Zion Oil & Gas Inc (ZNOG)

[Moses1492]

Look at timing. ZN management likely has clear early test results of MJ2's deepest target zone and they are likely just moderately encouraging (maybe like Givot's well that was barely a producer) - obviously by body language/lack of smiles/optimism not the gusher we had been hoping for. The other "zones" of interest are likely the same ones found and already tested extensively (even fracked) in MJ1. Remember we are drilling into the exact same formation of MJ1 just 500 ft deeper. Obviously the zone of greatest interest was the targeted deepest depth of MJ2 and ZN likely has early indication flow tests (assuming we test wells working bottom up). It seems the timing of ZN's recent application for an extension of lease exploration is just that and may have been triggered by early underwhelming results - a hedge in case MJ2 is not a producer - but yet may still warrant a favorable continued exploration lease given additional promising hydrocarbon shows.

https://www.zionoil.com/updates/zion-oil-gas-operational-update-for-license-428-in-israel/

Press Release: Zion Oil & Gas Operational Update for License #428 in Israel
May 11, 2022
Zion Oil & Gas Operational Update for License #428 in Israel

Zion files for a new exploration license in the Megiddo-Jezreel Valley.

DALLAS, Texas, and CAESAREA, Israel, May 11, 2022
Zion Oil & Gas, Inc. (OTCQX: ZNOG) files for a new exploration license in the Megiddo-Jezreel Valley on the same 99,000 area as the previous #401 license and the current #428 license.

“This new exploration license application will further our current and future work plans in Israel,” stated Vice President and Managing Director in Israel, Jeff Moskowitz.

All well-testing, completion, and stimulation equipment are at the Haifa port or on location in Israel for the next phase of Zion’s operations.

Zion’s MJ-02 well has been completed through casing, liner, and cementing. Ongoing operations include well stimulation and DST testing. All necessary equipment to conduct the well stimulation and DST testing are in-country despite the global logistical backlog.

Simultaneously with the new exploration license filing, Zion has submitted a petition seeking administrative approval of a term of three-years for the #428 exploration license under Israel’s petroleum law.