Zion Oil & Gas Inc (ZNOG)

[Watermallen]

CascadeInvestments: I disagree with your assessment
...based on the reported numbers from the Form 10-Q:

Our working capital balances, exclusive of the non-cash derivative liability amounts, were $3,250,000 at June 30, 2018
We estimate that, when we are not actively drilling a well, our expenditures are approximately $600,000 per month

That puts the drop-dead date around mid December.
If they do indeed choose to pursue additional testing, they have about 4 months from today to get it done.
The rationale provided for more testing is:

There are multiple identifiable targets and objectives that have been observed based on drilling, testing and petrophysical analysis, which we have yet to test.

However, they seem to indicate that additional testing is contingent upon raising funds. If that is the case, the whole point of what cash remains and when they run out is moot, because all testing stops now and the fat lady takes center stage - unless they go for broke. Someone should ask them if they are continuing to test right now, while they attempt to raise capital. If the answer is "no", I am rather dubious about them obtaining sufficient funds any time soon, if ever.
To all the faithful longs: my apologies for a pessimistic take on the news. It truly is heartbreaking. If they can somehow continue to test the lower, and especially the upper, there is still a chance for a miracle.