Sorry, I figured everybody would be getting it in email (no link of course on an email), but it was after hours anyway before I got it, 5:32 EDT, too late to help. In all fairness, they probably should have waited until Saturday to send it out because of after-hours trading. Here's the part about the wells. The rest is about the rights offerings. Everything below here is pasted from the newsletter. Dee
QUOTE:
With regard to our operations on the Ma'anit-Joseph #3 well, as you know, on June 13, 2011, we reached our target depth of approximately 19,357 feet (5,900 meters) in Northern Israel, after which we carried out open-hole wireline logging operations to learn more regarding the well's lithology (rock types) and hydrocarbon potential.
The interpretation of the logging was carried out simultaneously in the USA and in Israel. Both our internal assessment and the independent assessment of the logging results were not what we had hoped for. Based on the interpretation of the logging data that we obtained, there is little chance that the Ma'anit-Joseph #3 well contains hydrocarbons in commercial quantities.
However, as we previously reported, during drilling we recorded significant natural gas shows and to date we continue to observe natural gas shows. To keep the well's borehole stable, we have kept the drilling mud heavy, yet the natural gas is still able to push through the heavy mud, so the natural gas appears to be under relatively high pressure at depth.
Based on available information and analyses, we have determined that it is in Zion's best interest to test the well, despite the fact that based on the log interpretation there is little chance that the well contains hydrocarbons in commercial quantities. If we do not test the well, then we will never know with any degree of certainty the production capacity, if any, and possibly, at a later date, some other exploratory company may re-enter the well that we drilled and prove it to be commercial. By testing the well, we hope to gain extra insight into exactly what stratigraphic interval(s) the gas is coming from and thus be able to establish with a high degree of certainty this well's hydrocarbon production capacity, if any. We anticipate that we will also gain a better understanding of the geology of our license area.
The Ma'anit-Joseph #3 well is a very deep onshore well and, to date, we have expended approximately $29 million on drilling, logging and other related outlays on this well. We have not yet completed the cost/time estimates, however, we currently estimate that the testing procedures may cost us up to approximately $2.5 million.
We anticipate that setting well casing and beginning production testing should commence soon, barring any unanticipated difficulties. Barring any unforeseen development, we do not at this time anticipate issuing any further statement relating to this well, until we complete the testing and analyze those results.
After we complete our testing and analysis on the Ma'anit-Joseph #3 well, we hope to have a better understanding of the geology of our nearby license areas and of Northern Israel in general. We reiterate that we are one of the first companies to have drilled this deep in Northern Israel. We are truly drilling in uncharted territory and while we are assisted by modern seismic and other non-drilling exploratory options available to us, actual deep drilling is the best way to understand the geology of our license area and the possibilities for hydrocarbon discovery.
As our mandate is to explore for hydrocarbons in Israel, we believe that we need to exhaust all reasonable possibilities relating to this well, before we move on to alternative drilling opportunities. The significant gas shows that we have witnessed during drilling and the continuing gas shows beckon us to exhaust these possibilities, even though the logging results are not encouraging. There is still the possibility, however little it may be based on the logging interpretation, to confound the experts. That's the nature of true exploration, in any field of endeavor.
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