Zion Oil & Gas Inc (ZNOG)

[KyOil]

True, alancg, Zion did find and analyze oil in MJ01. See quote from Aug 16, 2018 update and link to the update below:

We encountered oil at a depth of between 16,415 ft and 16,500 ft during drilling operations, when we circulated bottoms up. The oil was separated and tested internally and externally through our mudlogging company’s chromatograph, indicating “Light Oil” based on the chemical composition of the analyzed stream.

https://www.zionoil.com/updates/zion-oil-gas-confirms-active-petroleum-system-in-megiddo-jezreel-1-well-in-israel/

I'm also confident that the MJ02 oil has already been analyzed. MJ02 had to be declared a discovery in order to get the license extension that Zion is currently operating under. MJ02 had just finished being drilled when the extension was granted. The log suite had not been run yet, and certainly official testing (DST) had not started yet; therefore the logs and DST were not the discovery evidence for the extension. But just as in MJ01, when MJ02 was "circulated" with mud pumps, oil came to the surface; it was collected and analyzed. So, they've known since at least by Dec of 2021 what type of oil is in MJ02.

Term "circulated" means pumps on the rig force mud down the inside of the drill pipe. After reaching the bottom, the mud and formation fluids return to the surface in the annulus (outside of the drill pipe and inside casing or open hole). In order to free-flow formation fluids, the mud has to be lighted or removed completely as otherwise it has the hole filled so that formation fluids can not enter the well bore and rise to the surface.

MJ02 probably also out performed MJ01 in that OIL in MJ02 free flowed to the surface when the mud was removed. MJ01 only free flowed about 100 barrels per day of fluid to the surface, and this fluid was reported after the Aug 2018 update to be water. My speculation is that MJ02 free flowed fluid with substantial oil content at least by Dec 2021.

Glad everyone is doing their DD and owning their investment decision, and thank you for good posts towards that end!