PRESS RELEASE Zion Oil & Gas Israel Drilling Update
Successfully Ran Open Hole Logs and Installed Casing Liner
DALLAS and CAESAREA, Israel, November 2, 2017 – Zion Oil & Gas, Inc. (NASDAQ: ZN) continues active drilling operations at its Megiddo-Jezreel #1 well in Israel, near the eastern border with Jordan. After drilling to a depth of ~10,965 feet (~3,342 meters), Zion successfully ran open-hole logs and installed and cemented the 7” casing liner from ~10,925 feet (3,331 meters) to ~6,224 feet (1,897 meters).
Zion’s President, Dustin Guinn, says, “As a result of the increased level of gas, positive logging results, and belief that we are approaching a key zone of interest, coupled with the fact that we had an extensive amount of open hole (~4,400 feet), we made the decision to case this section of the well. After encountering a material section of shale, followed by a return to fractured carbonates with continued increasing hydrocarbon indicators, we felt it was in the best interest of all involved to take a conservative approach to protect the wellbore and help ensure we can successfully reach our target depth (TD). While it is a deviation from the original well plan which initially planned to drill to our target depth without making an additional casing run, we feel that ensuring well integrity is of paramount importance. We recognize that while this change of well plan may, in the short term, extend the time to reach our target depth, we feel it is a course of action that is not only prudent but in the best interest of our shareholders and all involved. Our goal is to ensure that we can reach our desired TD and this plan provides the best opportunity to do so safely” (Isa 14:24).
We expect that the additional equipment that has been ordered, such as smaller diameter tubulars, drilling bits, and well control equipment needed to drill out from below the casing shoe, will arrive in Israel in late November. They will be coming from countries such as Scotland, Italy, and the UAE. Drilling will re-commence immediately thereafter and we expect, barring any material drilling difficulties, to complete drilling to TD in late December.
From everyone at Zion, we want to sincerely thank you for your continued support and we ask that you pray for continued safety, protection, and provision (1Thes 5:16-18).
