This board has discussed the differences between Givot Olam and Zion Oil and Gas several times. The 800 bopd for years at the same depth and formation by Givot Olam was in response to an off the wall claim that oil could not be produced at MJ#1 depth due to permeability. lol until it hurts.
To summarize the difference again between Givot Olam and ZN
1. Both discovered oil in the Mohilla Triassic.
2. Givot Olam produced at least 3/4 million barrels whereas ZN has not started production yet.
3. MJ#1 (ZN) is closer to the deep source rock than Meged 5 (Givot) as evidenced by higher gas pressure.
4. Givot Olam is financially constrained and could not raise capital to complete their work program.
5. Givot Olam does not have the deep team that ZN does, also a factor in not completing their work plan.
6. Givot Olam's lease was cancelled by the Energy Ministry for not completing their work plan to develop the field while ZN was given a generous two year extension on their license because of the exceptional work they are doing.
Thanks for bringing the subject up as it highlights several items that are positive to ZN:
A. Oil is known to exist in the Mohilla.
B. The Energy Ministry is serious about companies completing their work plan to extract oil and gas known to be there. Therefore the 2 year extension given to ZN is a very positive sign.
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