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PRESS RELEASE
Zion Oil & Gas Drilling Rig Set to Depart for Israel
Zion drilling rig is set to depart by ship on October 21 and arrive in Israel on October 27, 2020.
DALLAS, Texas, and CAESAREA, Israel, September 21, 2020
Zion Oil & Gas, Inc. (OTCQX: ZNOG) confirms transportation arrangements for its drilling rig from Romania to Israel.
“We are thankful for the many challenges the Zion team has been able to overcome,” stated Zion CEO, Robert Dunn. “Despite the global challenges this year, we look forward to the Zion rig arriving at our drill site in Israel soon.”
ZION OIL & GAS DRILLING RIG
Zion’s drilling rig crew is mobilizing in preparation for an estimated nine (9) days of overland transport in Romania to its departure port. Once at the port, Zion has a confirmed vessel date for sea transport to be October 21, 2020, from Romania and arriving at Haifa port in Israel by October 27, 2020.
Zion’s local logistics group in Israel is currently finalizing the rig importation customs paperwork. The first group of rig personnel visas are approved. Once in Israel, the rig-up crew and spudding crew will be required to quarantine in Israel for fourteen (14) days. Both crews are estimated to arrive in Israel by mid-October, 2020.
OPERATIONAL HIGHLIGHTS
In preparation for the rig arrival, setup, acceptance testing, and spudding the Megiddo-Jezreel #2 well, the conductor pipe has been set to a depth of 110 feet, the cellar has been completed (dug and cemented), and other finalizations of the pad are ongoing.
Zion has finalized arrangements for such essential services as directional drilling services, mudlogging services, wireline/logging services, and cementing services. Much of the necessary additional equipment needed such as drill pipe, casing, mud, chemicals, wellhead, a blowout preventer (BOP) and drill bits, has also been contractually secured by Zion.
Zion’s drilling crew will complete a water well monitoring program in compliance with the Megiddo-Jezreel lease agreement and Water Authority mandate before spudding the Megiddo-Jezreel #2 well. The estimated completion time for the water monitoring program is fourteen (14) days. Upon completing the well monitoring program, the Megiddo-Jezreel #2 drilling campaign will begin, and Zion will spud the well.
WARRANT EXPIRATION DATES EXTENDED
On September 15, 2020, Zion executed an Amendment to certain Warrant Agent Agreements between Zion and AST Financial to extend the expiration date of all outstanding warrants by two (2) years.
“We will do all that we can to support the Zion shareholders who have invested with faith,” expressed John Brown, Zion’s founder and board chairman.
Details on Zion’s warrant extension can be found within the 8-K filing with the SEC filed on September 21, 2020, and Zion’s website (www.zionoil.com/dspp/exercise-warrants).
