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Replies to post #49186 on Zion Oil & Gas Inc (ZNOG)
Moskowitz stated on behalf of Zion oil and gas the following:
“This new exploration license application will further our current and future work plans in Israel”
It appears that the operations of Zion oil and gas have given them confidence enough to further their future plans. The use of the word ‘further’ tells me that oil has been discovered.
If oil, and a lot of it had not been discovered, the new permit Zion seeks to drill another well would likely not be granted.
For a new license to be granted to drill another well, to explore for oil – at this pre testing stage – must be based on sound information the Israeli Ministry of Energy are privy to.
Given the current climate of Israel going all green due to the climate change agenda, Zion must have hit the mother of all oil discoveries.
Of course since Israel’s new government stated they will not issue new onshore oil exploration or oil production permits, we later found out that this did not relate to existing license holders.
Nevertheless, under Israel’s petroleum law of further drilling, Zion oil and gas needs to show good evidence that it has discovered oil from MJ-02 for its chances of being granted a permit to drill another well.
Of course you might argue that testing had not began at the time of its Press Release on 11 May 2022.
And what with the war in Ukraine, the world is in a dire need for oil supplies.
We have seen the price of crude oil exceed $120 per barrel post lockdowns.
AI
