Operations at Megiddo-Jezreel #2 safely remain unhindered.
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May 19, 2021
Update: MJ02 In Israel
Dear Zion Supporters and Shareholders,
Operations at Megiddo-Jezreel #2 safely remain unhindered. We are continuing to make good progress as we complete the third stage of the well.
Our drilling rate has significantly outpaced our first two sections. In fact, on May 18, operations set a rig record of 173 meters (567 feet) drilled within 24 hours with a 12.25 inch bit (which is one and a half times larger than this section on Megiddo-Jezreel #1).
We are encountering our key geological markers, as expected, as we approach certain zones of interest.
Sincerely,
Monty Kness
VP, Operations
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FORWARD-LOOKING STATEMENTS: Statements in this communication that are not historical fact, including, but not limited to, statements regarding Zion’s operations; Zion's ability to discover and produce oil in commercial quantities; Zion’s ability to continue as a going concern; operational risks in ongoing exploration efforts; the timing and completion of the processing, interpretation of the results and plans contingent thereon of the 3-D seismic survey; regulatory approvals needed for the rig’s operation; the effect, if any, of the coronavirus pandemic on the timing of the operation of the well, and liquidity for shareholders on OTCQX are forward-looking statements as defined in the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that are subject to significant known and unknown risks, uncertainties, and other unpredictable factors, many of which are described in Zion’s periodic reports filed with the SEC and are beyond Zion’s control. These risks could cause Zion’s actual performance to differ materially from the results predicted by these forward-looking statements. These risks and uncertainties include, but are not limited to, those described in Item 1A in Zion’s Annual Report on Form 10-K, which is expressly incorporated herein by reference, and other factors as may periodically be described in Zion’s filings with the SEC. Zion can give no assurance that the expectations reflected in these statements will prove to be correct and assumes no responsibility to update these statements.
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