set up the system will not be difficult after this, but if this well proves otherwise then Zion will be finished.
Page 17 note 7 revealed some information I was unaware of to the onshore licensing regulatory process with State of Israel’s Petroleum Commissioner, and energy.
Environmental and Onshore Licensing Regulatory Matters
Various guidelines have been published in Israel by the State of Israel’s Petroleum Commissioner and Energy and Environmental Ministries since 2012 as it pertains to oil and gas activities. Mention of these guidelines was included in previous Zion Oil & Gas filings.
On May 16, 2016, the Energy Ministry issued new guidelines for the preparation and submission of a drilling program in accordance with industry best practices or “Good Oilfield Practice.”
On May 17, 2016, the Energy Ministry issued new guidelines for production testing in accordance with “Good Industry Practice” detailing the applicable measures and reporting requirements.
On June 28, 2016, the Energy Ministry issued new guidelines for occupational health and safety practices regarding oil and gas drilling and production activities per international norms, coupled with Israeli legal safety guidelines. These regulations focus on industry best practices in the area of health, safety, and environmental (HS&E) factors as well as risk management. In addition, there is a new requirement to have the Petroleum Commissioner’s approval over the safety standards which the operator seeks to apply. The Company believes that these new regulations are likely increase both the time and the expenditures associated with obtaining new exploration rights and drilling new wells."
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To the ignorant traders who think Zion is a scam here is one of the pathways they [correctly] used in securing funds to bring attempted value into the company, which is occurring now. Page 19 note 8 reveals that the company secured its remaining funds to complete the well with additional funds raised to work till the end of the year. Seeing that they had enough funds to get started, but not enough to finish, and succeeded in it, deserves credibility. This was no easy goal to accomplish. They had to time certain events to the best of their ability, which means utter failure could have occurred. Zion was believing that their stock was going to react once they announced drilling in the beginning of June, in which they were correct. By July the stock broke its 52 week high, and the opportunity to buy Zion stock at a $1.00 per share went like hot cakes. Note 8 states Zion raised nearly $6.7M in July to secure funding! Well done!
Note 8 - Subsequent Events
Between July 1, 2017 through July 31, 2017, approximately $6,650,000 was raised through the Company’s DSPP Program, including its most recent New Unit Program which terminated on July 12, 2017, as well as the exercise of outstanding warrants (ZNWAA, ZNWAC, ZNWAD, and ZNWAE) into Common Stock.
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