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you're right- i can almost imagine some of the items being sold in tx in hardware stores-like those rubber plugs for inside of the pipes for testing purposes
and i remember ceo dustin saying at the june 5 stockholder meeting they had to get pipe from italy-i think that was used to finish the well- and the blowout preventer came from the british isles somewhere? scotland?
if by owners you mean shareholders, the system whereby innocent 3rd parties(longs) have their property stolen from them by the system without due process has already occurred via a de-listing- nowhere does such violation of the princples of the law occur-only in the stock market
does the system go after ceo brad who said he didnt have any responsiblity to even keep shareholders informed-and who apparently allowed his private navial business partner to steal the ilia revenue-and who has the responsibility to recover such revenue on behalf of longs- no!!!
-and brad didnt even register w otc.markets.com or nevada sec of state or apparently anybody else
whats brad side -we didnt even know!!! bc he hasnt officially told us anything since the may 2013 takeover pr
but the system did go after bob bc of the mar 2010 promo designed to raise enough funds to get operations going-shut him out- levied fines -prohibited him from earning an income to pay such fines and thus forcing him to sell the business-
thats how the upside down swamp worked-what do u do when those who are suppose to levy justice are the crooks and have become corrupt as the news is increasingly revealing in the battle for america
normally there would at least be bankruptcy proceedings where longs could recover something
buy by brads inaction and the swamps complicity innocent 3rd party purchasers who are never held liable in the law(except in the swamp era stock market) are simply informed that the shares are delisted- which means they no longer exist-and there is quite a difficult process to get them listed again
delisting would have occurred earlier if it were not for bob-since brad never bothered to check in w otcmarkets and nev sos etc entities and agencies didnt even know brad existed!!!!!!!!!
-so they would call bob and ask if he wanted the shares de-listed etc and he would say no-bob even tried some way to give longs value but the swamp said no
but now after so many years of inaction by brad re operations and brads contined inability to sign in with the appropriate agencies and entities,the shares were delisted
i guess some still dont understand bob has not been involved with the business since may 2013
reportedly some fert was sold later
obviously some will never understand -but if the mexican pres election of july 1 2012 had not been challenged in court -stalling any permits-and if they suddenly were not required to get an iron export permit for the fert -bc the largest element was iron-they planned on a shipload of fert to oregon
i have seen the exxon articles now
the obvious point of this is that zn can pump $132,510,000 worth of oil before encountering said israeli taxes
and pump $190,363,000 worth before encountering said usa taxes
-something that would be very encouraging to a buyin interest
sounds good
to back you up on your statements,zn found more than a teaspoon of oil-and it wasnt kerogen, as dd has shown/posted many times from zn's filings-
we dont know how much oil there was in the 90-110 barrels /day they were getting from the small acid triassic job-where they found "light oil" as per chromatographic readings - only that it was not commercially economic to produce
but since the oil they did encounter was essentially in the very bottom -within 100 ft -of the well bottom of 5060 meters -and since the huge offshore gas stratum is 5000-7000 meters deep
and since the medeg fields to zn's sw in the same stratum that flows thru zn's concession to syria's oilfields -namely the palmyra stratum/rift-were close to 5k deep(e.g 4700 meters), there is a fair likelihood that an oilbearing strata in zn's concession would be just a little deeper than the 5060 meters zn drilled- how deep was the afek/genie well(s)in the golan?
delek purchased an onshore concession just 20 miles to zn's west-on the supposed basis that the offshore stratum which has produced huge offshore leviathon gas fields for delek and others -continues east under onshore israel
and the intersection of a line from leviathon thru deleks new onshore concession buyin and the palymyra strata from syria to telaviv and jerusalem meets in zn's concession!!!
re another criticsm,just to deal with one of them, there are very few aquifers in israel to threaten-unlike the usa- and we dont hear much in the usa(except presumably in a few local areas) about oil operations damaging aquifers-where a lot of fracking has been done
i've posted articles re how israel gets most of its drinking water from desalination plants now
even in an article and publication critical of israel posted here before,said article noted that fracking would NOT be a problem in the golan heights area,which is where most of israels natural fresh water comes from! So the logical conclusion should be that onshore oil operations are not a threat to drinking water!! especially as zn's concession is downstream from the golan
the entire history of zn's operations and the search for oil to the north, west and south of zn's concession logically leads a non biased mind to conclude zn's concession may very well have a commercial field. Otherwise we are to believe zn's concession is about the only area concession to not have a commercial field-unlikely.
