<< Zion found the estimated flow rate of 90 to 120 barrels using third party petrophysical analysis >>
OK, I found the reference. It says that they found "FLUID" flowing at that rate. It wasn't pure oil.
Quote: "the data confirms the well artificially flows at a rate of approximately 90-110 barrels of fluid per day in the zone between 16,415 and 16,500 ft. We are still swabbing completion fluid as of this writing and the results of the well are inconclusive at this point as to whether the well will establish natural flow and what the volumetric contribution of oil and water will be."
As a matter of fact, it says that there were only "minor amounts of oil" in the fluid:
Quote: " Upon circulation of the acid out of the wellbore, minor amounts of oil were observed while taking small samples of the fluid being circulated out of the wellbore."
Zion Oil launched an immediate capital raise after this update was released.
Of course Zion couldn't say it was OIL, because it was a dud well. However using the term fluid was ambiguous enough to deceive the faithful out of more money.
This company is a fraud that has preyed on the most naïve for its entire existence.
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