Zion Oil & Gas Inc (ZNOG)

[tisdal]

Zion responded on May 31 Test results deadline.

I am paraphrasing (i.e. these are my words).

Zion is currently discussing this with Israeli Energy Ministry. Remember that Zion and the Israeli Energy Ministry (IEM) have a very good relationship.

IMHO, IEM is willing to forego the "official" rescheduling of the MJL required contractual terms.

Zion has been performing their responsibilities in "good faith". The required documentation due dates are set to make sure Licence holders dilligently pursue hydrocarbon exploration. There is no doubt Zion is doing just that.

It has been estimated that Zion has incurred a 3 month hit to its drilling schedule overall due to the required observance of Shabbat and other Jewish holidays over the course of drilling and testing the MJ#1.

IMHO, in deference to the schedule hit, the cost incurred due to the required observances, based on Zion's and the IEM's strong relationship, Zion's active pursuit of hydrocarbons, and the fact that they are actively testing a well where oil has been encountered, the IEM may waive the deadline with a handshake agreement that the results are forthcoming as soon as they are available. They may also make Zion agree to run any press releases by them prior to announcing the actual characteristics of the discovery.

Again, my words.