For these reasons and more than can be discussed i think zn's concession has a commercial field somewhere.
zn's disclosures indicate as you say a system of cap rock, high pressure and high temperatures often associated w oil or gas fields.
the 3d, as zn made clear, is to determine whether there is such a field in the mj1 area,since they found a system there,to see e.g., if such a field was displaced vertically or horizontally by a fault line etc.
an added benefit of discovering such a field within the 2.5 mile 3d radius of the well is that a new well could be placed on the same well pad,thus saving considerable time and money on a new well,since horizontal well trajectories can now be made as much as 5 miles horizontally on top of the vertical depth drilled
true, plus as you pointed out some time ago, ZN- due to its pioneering onshore oil posture in israel -has experienced delays at times as the israeli authorities crafted regulations or policy to cover oil exploration efforts
its not like tx where u can buy oil exploration accessories in many places
30m - do u mean the givot meged field or a delek well?
you mentioned the exxon narrative before but i didnt capture the full intent -can you explain the exxon situation?
the concept may be difficult to understand for some but petrophysical research costs money-things in this world cost money -they dont come free
all oil companies have to spend good sums to acquire product
thats what zn is doing
this info would be encouraging to any large investor or partnership interest, since the govt would not get their blood for a while
again,wants and needs are 2 different things
btw, tisdal can you confirm whether the appropriate israeli agency would have to approve a buyin- i know big companies like delek are playing musical chairs with, e.g., tamar,apparently due to govt requirements
see p.49 of the 10k at the bottom of this post
this means the sec and stockholders should get proxy statements by ca Apr 30
any financial matters or partnerships up for a vote should be included in those proxies
partnership % is not the same as stock ownership though there can be overlaps-all depends on the contract
wants and needs are 2 different things- no doubt the company doesnt want to raise more money at one dollar /unit
when i saw the intent to raise 10M dec 10 to jan 23 -i was amazed,partly bc was horrible time frame for fundraising-in this materialistic world the 2 weeks before xmas and the 29 days after xmas when ppl are broke and dealing w 2nd semester tuition
yet surprisingly they continued to say the drive would close jan 23 -published intent was to Jan 23 or 10M, whichever came first
raising only 2M during such drive[plus more since then]could open the door to other fundraising methods
e.g a partial buyin by other oil companies-we already know delek had a 70% buyin on 2 onshore israel concessions,one of which is only 20 miles from ZN's concession
so would delek or others be interested in a a partial zn concession buyin?
and would zn be amenable to such an offer???
we may find out when we get the proxies this month
how long would it take to negotiate the terms of an offer?"
- as I've said negotiation is not easy bc everybody in my experience wants an inordinate piece of the pie
from p.49 of the 10k:
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
The information required by this item will incorporate by reference such information as set forth in our definitive Proxy Statement (the “2019 Proxy Statement”) for our 2019 annual meeting of stockholders. The 2019 Proxy Statement will be filed with the SEC not later than 120 days subsequent to December 31, 2018.
ITEM 11. EXECUTIVE COMPENSATION
The information required by this item will incorporate by reference the 2019 Proxy Statement for the 2019 annual meeting of stockholders, which will be filed with the SEC not later than 120 days subsequent to December 31, 2018.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The information required by this item will incorporate by reference the 2019 Proxy Statement for the 2019 annual meeting of stockholders, which will be filed with the SEC not later than 120 days subsequent to December 31, 2018.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
The information required by this item will incorporate by reference the 2019 Proxy Statement for the 2019 annual meeting of stockholders, which will be filed with the SEC not later than 120 days subsequent to December 31, 2018.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information required by this item will incorporate by reference the 2019 Proxy Statement for the 2019 annual meeting of stockholders, which will be filed with the SEC not later than 120 days subsequent to December 31, 2018.
