Zion Oil & Gas Inc (ZNOG)

[Porgie Tirebiter]

And then after putting out that misleading (at best) PR, they don't finally come clean with their investors for another nine months while continuing to offer additional derivative based "placements".

Zion's Chief Executive Officer, Dustin Guinn commented, "Unlike the lower Triassic zones, two of the multiple zones we tested within the Middle Jurassic and Cretaceous had sufficient permeability and porosity to flow to surface, as outlined below:

Zone 1:
3,468-3,461 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.
Zone 2:
3,455-3,446 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.
Zone 3:
3,325-3,310 meters would not flow naturally to surface. The fluid characteristics obtained while swabbing indicated high chloride brine.
Zone 4;
1,784-1,775 meters flowed naturally and continuously to surface. The fluid characteristics obtained from monitoring samples taken while the well was flowing indicated low chloride water.
Zone 5:
1,232.5-1,228 meters flowed naturally and continuously to surface. The fluid characteristics obtained from monitoring samples taken while the well was flowing indicated low chloride water.
The fluid did not contain hydrocarbons, and further testing at this time is not warranted. Zion is currently in discussions with the Israeli government on plugging obligations. Given the thermal gradient, flow rates, surface pressure and low salinity, certain ministries within the Israeli government have made requests of Zion concerning the use of the well as a water monitoring well. Zion will review the economic impact and obligations as a result of this request to determine a prudent plugging plan.

It's pretty obvious the Israelis finally became fed up with ZN jerking around with possible aquifer contamination in one of their most productive agricultural areas and finally forced them to knock it off, plug it, and provide provision for monitoring the result.