Zion Oil & Gas announces its successful drilling of the first section of the Megiddo-Jezreel #2 (MJ-02) well and launches a new Unit Program to help fund Zion’s 2021 exploration program.

“We are truly excited we have arrived at this important depth to case the first section of our well in Israel, then will slim down to a 17 ½ inch bit,” expressed Zion Oil & Gas CEO, Robert Dunn. “We believe that now is the time to allow investors to partner with us further with our new Unit Program as we move forward with the MJ-02 well and our other 2021 exploration plans.”

ZION NEARS COMPLETION OF FIRST OF FOUR DRILLING SECTIONS

“Drilling a 22-inch diameter hole more than a half-mile into the earth, through difficult lithology, and on time is a great accomplishment, especially during a worldwide pandemic, and sets a great foundation for the remaining drilling program,” Zion’s VP of Operations, Monty Kness, stated. “The investment in a drilling rig capable of handling this wellbore schematic puts Zion in a much better position to meet its drilling objectives than ever before.”

Flags of Texas, Israel, and the United States fly at night on January 26, 2021, in front of Zion’s drilling rig in Israel.

Zion’s drilling crew, which was assembled from eight countries during a pandemic, is nearing completion of the first section of the MJ-02 drilling campaign at a depth of approximately 3,000 feet. The drilling crew will complete a set of downhole measurements (wireline logging) before running the first section of the casing.

The crew will then hang the casing and cement it in place, and then Zion will commence drilling the second section of the well. As the wellbore tapers down and becomes a smaller hole, the rate of penetration will likely increase.

Casing being prepared. Picture taken on January 27, 2021.

Zion launches new $250 Unit Program ending March 17, 2021

• Investors may participate starting Monday, February 1, 2021.
• This Unit Program will end on Wednesday, March 17, 2021, and will not be extended.
• The cost of each Unit will be $250.00 for new and existing Direct Stock Purchase Plan investors.
• Each Unit purchase will provide the investor with $250 of ZN common stock (at the day’s high-low average) and 25 $1.00 Warrants.
• Warrants are exercisable on the 60th day following the end of Unit Program and remain exercisable for two years (May 16, 2021, to May 16, 2023).
• If investors sign up for Zion’s automatic monthly investments (AMI) in addition to purchasing a Unit during this Unit program, then they will receive 10 $1.00 Warrants. Current subscribers are eligible for these additional warrants if they choose to participate in this unit purchase.
• This Unit Program is available through Zion’s website. 

KeyFacts Energy: Zion Oil & Gas Israel country profile