49
so .5M design and 1/2 of acquisition costs in escrow acct-probably at time of signing of 3d survey contract -are costs of survey by apr 30
plus possibly portions of a couple of the other costs -
and for that would have to go back to the 10k to see the timeline of these various aspects of the survey-which i have posted several times before-anybody care to do the honors this time?
p.2 of exhibit 99.1 near the end of this filing shows estimated 3d costs
https://www.otcmarkets.com/filing/html?id=13099203&guid=4_r3UW2EGM55Vbh
zn can earn over 100M in revenue before taxes come into play due to carryover losses
compacts exist between israel and usa re taxing of usa corps' earning money in israel to avoid double taxation
p f34 of 10k:
"At December 31, 2018, the Company has available federal net operating loss carry forwards of approximately $190,363,000 to reduce future U.S. taxable income.
Income earned from activities in Israel is subject to regular Israeli tax rates. For Israeli tax purposes, exploration costs on unproved properties are expensed. Tax losses can be carried forward indefinitely. At December 31, 2018, the Company has available net operating loss carry forwards of approximately $132,510,000 to reduce future Israeli taxable income."
p, f43? of 10k Note 13 - Subsequent Events
(ii) Approximately $1,715,000 was collected through the Company’s DSPP program during the period January 1, 2019 through February 25, 2019.
(iii) On February 24, 2019 Zion submitted its work plan for 2019 in accordance with the requirement referenced in Note 1 of its 2019 license extension. This work plan was approved on February 28, 2019.
(iv) On February 24, 2019 Zion submitted a request for approval for a license extension through December 2, 2020 on its Megiddo-Jezreel License. Zion received approval on its request for license extension through December 2, 2020 on February 28, 2019.
just a quick run through:
without bothering to look up official working capital- as of dec 31 CA of 5.37 M exceeded CL of 4.83M for a net of .54M
plus 1.715M raised jan 1- feb 25
plus estimated -based on prior filings 1/3 M raised monthly via DSPP program during periods without a specific fundraising appeal- is ca 375000 extra DSPP from feb 25 to April 30
is ca 2.63M minus op expenses of ca 600k(maybe 550k with victor gone) = ca 1.65-1.8M plus any plugging expense not already paid
an earlier zn chart re 3d expenses-will have to look up- may have allocated 2.5M to actual survey-maybe 1/2 up front-and 1/2 on completion-using an escrow acct
so on contracting may need 1.25 m for escrow acct for survey
if so that may leave only .5 to .6M available as of May 1
i've expected another raise in May since the dec-jan raise only raised 2M during a bad time for fundraising- incessant emotional appeals from non profits from dec forward
anytime from now through mid-may is decent fundraising window
unless jb puts some more in the pot or more is raised via another road trip/conference
we've noted deleks 70% buyin of a concession only 20 crow miles from zn's well
and i noticed a 5% buyin of a concession near the dead sea ca years ago
if jb does not consider it to be giving up -w all the increased interest and new finds not far from zn's concession -might be time for a limited partnership
dont know how much it would raise for a small buyin which does not threaten zn's control
zn mgmt own ca 3%, institutions some what %?
usually need a minimum of 30% stock ownership to start entering the zone where control can be obtained-depending on how loyal stockholders are
so a limited partnership of up to 25% should not threaten current board control
from10k which i cited earlier "(ii) Approximately $1,715,000 was collected through the Company’s DSPP program during the period January 1, 2019 through February 25, 2019."
zn will have to weigh its time constraints-find a commercial body of oil by dec 2,2020 to convert the license to a 30 yr lease renewable for 20 years
Since ZN is an oil and gas company-with current emphasis on the oil-so israel wont have to buy or borrow oil elsewhere,i thank you for helping keep the oil alive here since so many ppls lights/lamps have run out of oil and some never had any oil
as i said the 10k again confirms the oil in the deep section of the well
where they said there was no oil was clearly specified as the shallower zones tested AFTER the deep sections-
they tested the deep sections first bc that was their target, where they expected to and did find oil
true yesterday today and tomorrow-the deep zones did have oil-that has not changed
zn's concession is surrounded on 3 sides by old and new plays:
1)to the west- only 18 crow miles from beit shean--ca 5 mi north of zn's mj1 well-to nazareth-the closet part of that new delek concession east of haifa
2)to the north- the golan wells drilled by afek begin ca 25 miles away to the north
and the palmyra strata where syrias oilfields are includes all of zn's concession
3)the new givot field which starts at elad and then proceeds north and east towards zn's concession could actually possibly enter zn's concession to the west of mj1 IF it is the same narrow width and long length ratio as other oil fields in that area,including heletz(sp?)
