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Thanks for your responses.
Thank you for the clarification. Is it possible that Israel will only grant an extension that will be sufficient to complete the testing, or will they grant another 2 year extension if the extension is granted? Appreciate you sharing your knowledge KyOil
Forgive me if this has already been clarified. But does "discovery" = "commercial quantity"?
Can it be assumed that they've had oil shows given the multiple zones of interest?
The flip side of this is - wouldn't it yes wouldn't it be hilarious if an Iranian national helped Israel become energy independent?
The ancient Hebrew word Tsiyon (Zion) is “a Canaanite hill fortress in Jerusalem captured by David and called in the Bible ‘City of David.’" Zion can refer to one of three places: the hill where the most ancient areas of Jerusalem stood; the city of Jerusalem itself; or the dwelling place of God.
I believe this more accurately reflects John Brown's intent when he named ZNOG
$250K/year is the salary of a mid-level manager at most publicly traded companies (I've worked for Raytheon, GE, Ford and GM, so I have an idea)
I like your calculations better than mine. I do wonder if ZNOG will be allowed to pump oil on Shabbat?
At $75/barrel, the net earnings per barrel after taxes, royalties and operational costs would be $25.54. @ 30,000 bpd running at 6 days per week I get 10,000,000 barrels. So annual net income would be $255,400,000. Divided by 240,000,000 shares outstanding you get $1.06/share. If Zion gets the 20X multiple, you get around $21/share IMHO
In the event MJ02 proves non-commercial, could ZNOG lease their rig out to others to generate revenue?
Just for fun, I looked up the proved reserves for the Saudi Gwahr oil field. If interested you can check it out at this link:
https://www.nsenergybusiness.com/projects/ghawar-oil-field/
The market seems to agree with your assessment this morning. However, it did strike me how confident Zion felt that the 3D seismic data indicated the presence of an active petroleum system very near to the MJ01 well. I got the same impression from last night's program that I got from Robert at the shareholders meeting - ZNOG believes strongly that MJ02 will finally bring home a commercial well. And they think it's a large reservoir.....
Happy Father's Day everyone
Thanks for the info. Wish ZNOG would release that information. Can't really see it being proprietary data
You're right. I'm sick this week and a little loopy (not Covid though!) I was talking about this year's meeting
When asked about the P50 estimate for MJ02 during the shareholders meeting, I thought Dustin said they had provided volumetric data to the Ministry of Energy. What exactly is that?
I watched the annual shareholders meeting and thought the overall vibe was positive. When the CEO was asked if he felt positive about MJ2, I thought he was almost giddy in his "OH yeah, I'm VERY positive" response. His tone was like, "I'd really love to tell you more, but the lawyers won't let me "
Two questions:
Is the shareholders meet going to be streamed live, other than the Zoom call?
Is anyone going to express shareholder opposition to the increase in the number of shares?
I haven't spoken with him in a while but I believe he cruises through the board every once in a while. Last we talked he was still holding a position in ZNOG
It was JRYAN who put together the excel file showing netback and company value based on the size of the oil find.
Does anyone know if the 12.25" drill bit referenced in the recent announcement is the size bit that would be used for an exploratory well or a production well? Or is the drill bit size irrelevant to the type of well?
Also, Israel has an agreement with Cyprus and Greece to build a gas pipeline into Europe. This will compete directly with Russian pipelines into Europe. This EastMed pipeline will no doubt piss off the Kremlin and Putin. Imagine what a major oil strike in Israel would do.
https://www.zenger.news/2020/08/11/israel-set-to-send-natural-gas-to-europe/
I agree those are all concerns, but don't you think ZNOG will get into all sorts of trouble with the SEC and investors if they intentionally mis -report, high or low? Given what Zion went through with the SEC and fraudulent lawsuits two years ago, I personally believe that ZN will report whatever they find, IMHO.
Could the blessing prior to the schmeter that is referred to in this video be a commercial strike? Here's the video link
Oil is getting ready for lift-off
https://www.zerohedge.com/energy/wti-extends-gains-above-64-gasoline-demand-hits-pre-pandemic-levels
JRYAN did an Excel spreadsheet calculating the netback per barrel factoring in all the taxes, royalties and charities you've highlighted. WTI sits at $62/barrel this morning, which would yield a netback of about $10/barrel. From the press release highlighting the Garb report back in 2016, the p50 estimate of recoverable oil is approximately 70,000,000. So that would yield a company value of $700,000,000, give or take.
Can't access video. Says it's a private video
I didn't realize Bibi was in Saudi.
Thanks for the tips.
I think we get $100 oil by the summer, just in time for Zion to finish MJ#2 ??
Thank you salamon69. I appreciate the technical analysis as I have some near term decisions to make with kids in college.
One lesson I've learned for myself is that I need to moderate my personal expectations for Zion. To expect that Zion, or any company, could show up in an undeveloped region, drill 1 hole and expect a commercial well is too high an expectation. As I've reflected on what Zion has accomplished to date, it is remarkable overall. Have they been perfect? No. But no company would be. But to find an active petroleum system, using 2D seismic, with a rig from a bankrupt company and a crew that didn't speak the local language is quite a success. I'm very proud of Zion and her team, especially in the face of unrelenting attacks from many different groups.
Where do we wind up? Today? 7 days? What do the technicals say?
Does it also flow more readily in denser (less permeable) rock as well?
One question:
Is the fact that they found "light oil" significant in any way?
Good to hear from you. Your thoughts, as always, are logical and well stated. Just to add to your comments about a Natural Gas find, I estimated it would cost about $150 million in infrastructure to get whatever NG from this well to the closest Israeli infrastructure point, some 20+ miles away. So finding an oil production zone is key.
I hope that there is a follow up PR, stating:
1) How much cash ZN has left
2) Their remaining test plans
At this point, my shares are not for sale, and my prayers will grow more fervent
I am curious too. I personally would live for the actual to discredit FT Jamie and his fuzzy wuzzy pal
Congratulations Geo!
Are there any plans to acquire 3D seismic data? If so, in what locations?
I thought the SEC cannot bring criminal charges. Therefore, how could JB be locked up by tomorrow
TAB, did you have an opportunity to review the deleted video at the ZN well site? Hoping you were able to get a better interpretation than what fuzzy wuzzy posted