Zion Oil & Gas Inc (ZNOG)

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this is my only involvement w the oil industry so i dont know how common this practice is
the 10q's and 10k's always reveal extensions of current licensing agreements and at least sometimes indicate how much time is left on the license -last 10k or so indicating Aug 1 2022 to be the end of this license with no renewal-absent an agreement of minds on legal principals of force majure etc - none of which ZNOG has mentioned as an avenue to extend a license

and i guess they dont need such legal principles if they can bypass legal principles via an administrative process(where they could use the same arguments)
below is an example of extending license over the same area as before via a new license over that same geographical 99000 acre area

https://www.otcmarkets.com/stock/ZNOG/news/Zi...?id=282389

Now they are asking for another new license over the same area via an administrative process
https://www.otcmarkets.com/stock/ZNOG/news/Zi...?id=356628

not being an oil person nor that familiar with rapidly moving target evolving Israel oil laws nor their oil administrative process, the ability to simply extend licenses beyond the last possible extension via a new license over the same area is an interesting twist to me
but removes a lot of uncertainty going forward and gives ZN more time to prove a commercial field

if a commercial field is proved the license is converted to a production lease of varying term limits in individual nations,e.g 30 years renewable for 50 years

so does that mean ZN expects more time to prove a commercial discovery due to possible delays since their schedule of production testing has been forecast to be the next several weeks- i dont know -just thinking as i write
delays are the norm for every company i've seen -just as in our own lives-maybe they are cognizant of that-though in the last? john brown missive he expected the commercial discovery this year

an oilman on this board would have to explain why apply for a 3 yr exploration extension instead of a production license if they assume a commercial field is shown by aug1-but it makes sense to cover all the bases until they do prove a commercial field

from everything i've seen in dealing with mineral licenses-and i dont see why oil licenses wouldnt be the same- when they are converted from an exploration to a production license - the license area should be coterminous with-cover the same territory- licenses are granted with written requirements from
the govt levied upon the grantee (license holder) who extends considerable money on the license which benefits the state

besides, sometimes much of the IP info produced by the licensee which benefits the state is held confidential -and it would take time and money for a new licensee to catch up -which would not benefit the state


in fact what is most likely occurring in the administrative front -which is more informal and private than a public courtroom front- is the same principles of reliance, investment based on promises made, and force majuere- but in asking for a 3 yr extension they are relying on implied and actual contracts more than force majuere