So, finally we are updated on actual 3d permitting etc progress in the field and with Israel ministry
1)contracted with contractor for permitting activities in the field: "Zion has now formalized the scope and performance of that work with a signed agreement with Zion's contractor as of July 1, 2019."
The timing of such contract - 4 days after the fundraise ended - may mean as usual zn does not contract until they have the funds to satisfy an obligation -and thus no debt (except usual course of business payables -which cant be avoided-and the senior convertible notes - which are convertible into stock and thus only create a conditional liability)
Actual permitting activities are taking place in the fields/land where the survey will take place
states/governments reserve the rights to subsurface which then yields the power of the state to force landowners to comply with surface activities required for such,but landowners must be made whole for any damages-so the prospective damages (probably mainly to crops or irrigation pipes-but damage to crops will be minimized as most fields will be fallow during the dry later spring/summer actual survey by the vibrating trucks) are being assessed with landowners
2) zn has confirmed via PR/filing that the survey area will be 72 sq kilometers- the map in the email they sent everybody who signed up for emails -shows what looks like a square survey area or very close to a square-cant tell for sure- this may be the most efficient way to survey-and from articles i've read the larger the surface area, the deeper the survey results/pinging underground-which may be especially important since all of their exploratory well (td of 16600 ft or 5060 meters) oil shows were deeper than 15500 feet.
3) binding agreements for 3-D seismic landowner permitting services and for consulting services in connection with the required approvals from the Israel Ministries of Transportation and Communication for importation of the seismic equipment-this isnt done everyday onshore israel,so zn has been one of the pioneers for such work onshore israel
4)ex ceo and drilling specialist Mr Guinn brought in his long time acquaintance /friend Mr Dunn from Viking to do the COO work for the 3d survey
"We are enthusiastic about the progress we have made to date with the 3-D program permitting process and other required approvals," stated Zion's COO, Robert Dunn.
5)LEGAL UPDATE
''In both the shareholder class action litigation in federal district court in Dallas, Texas'',[where zions motion for summary judgment was filed ca Mar 13] and in the consolidated derivative litigation in federal district court in Delaware, Zion, through its attorneys, has filed Motions to Dismiss all litigation, which Motions are now under consideration by the respective courts.''
Unless the plaintiffs suing zn have added items of substance to their complaints, zn's motion to dismiss the cases [essentially as being frivolous] has a good chance of being approved,for plaintiffs at least in dallas are trying to retroactively and substantively imo change the law of notice- i've addressed this before
Imo. Do your dd before investing. I'm not a financial adviser nor compensated for my posts. They don't believe what they say, so why should you?
