Zion Oil & Gas Inc (ZNOG)

[KyOil]

Implications of the March 13, 2023 PR and Units Program

1. Zion still does not have a license renewal. Disappointing.

2. They hope that the stimulation techniques used on MJ02 will work on MJ01. This is what I assumed and posted when the MJ01 re-entry plans were first announced. Might work and might not. They have more data now, which always improves the odds of success, but its still a long shot.

3. Units program might be a signal that THE Whale is not funding the MJ01 re-entry effort. The 10K should be out soon and will have info on this.

4. The warrants strike price of $0.05 will likely drive the pps down to $0.05 during the units program offering. It is unlikely that good news will be announced during the units program since the funds are required for re-entry and good news will only come with successful re-entry. I am assuming that announcement of the license extension is not the good news that will drive the pps up since the market is expecting the license to be renewed. So, the pps will probably go down to the warrants strike price due to arbitration.

5. The exercise time for the warrants is very tight - 90 days. This is probably an indication that Zion believes results will be announced timely. But it also means there is risk that good news will not come until after the warrants expire.

Everyone do your own due diligence and own your decision to buy/hold/sell.