Encouraging coverage in World Oil's regional report of the Eastern Mediterranean:
"Zion Oil & Gas also has had a promising year in Israel. In early June, the company announced that it had spudded the Megiddo-Jezreel #1 well in the Jezreel Valley, south of the Lower Galilee region. CEO Victor Carrillo said, “It has been a complicated and difficult multi-year journey to get to this point, but our entire team is very excited to see this project finally come to fruition. We anticipate drilling through at least four different geologic strata with oil and gas potential.”
Situated within the onshore portion of the Levant basin, the Megiddo-Jezreel license area is an exceedingly prospective zone. According to Zion, an independent study conducted by Beicip-Franlab in 2015 determined that up to 6.6 Bbbl of oil in-place have yet to be recovered from the basin’s offshore area."