and come perhaps within 20 miles or closer of mj1
https://distancecalculator.globefeed.com/Israel_Distance_Result.asp?vr=apes&fromplace=nazareth,Israel&toplace=beit%20shean,Israel
offshore gas is ca 5-7km deep and delek is planning on drilling 5500 meters on its new onshore northern israel concession as jryan reported
zn drilled 5060 meters and the oil they encountered was in the bottom of the well
zn may have just needed to go deeper but as we've noted the now zn ceo dustin said at the shareholder meeting june 5 2018 that due to a series of problems they had to overcome the pipe was only ca 4" at the bottom and they were having to use double or more than double the recommended torque and it was like working with a wet noodle
u must not even have read my posts- there was light oil in the bottom 2 zones tested 1st -there was no oil in the upper zones tested last
exciting times, eh?
Excellent -i agree-ZN is the middle of all these things- stickied your post- surrounded to the n and s and west- and probably eventually to the east
1 of deleks new concessions in n israel as you posted
delek pic to the west
the palmyra strata where syrian oil fields are found includes all of zn's concession!
delek expects the west strata to continue east- new givot field proceeds e and n towards zn's concession,palmyra goes thru zn's concession
those who said there was no oil before drilling and have always said its over for zn makes no sense
part of the problem as tisdal has pointed out is the high expectations that zn's exploratory mj1 well was to be a production well-how many wildcat exploration wells are production wells -very few!
based on petrophyiscs the well confirmed a system and found some oil in the deepest part of the well-which is not bad for an exploratory well
now going to search for the reservoir w 3d mapping
the lowest diameter we have ever heard of from the company was 4 inches-as they noted at the shareholder meeting they had to case and size down earlier than expected
and contrary to the cries that zn has done nothing for 5 months -please! the ca 99 page! 10k just came out less than a month ago-the 10k includes the following info several times -which i have posted several times-
this requires a lot of work and so does negotiation w possibly scores of parties-if you've ever been a negotiator - i was for 17 years - you know negotiation is not easy bc everybody nowadays expects an inordinately large piece of the pie
people have experience with that without realizing it- havent you ever gasped at estimates given by professionals on your house and or yard- i usually end up doing the work myself bc its highway robbery-e.g an estimate several decades ago of 6000 for automatic irrigation that i did myself for $250! ppl nowadays have lost contact w reality and have visions of sugarplums and due to overspecialization they expect to get away with it
from the mar 12, 2019 10k p.4 and elsewhere also:
"The Company has commenced preliminary scouting and survey design to help identify the geologic boundaries of the proposed 3D seismic survey. Additionally, Zion held initial meetings with potential vendors to aid in the 3D seismic planning and acquisition process.
Once the survey design and surface layout are completed, Zion intends to acquire the necessary government permits and negotiate potential surface damages to crops, irrigation piping, and other surface features. Zion believes it will be necessary to import seismic source equipment and autonomous wireless geophones (to record the signal) to acquire the 3D data.
Once data acquisition is completed, interpretation is the final step and will involve integration with, and modification of, previous work by Zion technical staff. Zion’s ability to fully undertake all of these aforementioned activities is subject to Zion raising the needed capital, of which no assurance can be provided." [end of material from the recent 10k]
zn is going thru the process of the 3d mapping program partly bc of these considerations noted on p.4 of the mar 12 2019 10k[note -i usually give cites to my info without throwing it out without a source or cite-so if can be verified -bc my purpose is not to trick or mislead]
if zn had not found oil in the triassic they would be less inclined to proceed w a 3d survey
MJ#1 encountered oil in the Triassic Mohilla formation which Zion believes suggests an active deep petroleum system is in Zion’s license area
from p.4 of the recent 10k:
"While not meant to be an exhaustive list, a summary of what Zion believes to be key information learned in the MJ#1 well is as follows:
1. The MJ#1 encountered much higher subsurface temperatures at a depth shallower than expected before drilling the well. In our opinion, this is significant because reaching a minimum temperature threshold is necessary for the generation of hydrocarbons from an organic-rich source rock.
