PRESS RELEASE
Zion Oil & Gas Drilling Operations Exceed One Mile Depth in Israel
Company successfully raises sufficient funds to drill and test MJ #1 well to proposed total depth
DALLAS and CAESAREA, Israel, July 20, 2017 -- Zion Oil & Gas, Inc. (NASDAQ: ZN) continues active drilling operations at its Megiddo-Jezreel #1 well in Israel. As of today, we have reached a depth of approximately 5,345 feet (~1,629 meters) toward a proposed total depth of up to ~15,000 feet.
Zion’s CEO, Victor Carrillo, says, “We continue to be very pleased with the operational drilling progress. We’ve observed no notable drilling concerns and have experienced no recordable safety incidents whatsoever. Beginning Sunday after Shabbat, we plan to run a suite of wireline logs from the current depth up to the level of our prior logging run before we set and cement 13 3/8 inch casing to the surface. After the cement fully sets, and we ensure the integrity of the casing job, we will proceed to drill deeper toward our next logging and casing point.”
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