KyOil, another consideration is that Zion ...
... is required to Submit program for continuation of work under license. It appears they will have to file for another extension. I assume they have been working on this continuation of work under license document and planning testing during this down time at the site.
According to the 10Q, Zion :
On June 14, 2018 Zion submitted its Application for Extension of Continued Work Program Due Date on the Megiddo-Jezreel License No. 401 .
The additional time was necessary because the Company had still not completed testing and evaluating all planned testing zones.
On July 1, 2018, Israel’s Petroleum Commissioner granted Zion’s work program report extension to November 1, 2018, as shown below.
No. Activity Description Execution by:
1 Submit program for continuation of work under license 1 November 2018
Therefore, Zion now has until November 1, 2018 to decide on and provide a continued work program for our license area and until late in 2019 to spud a 2 nd well.
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