2. The known organic rich (potentially hydrocarbon bearing) Senonian age source rocks that are typically present in this part of Israel were not encountered as expected. Zion expected these source rocks to be encountered at approximately 1,000 meters in the MJ#1 well.
3. MJ#1 had natural fractures, permeability (the ability of fluid to move through the rock) and porosity (pore space in rock) that allowed the sustained flow of formation fluid in the shallower Jurassic and lower Cretaceous age formations between approximately 1,200 and 1,800 meters. While no hydrocarbons were encountered, Zion believes this fact is nonetheless significant because it provides important information about possible reservoir pressures and the ability of fluids to move within the formation and to the surface.
4. MJ#1 encountered oil in the Triassic Mohilla formation which Zion believes suggests an active deep petroleum system is in Zion’s license area. There was no natural permeability or porosity in the Triassic Mohilla formation to allow formation fluid to reach the surface naturally during testing and thus the MJ#1 was not producible or commercial.
5. The depths and thickness of the formations we encountered varied greatly from pre-drill estimates. This required the MJ#1 to be drilled to a much greater depth than previously expected. Zion has tied these revised formation depths to seismic data which will allow for more accurate interpretation and mapping in the future.
A summary of what Zion believes to be some key questions left to be answered are:
1. Is the missing shallow Senonian age source rock a result of regional erosion, or is it missing because of a fault that cut the well-bore and could be reasonably expected to be encountered in the vicinity of the MJ#1 drill site? Zion believes this is an important question to answer because if the Senonian source rocks do exist in this area, the high temperatures encountered are sufficient to mature these source rocks and generate oil.
2. Do the unusually high shallow subsurface temperatures extend regionally beyond the MJ#1 well, which could allow for the generation of hydrocarbons in the Senonian age source rock within our license area?
3. As a consequence of seismic remapping, where does the MJ#1 well lie relative to the potential traps at the Jurassic and Triassic levels and was the well location too low on the structures and deeper than the potential hydrocarbons within those traps?
As a result of these unanswered questions and with the information gained drilling the MJ#1 well, Zion now believes it is prudent and consistent with good industry practice to try and answer some of these questions with a focused 3D seismic imaging shoot of approximately 50 square kilometers surrounding the MJ#1 well.
The Company has commenced preliminary scouting and survey design to help identify the geologic boundaries of the proposed 3D seismic survey. Additionally, Zion held initial meetings with potential vendors to aid in the 3D seismic planning and acquisition process.
Once the survey design and surface layout are completed, Zion intends to acquire the necessary government permits and negotiate potential surface damages to crops, irrigation piping, and other surface features. Zion believes it will be necessary to import seismic source equipment and autonomous wireless geophones (to record the signal) to acquire the 3D data.
Once data acquisition is completed, interpretation is the final step and will involve integration with, and modification of, previous work by Zion technical staff. Zion’s ability to fully undertake all of these aforementioned activities is subject to Zion raising the needed capital, of which no assurance can be provided." [end of material from the recent 10k]
your inferences that zn lied in the feb 2018 pr's re the presence of oil [in the triassic zone] and then said 9 nine months later there was no oil is wrong and misleading in at least 2 respects
the feb 2018 pr's and the 8k's and 10q's which discuss the well-i just posted the aug 17 8k of the aug 16 pr- point out there was oil in the triassic zones -the lowest part of the well
those zones were tested BEFORE the disclosure which you now refer to-"Jurassic and Cretaceous-age Formations" which after being tested show no hydrocarbons
the implication that there were no hydrocarbons in the well and that zn lied about that is totally misleading
get it? upper levels referenced by the disclosure which you conveniently didnt give access to-no oil
lower levels had oil but not enough to be commercially productive
the lower levels were already tested and reported as having oil which is why the lower levels-triassic- were not mentioned in the disclosure to which you refer without giving the cite-hoping i wouldnt find it
[u]none of the levels below include the triassic- which is made perfectly clear; "within the Jurassic and Cretaceous"
i just provided the depth in km -showing the bottom of the well-where the oil was found-reached 5km- 5060 meters
zn has said the triassic started either below 3500 or 4000 meters-i'm not going to look that up right now bc the point has been sufficiently made!!!
