Zion Oil & Gas Inc (ZNOG)

[Porgie Tirebiter]

Outstanding Shares: 410,421,939 as of 02/07/2022

Outstanding Shares: 434,717,503 as of 03/15/2022

They've diluted the equity another 6% in five weeks.

With the recent run up in oil prices one would think anyone who had confidence there is oil in MJ#2 would be incentivized into expediting testing and moving on to production.

On the other hand, anyone who lacked confidence there was oil in MJ#2 would be incentivized to keep quiet and drag out the testing program for as long as they could get away with it while continuing to dilute existing equity into oblivion.

ZNOG management is in the best position to know whether there's likely to be oil there or not.

After a quick perusal of the 10-K, maybe it's pretty clear which of those two scenarios ZNOG management is following?