Item 8.01 Other Events
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.
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:
1. Zone 1:
a. 3,468-3,461 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.
2. Zone 2:
a. 3,455-3,446 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.
3. Zone 3:
a. 3,325-3,310 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.
4. Zone 4;
a. 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.
5. Zone 5:
a. 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 16 th , 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.”
i wasnt trying to correct you-i was backing you up against the mistaken without basis cries of kerogen etc
cries of kerogen arise from the swamp bc its less valuable and must be heated to extract oil and from what i've seen is often associated with oil shale,which is why cries of oil shale arise, when there is no kerogen or oil shale associated with zn's mj1 well
sweet is light sulphur - a good thing in both oil and iron
and light is easier to process partly bc of very little impurities and thus more valuable
so the oil zn encountered -though in non-commercial quantities so far,is at least a good quality oil,if they can find where a reservoir is hiding
https://www.thebalance.com/the-basics-of-crude-oil-classification-1182570
https://www.glossary.oilfield.slb.com/en/Terms/k/kerogen.aspx
sorry -dont see any mention of sweet oil in the feb 13 and feb 26,2018 pr's,but it was light oil- just not in commercial quantities of course-though the initial 90-110 barrels /day of light oil, water and completion fluid was initially encouraging-and to this day i dont know why they didnt follow up on that-unless israel nixed their chosen method to do so
not kerogen-theres never been a company mention of kerogen to my knowledge and certainly not supported by the dd we've seen on this board-and zn's concession is not in any known oil shale zone as per the oil shale map posted many times
sweet oil has been mentioned on this board and i thought i saw a mention of sweet oil -maybe by former ceo victor -either in a pr or a filing-or could have been in ir comment to maybe tisdal- only more dd would answer that- but it was light oil -not kerogen or brockwurst or toothpaste
so its not correct when some say 'no oil' - 'no commerciality yet' would be a more accurate statement-and that of course is why they are doing the 3d- you know these things -but i'm saying them for the benefit of everybody-e.g to see if a fault line displaced an oil bearing zone etc bc they had all the features of a system-cap rock, high pressure under cap rock etc-high temperature etc-the oil guys here can better describe that-since these things are sometimes misconstrued by some
Zion Oil & Gas Successfully Drills, Logs, and Cases Deep Israel Well
Petrophysical Analysis Supports Possibility of Multiple Hydrocarbon Bearing Zones
DALLAS and CAESAREA, Israel, February 26, 2018 /PRNewswire/ — Zion Oil & Gas, Inc. (NASDAQ: ZN) announces that it has successfully drilled its Megiddo-Jezreel #1 well to a total depth of 5,060 meters (~16,600 feet). Zion also successfully obtained three open-hole wireline log suites (including a formation image log). The well has also been cased and cemented in preparation for upcoming testing of multiple zones of interest, including zone(s) where free-flowing hydrocarbons were collected after circulating mud in the borehole.
Zion’s President and Chief Operations Officer, Dustin Guinn, stated, “We are extremely pleased with the completion of drilling of the MJ #1 well. While it may have taken longer than we would have liked, we had more than 119,000 man-hours with zero recordable incidents while drilling more than three miles into the earth. On a wildcat exploration well, this is an achievement in which all involved should take pride. We also recognize that the goal of this well was to find oil, and we can say with absolute confidence that we were successful in attaining that goal. The next crucial step is being able to effectively test and establish the well’s commerciality. I am excited about this phase as it will be a crucial and historic moment for Zion and its shareholders.”
Zion’s CEO, Victor G. Carrillo, added, “The logs appear to confirm what we know from seeing oil mixed in with the mud – that we encountered live oil in the deep portion of the well. We still await a full interpretation of the image log obtained in our last logging run to ascertain fracture location and intensity. Our interpretation, supported by third party petrophysical analysis, shows multiple zones exhibiting key properties that we will test for production capacity. We cannot comment on the well’s capacity for commercial production until after we conduct and analyze our well testing protocol, which we anticipate to take place in April. We will endeavor to provide further updates as material information becomes available.”
zn's been doing lots of things in the last 5 months, including preparing for the 3d survey- those who do their dd will know that
now that victor is gone -how many exec salaries are there left -and the chairman has invested probably millions of his salary in the project-see tisdals posts
these are planned pipelines by derek drilling -
from the aug 16 or 17 2018 8k
"We encountered oil at a depth of between 16,415 ft and 16,500 ft during drilling operations, when we circulated bottoms up. The oil was separated and tested internally and externally through our mudlogging company’s chromatograph, indicating “Light Oil” based on the chemical composition of the analyzed stream."
cowboyeeee -look up the feb 13, 2018 pr-it might have said 'sweet' oil
the ff is a link for the 'light oil'-might say sweet in there somewhere also- i saw sweet somwhere
one who misunderstood was also mistaken- subsurface rights are held by most governments -not by the surface landowner-so u were right -and i'm sure israel appreciates the info provided to them on the subsurface waters by zn's mj1 well
https://www.otcmarkets.com/filing/html?id=12923779&guid=fqY3UKFgA0pGp8h
"Of those 3 licenses Delek just purchased, 2 are for ONSHORE ISRAEL Oil Exploration"
yes -as i noted earlier i saw the graphic on those 2 northern israel onshore 70% buyin licenses -near haifa and eastward-but have not refound the graphics again
they obviously feel there might be some connection between the large offshore israel fields and onshore israel
but i didnt save the graphics-was when i 1st became aware of delek and started researching delek- starting w delek drilling which in the usa is on the grey market! -which initially confused me bc delek is a billion dollar company and the 1st such one i remember being on the grey market
delek emphasises tel aviv exchange but their oil and gas plays(as they complete their divestiture from non E and P plays) are now hitting gulf of mexico and north sea also
so they should upgrade some of their subsidiaries on the usa otc market
below is 1 of 3 graphics i just uploaded re their nearshore israel works
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I've seen enough articles re saudis draining reserves,as per mark taylors words and “Twilight in the Desert,”, to surprise me when aramco was even being considered for an ipo,bc that would force them to open the secret books after 40 years
russia's oil wells are declining ,partly due to politically mandated overuse in the soviet era
leaving the usa as now the largest and growing oil and gas producer,as per articles posted before, with new pipelines removing roadblocks to larger us production,also as per taylors words
thus leaving only israel oil production lagging-the last piece to be fulfilled
your quote did not come from the 10k or the brown gang- it was my summation of things which logically would be taken into account in forming the parameters of the 3d area
it was not in quotes like the 10k material and was separated from the 10k quoted material by a large margin etc
and btw i'm not a promoter and have never had anything to do with promoters and as i told janice ca 2013 promoters would sell their own grandmother for a penny-or was it a nickel due to inflation-so there's no need to continually imply i'm a promoter by repeatedly scribing Microcap scam as a play on my moniker-a moniker which is no longer applicable but too late to change it now-i chose it back when my best friend who dragged me into stocks to help him was trading those kinds of stocks-and he at first made a 40 fold return in 6 months
since some kept saying zn wasnt doing anything-if one looks at the 10k portions which i have posted before all these preliminary steps are doing something and necessary
choosing from all the possible contractors and different methods or nuances they use and negotiating a contract with them is important and is not easy-
negotiating is never easy bc almost everybody always wants an inordinate piece of the pie
that would make sense because chevron ended its 4 year long?contract for dafora's rigs-
so dafora probably doesnt have any better place for its rig on loan to zn to go-and would not make sense to move the rig twice-
dafora would probably wait until they had no other rigs left to lease and until they had someplace else for the rig to go
also the 10k silence on the subject would usually mean the status quo-leaving the rig at the drilling pad,where zn hopes to drill another well based on 3d results
just another reminder of the next operational event-following p F43 of the 3-12-19 10k
from exhibit 10.6:
"Submission of seismic survey plan to the Commissioner and execution of an agreement with a contractor to perform [such survey by]30 April 2019 "
as noted by the 10k zn has raised over 1.7M to feb 25 this year and has done a lot of preparation for the seismic survey,including designing the parameters based on previous 2d surveys and other info and perhaps the increased oil onshore israel interests by oil co's and discoveries by such